Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Payday Loans: a Simple Way to Meet Life’s Unexpected Expenses

By Phoenix Payroll Ltd Subscribe to RSS | May 3rd 2012 | Views:

A payday loan is a short term loan which allows you to borrow a small amount of cash which you return on your next pay day.

The concept began in the US but is becoming increasingly popular throughout the world and especially in the UK as a simple solution to a short term financial problem such as an unexpected bill or an important and expensive event. For example, you may rely on a car to travel to work and find out that it needs emergency repairs or risk breaking down.

In cases like these, it’s not always possible to wait until pay day to meet necessary expenses in time and you may need a little extra cash to tide you over in the meantime. Where banks are generally unable (or unwilling) to lend the odd fifty quid here and there, payday loans can provide an easy bail-out.

So how does it work? The basic idea is quite simple – the applicant sets the amount they would like to borrow, then sets the repayment date (generally, the date their pay cheque is due). The loans provider will then either approve or refuse the request.

What sets payday loans apart from traditional credit and longer term loans is their speed. Loans providers are often able to provide an instant decision about whether or not to lend based on predetermined criteria, and payments can be made within 24 hours, depending on the borrower’s bank.

The amount you can borrow usually depends on how much you earn, although broadly speaking most loans range from £100 to £1,000. Applicants with very low earnings may be refused a loan entirely or able only to take on a small amount of debt at any one time.

Measures such as this are designed to safeguard the interests of both lender and the borrower –ensuring that loans will repaid on time and avoiding borrowers getting into more debt than they can manage.

The fees on payday loans in the UK are flat fees rather than interest rates, and vary according to the amount of money that is borrowed. Generally speaking, the bigger the loan, the higher the fee.

Besides setting a limit on the amount of the loan, there are also some basic requirements for the loan applicant, to determine that they will be able to pay back what they have borrowed. Applicants for a payday loan in the UK must be at least 18, be a current resident of the UK, have a bank account and be able to demonstrate a steady, verifiable source of income.

Phoenix Payroll Ltd - About Author:
About Us provides short term pay day loans to 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

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

Article Source:

Related Loans Articles Subscribe to RSS

Signature loans- Ultimate fiscal solution to combat cash crunch
Published by John Simen on June 27th 2012 | Loans
By availing signature loans, one can easily access to avail instant funds up to $25,000 to meet cash...
Short term cash loans no credit check - flexible and simple funds
Published by Jermy Fort on January 12th 2012 | Loans
Short term cash loans no credit check provides you the opportunity to get you request for money appr...
Payday UK loans: Suits to Every Need
Published by Ramsy Potin on July 16th 2012 | Loans
Payday UK loans are the excellent deals to borrow money as they are offered without collateral and t...
12 month loans- Cash advance available with valuable interest rate
Published by Alex Abigil on July 20th 2012 | Loans
By availing 12 month loans, you can easily get rid of unexpected fiscal woes with ease. Use these lo...
A simple guide towards private student loans
Published by Michelsmith on December 2nd 2011 | Finance
The process of getting the private student loan is simple, but it is difficult to manage in the long...
Money loans with bad credit- Change the way of resolve cash trauma
Published by Vikon Nail on June 30th 2012 | Loans
If you are having adverse credit problems, it is better for you to avail money loans with bad credit...
Debit card loans: Follow Easy Conditions to Borrow Money
Published by Zerif Berson on June 18th 2012 | Loans
Debit card loans are the deals where you can easily kick out all cash crises from your life without ...
Cash loans today – solve your financial worries in an effective manner
Published by Artharris on July 11th 2012 | Loans
Cash loans today offer cash help, that allows you to traumatize sudden fiscal needs with none delays...
500 loans- Fight against any pending bills now!
Published by Rocky Ales on July 17th 2012 | Loans
If you are taking quick funds via 500 loans, you can be able to relieve from unexpected fiscal worri...
Fast loans for people with bad credit- Boon for bad credit people
Published by Abnir Bond on May 22nd 2012 | Loans
By acquiring instant funds via fast loans for people with bad credit, you can easily relieve cash wo...
Getting the most out of your unsecured business loans
Published by Mathias Scott on June 14th 2012 | Finance
An unsecured loan is one that you get without having to put forth a collateral. In this form of lend...
Cash till payday- Solve financial woes before your payday
Published by Abell Bush on December 20th 2011 | Loans
Under cash till payday, you can obtain quick money up to $1500 so that you can easily overcome finan...
Installment loans for bad credit- ultimate fiscal solution for those borrowers
Published by Alton Bells on May 10th 2012 | Loans
If you are taking instant funds via installment loans for bad credit, you have possibility to overco...
Start up business loans poor credit- Fiscal help for many businessmen
Published by Kelvin Lopez on January 20th 2012 | Loans
With the assistance of startup business loans poor credit, it is possible for you to obtain huge sum...
Cash loans by phone- Avail quick cash to meet fiscal woes!
Published by Elbert Jthen on May 21st 2012 | Loans
If you are taking instant funds from Cash loans by phone, you have the right option to fight against...
Instant cash personal loans- quick finances for personal needs
Published by John Harry on December 6th 2011 | Loans
Instant cash personal loans would help the borrower with quick finances and that too for all kinds o...
Small loans without credit checks- Perfect monetary aid for bad credit people
Published by Calvin Dalbert on July 14th 2012 | Loans
If you are getting quick funds with the assistance of small loans without credit checks, you will be...
Immediate decision loans: Powerful & Quick Support of Money
Published by Samul Louis on May 25th 2012 | Loans
Immediate decision loans are helping hands for people dependent on their limited monthly wages that ...
Early payday: Get Money with No Security and Obligation
Published by Jaren Lese on June 8th 2012 | Loans
Early payday is an advance support done against your next payday. It comes with no security and no t...
Unsecured loans online- Great monetary assistance for UK residents
Published by Ramsy Potin on December 16th 2011 | Loans
If you want to chuck out any financial worries then unsecured loans online will be quite supportive ...