For those averse to credit whether it be in the form of loans or credit cards, being faced with a cash-flow crisis can often leave them in a quandry as to where to turn. Approaching parents for a short-term loan is a common solution but not one that is available to everyone and not one that everyone would wish to resort to given how awkward it can be to ask parents (or anyone else for that matter) to lend you money.

There’s also the matter of privacy. I don’t think many people like to broadcast their financial situation, whether it’s good or bad, to their friends or relatives. If you ask someone for a loan they will inevitably want to know what you need the money for and why you don’t have the money yourself.

The saying “never a borrower or lender be” is usually issused as a warning to those looking to their friends or family for a loan because entering into such arrangements can put a tremendous strain on even the strongest relationships.

There is a solution for those faced with a short-term cash-flow problem which negates the need to turn to those close to you for monetary assistance and which does not involve getting yourself into credit card debt or taking out a long-term loans. Payday loans are a way of getting a very short-term cash advance which you then repay in full as soon as you receive your next paycheck. They are a great option if you need to borrow up to £1000 for a few days or weeks.

There are great deals available online and unlike other forms of credit, the application process does not involve a credit check and can be done entirely online so your privacy is protected. And unlike the bank of Mom & Dad, you won’t be asked what the money is for and why you need it now rather than waiting until you get paid. You will simply be asked to prove your identity, address and that you are gainfully employed…it’s a hassle free process that can provide you with the funds you require within 24 hours.

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No matter how maticulously you plan your finances, there’s inevitably going to be the occasional unexpected expense. Of course this is what Grandma meant by saving for a rainy day but today’s economic climate has seen people struggle to keep a hold on their savings: there have simply been a few too many rainy days already!

The modern financial market is awash with every conceivable type of credit product and knowing where to begin when you need to borrow money can be very daunting. One way of deciding which credit product is right for you is to consider the amount of money you need, what you need the money for and how long you need to borrow it for.

Most of us have experience of turning to traditional forms of credit when it comes to making large purchases such as our homes and cars. Of course, the higher the value of our borrowing is, the longer the period over which we repay it tends to be. The mortgages we take out for our homes tend to be repaid over 25 years and loans for our cars over 2 or 3 years.

When it comes to short-term borrowing we seem to be far less comfortable with the idea of turning to financial institutions for help. Perhaps this is becuse in the past the only option available on the highstreet was the pawnbrokers and there’s an age old stigma attached to the notion of having to pawn the family silver to put bread on the table. However, it does highlight the fact that the need to borrow smaller amounts of cash for short periods of time is nothing new.

What is new is the advent of the online payday loan which has been developed by lenders to meet the demand for short-term cash advances. Unlike the pawn shop, there is no need to secure your treasured possessions against a payday loan and unlike more traditonal types of loan, there’s no credit check either. All that’s required is evidence that you are in current employment, usually in the form of the latest copies of your payslips, together with the standard personal identification documents and details of your bank account. Furthermore, you can complete the entire application process online, in the privacy of your own home.

Lenders understand that borrowers who are looking for a short-term cash advance just to see them through until their next payday need the money in a hurry. That’s why loan providers have created quick and easy systems that allow them to process your online application immediately and furnish you with the funds within 24 hours. The loan will be due to be repaid on the same day as your next salary payment, hence the term payday loan.

So the next time you find yourself in the middle of a temporary cash-flow crisis due to an unexpected expense it may be worth considering a payday loan.

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I am not advocating the use of payday loans on a regular basis but in some circumstances they can offer a real alternative over long-term credit card, store card or traditional loan debt.

Short-term cash-flow problems often result in people turning to credit cards and long-term loans to pay for items that they need in a hurry. If all they really need is a cash injection to see them through until their next pay check arrives, a payday loan may be the best solution. Although with a typical APR of circa 25%, cash advance loans are quite expensive, due to the short duration of these types of loan they can sometimes prove to be cheaper than other forms of long-term credit.

Additionally, when paying for products and services by cash, customers may be able to negotiate a far better deal than those using credit.

Of course it is always advisable to have savings tucked away for the inevitable but unexpected expenditures that crop up in life however there are occasions when even the most prudent of savers can be caught out. For example, I have a savings account to cover household emergencies that are not covered by my house insurance. But when my boiler broke down and needed replacing in the same week as my washing machine I simply didn’t have the funds to pay for both. I couldn’t be without either hot water or my washing machine for two weeks until my salary was paid so I took out a payday loan to meet the shortfall in my savings. I was then able to get a very good deal on my washing machine and the savings I made more than covered the cost of the short-term loan. And as soon as my salary cleared my account I repaid the payday loan.

In this way I was able to resolve a short-term cash-flow crisis with an appropriate short-term payday loan.

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