For a majority of us, our income is defined by a regular salary. We receive the same amount of money every month (or every two weeks) and most people wait for their next payday to receive more income. However, sometimes unexpected bills may need our attention urgently. An outstanding bill may threaten our credit history or a car repair bill may set us way out of control of our finances. For those of us who don't have copious amounts of savings for the rainy day, payday loans may be just the solution.

Payday loans are designed as small-amount short-term solutions as most companies offer small amounts, ranging from £80 up to £1500. For example, you could receive £100 for 15 days and the repayment amount could be as little as £117. First-time customers can expect to receive a smaller sum, but upon successful repayment most payday loan or text loan companies offer the opportunity to increase the loan amount. Payday lenders don't usually ask for any collateral requirements and don't perform credit checks on their customers. Hence, they could be an easy and cheap solution to pay those outstanding bills to maintain a clean credit record.

The scary thing about signing up for a payday loan provider might probably be the APR (Annual Percentage Rate) which usually ranges from around 900% to well over several thousand percentage points. However, if you are sure you can repay the loan on time then you have nothing to worry about. The APR is designed for long term loans that last at least a year, but as a payday loan is only a very short term loan, the APR is often considered as a misrepresentation of the true short-term interest rate.

The beauty of a payday loan is that the application procedure is extremely simple and the money can be in your bank account within hours. The approval can take up to 24 hours and once approved a customer can request an electronic transfer to be made instantly. Some payday loans companies even provide the opportunity to send an SMS text message to request an instant transfer. The competition is fierce and the companies are finding ways to make the application process easier and to give out the loans fasters - all the best for those who are shopping around for the best payday loan deals out there.

Most loan companies require their customers to be at least 18 years of age, be a permanent resident of the UK, have a UK bank account, be employed or at least have regular income from benefits. Majority of payday lenders offer opportunity also to make the application 100% online as all documents required can be emailed or faxed in. Once an application has been approved, an electronic transfer is made and the funds can be in your bank account instantly. So if you need little financial aid short term loans are just for you! Apply Now!