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Pay Day Loans

For someone needing a short term loan to tide them over until their next pay cheque arrives, a payday loan is a quick, short-term solution. It enables the borrower to get immediate cash paid straight into their bank account. Unlike a traditional loan, payday loans are often approved within 24 hours and can be the answer to emergency bills.

They work by allowing the customer to borrow money against their next pay cheque usually from a direct lender, loan provider or other financial institution. The overall APR for a payday loan is very high and is not to be entered into lightly.

Payday loans are only intended to be relatively small amounts and are only intended to relieve urgent short-term financial difficulties The amount that you will be approved for is dependent on the amount of your take home pay.

You should always ensure that you research for the best method of borrowing for your circumstances and never borrow more than you know you can afford to pay back. If you are taking out a payday loan make sure that you can afford to pay it back on your next pay day AS WELL as meeting your other financial comittments.