Payday Loans have come in for heavy criticism in recent times; however, if you use them wisely, in the way they are intended to be used, they are a good source of instant money. They are designed to be used for a very brief period, ie until your next payday (hence the name ?Payday Loans'). When used like this, they are a great resource to get access to emergency money supplies.



If you look at the interest rates which are typically 500%-900%, they seem very high. But, because the loans are supposed to be used for very short periods of time, the money to be repaid is affordable. It must be stressed though, that applicants need to have the funds to pay off the loan amount fully on the date specified, otherwise an applicant could easily become caught in the ?credit trap' and end up owing a lot of money.

There is no restriction on what a payday loan can be applied for. Someone could use it to pay for a holiday, pay emergency bills, or to buy furniture or maybe a shopping spree.

Payday advances are easy to access. An application can be made online and a decision on a loan is normally given in less than a day. Sometimes the loan will be in your bank account in less than 24 hours.

A main attraction of payday advances is that people with a poor credit rating can be accepted for loans. But, no more than a single loan at a time is allowed, as it might be tricky for more than one loan to be paid off fully on the requested day.