Although when considering your application the payday loan company will look at this, you need to make sure that, once you've paid off your payday loan, you are not going to be short of money again until you get paid the following month. If you feel that you will struggle to pay off the loan when the time comes, then it may be best for you to look at other options.

Cash advances are a short-term solution only and, if you are looking for something more long-term, they may not be the ideal answer. Similarly payday loans are generally only suitable for borrowing small amounts, typically between £80 and £800. If you need to borrow a larger amount then taking out a more long-term loan with a bank may be the best option for you. Look at what you really need the money for and how quickly you need it. Is it really something you cannot wait to save up for? Or are you under pressure to pay off a bill or stop a cheque from bouncing? If a payday loan can help save you from a series of bank charges that amount to more than the interest you'll have to pay, then it may be the best option for you at this time.

The process of applying for payday loans can vary according to different companies, so always research the application process in detail. But there is a universal set of rules that do apply whoever you choose to apply to. The basic criteria for cash advances are as follows:

• o be in a full time job with regular pay (monthly or weekly)

• To be a resident of the UK

• To be over 18 years of age

• To have a valid bank account with a debit card where your wages are regularly paid into

Payday loan companies will not accept applicants that get paid via cash or cheque. You will need to be paid directly into your bank account. Some payday loan providers offer a fully online application. Most of these companies will carry out a credit check to aid in the approval process.

The most important thing to remember when considering a cash advance loan is whether you can afford to pay it back. Companies usually charge a 25% interest fee. So if you borrow £80 you will have to pay back £100. Look at it as £20 for every £80 borrowed. Again, for some people this may work out cheaper than facing a series of bank charges or late fees, but it is important that you work out what is best for you, both now and in the long-term. Some providers will agree to extend a payday loan over a series of paydays, but this will be at a cost: an extra interest charge. Make sure you know which option is best for you, allowing you to take control of your finances and creating a positive outlook for your financial health.