Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Pay Day Cash Loans – Why are They So Popular?

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



Pay day cash loans are a rapidly growing industry in the UK and generate hundreds of millions of pounds in revenue each year. This rise in popularity could be a result of the recession, which has subjected many people to pay freezes, while the cost of everyday necessities continues to rise.

The idea is that people can take out a small loan and pay it back when their pay cheque arrives. This means pay day loans can be a quick fix for a short term financial shortfall.

Many companies offering this type of loan operate online, which makes for a speedy loan applications process. The cash is often transferred quickly too – within 24 hours for the most part. This speed and convenience sets pay day cash loans apart from high street loans and makes them a popular choice for anyone who needs instant cash for a short time period.

There are hundreds of pay day lenders throughout the UK, which means it’s possible to shop around for a good deal. Typically rates of interest are high – anywhere from 100% to 10,000% APR – which is part of the reason these loans are not suitable for long-term debt management or borrowing beyond a time frame of around a month.

However, for an instant cash injection, pay day loans are very popular and easier to get than a high street loan. If you’re considering taking out a short term cash loan, you’ll need to check that the lender is licensed by the Office of Fair Trading. This licensing means that the lender has agreed to adhere to responsible lending standards – for example, not lending money to people who have no chance of paying it back.

There are certain checks in place to help pay day lenders determine whether to give a loan. In the UK, you’ll need to be over 18, have a valid UK address, bank account and a source of steady income to be eligible.

These measures are designed to determine whether borrowers will be able to repay their payday cash loans. If a borrower has a history of prolonged debt, for instance, the risk of lending to them will be high both for the borrower, who could find his debt spiralling, and for the lender, who may lose the money they have loaned.

Pay day loans are fast, convenient and generally safe ways to borrow. But you should only consider a pay day cash loan if you are in steady employment with a reliable source of income. Otherwise the dangers outweigh the benefits.

Phoenix Payroll Ltd - About Author:
Yorkshirecash.co.uk provides short term pay day loans in the UK, 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, so you can be sure you’re in safe hands. Find out more at http://www.yorkshirecash.co.uk/.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/loans-articles/pay-day-cash-loans-why-are-they-so-popular.htm

Related Loans Articles Subscribe to RSS

Short term loans bad credit – now deal with secured or unsecured cash
Published by Johan Watson on March 24th 2012 | Loans
Short term loans dangerous credit is that the most suitable choice for problem free cash for all bus...
 
12 month payday loans: Now arrangement of cash cannot bother you
Published by Moon Thomas on February 5th 2012 | Loans
Varieties of advantageous features are involved in the composition of 12 month payday loans and due ...
 
6 month payday loans UK – obtain cash according to your needs
Published by Hayes Davis on June 16th 2012 | Loans
6 month payday loans UK are helpful for salaried individuals. You’ve got the reimbursement period ...
 
10 dollar payday loan- Fastest way to avail small cash
Published by Addison Maddy on June 16th 2012 | Loans
10 dollar payday loan is actually a small cash loan especially crafted for everyone who wants to bor...
 
Mobile payday loans- Meet any unwanted cash hurdles now!
Published by Alesia Ace on May 19th 2012 | Loans
By getting quick funds via mobile payday loans, you have the flexibility to meet unexpected cash cri...
 
90 day payday advance- Ultimate cash loan for 90 days
Published by Karen Rase on June 13th 2012 | Loans
If you are borrowing instant funds via 90 day payday advance, it is possible for you to meet unexpec...
 
Signature loan- Valuable cash scheme available online
Published by John Simen on May 28th 2012 | Loans
By availing signature loan, you have provision for obtaining quick cash within 24 hours. The funds c...
 
Text loans no checks- Excellent cash deals for bad credit people
Published by Adam Klovis on June 28th 2012 | Loans
If you are taking quick funds via text loans no checks, you can improve the status of your credit....
 
2500 loan - Credits for the unavoidable expenses
Published by Perter Clove on December 1st 2011 | Loans
2500 loans provides instant funds without concerning about your past credit history. Its online serv...
 
Instant cash loans- Fulfill your personal needs now!
Published by Kent Jesy on December 15th 2011 | Loans
Whenever you need quick money, you can apply for instant cash loans so that you can easily manage sh...
 
Bad credit cash advanced- Mitigate Away financial Needs though of bad credit
Published by Jamie Rich on March 6th 2012 | Loans
Bad credit cash advanced are basically designed to assist borrowers, facing financial problems. All ...
 
Same day Loans Australia- Obtain quick cash without using collateral now!
Published by Dalton Erwin on June 5th 2012 | Loans
By availing instant cash via same day Loans Australia, you have facility to fight against unexpected...
 
No guarantor loans avail cash without Submitting Collateral
Published by Peter on January 11th 2012 | Loans
No guarantor loan is a perfect progress, this will always ensure that the borrower has never been an...
 
Easy cash loans- Tackle your respective financial issues now!
Published by Ricky Loyel on July 25th 2012 | Loans
If you are availing easy cash loans, you can easily overcome unexpected fiscal worries in no time....
 
No teletrack payday loans- the best payday loan for many borrowers
Published by Kenim Wids on April 6th 2012 | Loans
For those salaried persons, no teletrack payday loans are great fiscal support to meet fiscal emerge...
 
Getting an easy loan to fulfill your dream of buying a property
Published by Rkweb on July 5th 2012 | Loans
There are various financial institutions across the country that have been rendering useful and valu...
 
Signature loans- Fight against any cash crisis
Published by John Simen on May 31st 2012 | Loans
If you have taken quick funds through signature loans, you are quite easy to overcome cash crunch....
 
Check into cash- Perfect monetary solution for everyone!
Published by Riyt Leson on June 7th 2012 | Loans
In fact, check into cash loan is widely offered in the financial market of US to help many borrowers...
 
Instant payout payday loans- Helpful for you to provide quick cash
Published by Onner Smith on July 5th 2012 | Loans
By acquiring quick money via instant payout payday loans, you can easily meet unexpected fiscal woes...
 
Appoint a fair collection agency student loan to be legally safe
Published by Peter Paul on December 15th 2011 | Finance
Using unfair means to collect your unpaid loans can land you in trouble with the law and hence when ...