Payday loans make fast and hassle free service possible due do its basic features which are:

* They are unsecured so you don't have to provide collateral

* They require no credit checking. So, not only will you have to devote time to getting your credit checked, but you can also avail these loans even if you have bad credit.

* Their eligibility criteria are not hard to fulfill:

You should be 18 years old or above You should have a regular income of at least ?1000.00 You should have a valid bank account with check book

The only necessary formality is the submission of a simple application form. Therefore, payday loans are suited for cases of emergency. Upon approval, the loan amount is wired directly into your account within a short period of time.

Payday loans are available for amounts in the range of ?100-?1500. As they are loans advanced against your next paycheck, you can expect a sort repayment term of about 2 weeks from the date of loan approval. Inability to repay within this period can be remedied by requesting for an extension but it will cost you an extra fee. It is better to avoid using this facility as interest rate on your payday loan will already be very high.

Payday loans are easily available. There is no dearth of lenders providing them. You should take the help of the internet and visit the online sites of the lenders so that you can check out their offers through their loan quotes. Comparing the quotes of different lenders can help you find cheaper rates.