There are many ways of borrowing money; from your bank or from family and friends, but sometimes asking people for money can be a difficult and upsetting task. Online payday loans could provide you with a safe, quick and worry-free answer to help you manage your outgoings until you next get paid. Although this may not be the answer for everyone, it is worth exploring as an option if things are tough with your finances in the short term.

Designed to be paid off from a person's next monthly pay-cheque, payday loans (sometimes called a cash advance) can let you borrow up to £800*. You can spend this money on whatever you need, and it may save you from going over your approved overdraft limit when the bills come in. Applying online means that you can fill out the application wherever you have access to a computer, whether it is at home or at work. As long as you are over 18 years old, are a UK resident, have a full-time job and a bank account (and debit card) where your wages get paid into, you could be approved within a few minutes.

Most payday loan sites offer online applications. It takes a couple of minutes to fill in the application form and you could get an approval within another couple of minutes. You will find out if and how much you qualify for almost instantly. You can choose not to take the full amount you are approved for. Always accept the amount you need: remember this will be coming out of your next wage payment. With no paperwork to fill in or items to fax or send in the post, and same day payments on week days, it can take less than a day to receive the cash, compared to the process for a larger bank loan, which can take much longer. If you're faced with several fees for late payments and bounced cheques because of insufficient funds, applying for a payday loan could offer you a cheaper alternative to paying these fees or taking out a larger bank loan.

If you do take out a payday loan, making sure that you budget for your next month is vitally important, as you need to remember that you will be paying back all or part of your cash advance loan with your next pay-cheque. It is recommended that you make every effort to pay off the full amount on your payday, so that you only pay the initial interest fees. Go online and see if a payday loan is the best way to help you get through any short-term financial hiccups whilst waiting for pay day.

*Maximum limits may vary according to provider