What is a quick payday loan?

You may have heard of something called a quick payday loan, but is it a suitable solution for you?

Understanding the quick loan

Payday loans are often called quick loans or same day loans. This is due to the fact that typically, pay day loan companies give you an almost instant decision and you may be able to have the loan paid into your bank account within just a few hours, or usually on the same day or the day after. Three important facts regarding payday loans are:

quick payday loans typically allow you to borrow usually between $100 and up to around $500, although the actual sums may differ between lenders with some allowing you to borrow less or more;
the amount of money borrowed is repaid back very quickly too, usually on your next payday, together with any fees and interest;
the payday loan is a short term loan only, meaning you do not borrow and repay over many months or years as you might with any other loan.
Benefits of a payday loan

Usually when applying for a payday loan you can often complete the entire application online and get an answer very quickly. Usually there is no paperwork involved so there is no waiting around for the necessary forms to come in the post which you then have to sign and send back.

No faxing payday loans are available, so in some cases there is not even the need to fax any documentation. This means that many lenders are able to pay the money directly into your bank account within just a few hours, or the next day, depending on whether your bank can accept immediate transfers.

Repaying your loan

Repaying a quick payday loan can usually be easy. When you apply for the loan the lender asks for your debit card details and this is how the cash advance is typically repaid. As long as the money is in your account, you do not have to do anything at all as when the agreed date comes around – usually your next payday – the money is taken directly from your bank account via the associated card. You do not have to remember to make the repayment nor do you have to arrange for a direct debit to be taken each month as you pay back the loan and any interest and / or fees back in one go.


The cost of keeping the kids occupied during the holidays – and how an instant payday loan may ease worries

With the children’s school holidays now about to start, life may not be easy when it comes to keeping them occupied. Days out to theme parks, the coast and other treats are often costly and you may not always have the cash for these, especially towards the end of the month. You may wish to consider taking out an instant payday loan if you are short of cash to ease those money worries and allow you and your children to enjoy the summer break.

Enjoy days out with cash in your pocket

A payday loan might allow you to take your family to the coast on one of the rare, red hot USA summer days. Why stay at home baking in the heat while the kids moan there is nothing to do? If money is tight, you may wish to consider a quick cash loan. If approved, you could potentially pack the car and take off to the coast on the very same day or the next day.

You might even have found an affordable holiday at short notice but do not have the cash to pay for it. If you are able to take out a fast loan you may be able to book it.

Payday loans may be taken out for just about anything as long as you are able to repay the loan (together with any fees and interest) on the agreed date, which will typically be your next payday.

Extra cash whilst on holiday

You may have already booked your holiday and are saving up for your spending money whilst you are away. If you find yourself short of cash you may wish to consider applying for a fast loan to ensure that you have plenty of spending money.

Other uses of the payday loan

Of course there are many other uses for payday loans when you are at home. One of the appliances in the home may break down and need replacing or repairing. You may find an unexpected bill comes in which needs paying before your next payday. An emergency may crop up that means you need to get your hands on cash quickly. In all of these cases an instant payday loan until you get your next pay cheque may be a financial lifeline.