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Instant Payday Loans: No Brokers, No Faxing, No Fuss. End of Story?

By Phoenix Payroll Ltd Subscribe to RSS | May 24th 2012 | Views:

We’ve all been in situations where a little extra cash would be handy – if the car breaks down, for example, or an important anniversary requires a special celebration. Whether for good or bad reasons, life has its unexpected costs every now and then.

Sometimes, you just can’t cover these extra expenses in a typical monthly budget. Of course, many things can be planned and budgeted for, but others take you by surprise and need paying for then and there, regardless of when your next pay packet is due.

That’s where the payday loan comes in. These short term loans are designed for situations exactly like this and allow you to borrow a small amount of money (below £500, usually) and pay it back later in the month once your salary’s arrived.

Two things make instant payday loans different from traditional loans. The first is the cost – interest is calculated by the day at anything between 100% APR and 5,000% APR in the majority of cases. These loans can be very expensive, which is why they are only supposed to be a quick fix, and the quicker you pay the loan back, the less interest you will have to pay.

The second difference between borrowings of this sort is that is it designed with convenience in mind. Traditional loans can involve a lengthy process of phone calls, credit checks and faxing over various documentations. Then there’s the wait for a decision, which can take several days.

Payday loans are designed to get rid as much of this hassle as possible. Most lenders operate online, which means an instant decision about whether or not you are eligible for a loan based on questions that you answer online. If your application is approved, your cash will be deposited into your bank account in an instant – or at least within 24 hours.

Some people use a loans broker to speed up the process and make things easier by acting as a go-between for the lending company and the customer. The disadvantage of this set-up is that the broker will usually charge commission on top of the lending company’s interest rates and processing fees.

Direct lenders allow you to apply for an instant payday loan online directly from them. That means no brokers, no faxing, no phone calls, and an instant payout. This kind of convenience is great if you need cash quickly. Just make sure you know what you’re getting into.

Phoenix Payroll Ltd - About Author: provides pay day loans with no brokers in the UK region, giving you a break when you need it most. We lend up to £400 in cash, which you pay back on your next pay day. We are licensed by the Office of Fair Trading and we won’t lend you money unless we truly believe you are capable of repaying it. Find out more at

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