Payday advance loans

Payday loans are becoming more and more featured on TV adverts nowadays. Payday loans are designed to be a short term fix known as short term loans or cash advances. 

They are designed to fill a gap between someone needing money, and when they get paid from their job. Of course this temporary fix can prove to be very expensive, and if used should always be repaid in full as soon as possible to escape some huge payday loan interest charges. 

Payday loans normally range from £50 – £1,000, with the amount verying on the payday loan provider. The loans are normally due to be repaid within 31 days, when your next payday is. Some lenders will give the borrower the chance to extend the original loan past the repayment date, as long as the initial interest is covered. 

Most payday loan companies promise money in your account in less than 2 hours, however some of the APR interest rates can go over 4,000%, and some payday lenders will also charge transmission fee's for sending the loan monies over.

Remember due to the high interest charges payday loans are not suitable to be used as a long term lending solution. They are really designed for short term fixes to money problems.