This is one question that we get asked quite a lot here at UK Payday Loans. Payday loans are taken on for a short length of time. With a payday loan it differs from the more traditional type of borrowing as the loan repayment period is typically around 30 days – this is how the name of the loan i.e. ‘payday loan’; people who are in work may find themselves in a position whereby they would need to clear some unforseen debt – an online payday advance would be suitable in situations such as this to clear such a debt. Then, when the debt was cleared, the person who had applied for the payday loan would then be able to pay back the money that they had borrowed at the end of the month, or at an argreed date when the cash advance applicant had received their wages.

Payday loans have had a lot of press coverage in recent months within the UK and this is largely based on the high annual percentage rates – whilst the percentage rates of interest are high, this is based upon the loan being paid back over 1 month. Compare this to the overdraft charges that people may experience by overstretching their bank account, or the credit card charges that companies inflict on their customers who go over their limits on spending – the APR on these charges far outweigh any pay day loans fee’s.

So payday loans can be paid off at the end of the month and this typically takes 30 days. So, if the money was lent on the 4th of the month it would be expected to be paid back at the 30th or 31st of the month and the loan would be subsequently lent for a period of 26/27 days. They are useful for situations whereby a quick cash injection is needed, but they should not be used for situations where larger sums of money is needed.

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Many commentators are asking why payday loans are now so popular in the UK. Some may argue that the popularity of payday loans is due to high profile television and internet marketing campaigns. Although I would have to agree that this has undoubtedly had some bearing, the increase in the actual number of payday loans is mainly due to the increasing demand for short-term loans.

So why are people increasingly looking to borrow small amounts of money over short periods of time? The credit crunch has resulted in wide spread pay freezes, overtime bans and reduced working hours and many British workers are struggling to make ends meet, particularly when it comes to covering unexpected costs. Furthermore, the uncertainty surrounding both the UK and worldwide economies has resulted in a nervousness in the persoanl credit market: people are simply reluctant to enter into long-term credit agreements when their future job security may be under threat. Borrowing over the short-term has always been more popular in times of economic crisis for the simple reason that it avoids long-term repayments.

Payday loans are proving to be a popular form of short-term borrowing because they are quick and easy to apply for; they’re available on-line; they are an unsecured form of borrowing; no credit check is required and if approved, borrowers can get instant access to the cash they require. Last but by no means least, borrowers pay off the debt in full as soon as they get their pay cheque. This single repayment means that the debt is cleared quickly and there are no further repayments to worry about.

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The recent grounding of flights in and out of the UK due to the ash cloud from the volcano in Iceland left people stranded in their holiday resorts. For many this was simply an inconvenience as their holiday or credit card insurance covered all their subsequent expenses but others found themsleves without the appropriate cover and had to fund their extended stays themselves.

Commonly people save all year to go on holiday for a week or two. It is therefore not surprising that an unforseen extension of an additional week or two meant that by the time holiday makers were finally able to fly back to the UK, large numbers of them had run out of money.

It can be daunting when there are no funds in your account and yet all your monthly bills are due to be paid. It’s particularly frustrating when you know that once your salary hits your account, everything will be OK. It’s those few days or weeks in the interim that are the problem.

This is where online pay day loans come into their own. They offer short-term loans which are basically an advance on your salary. As soon as your next salary payment is made you then repay the total loan amount. This avoids getting into long-term debt whilst resolving your immediate cash problems.

The application process is quick and easy as everything can be done online, you don’t even need a fax machine. Online payday loan lenders will normally respond to you with their decision within the hour and if you are approved your account will be credited with the full loan amount within 24 hours.

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