In the old days before electronic payment of salaries and wages you might be able to ask your boss for an advance to tide you over to payday. The loan would be deducted from your next pay packet and the problem would be solved.

But for many of us that option no longer exists. Unfortunately the everyday disasters such as the car needing to be repaired so you can get to work or your children needing new school uniforms immediately still happens.

So what are your options if you need cash in a hurry and can't wait till payday?

Your loan choices

One solution on offer is a payday loan which is a very short term loan (usually to you next pay day or the one after). You can normally apply online and if you meet the criteria you can have the cash in your account that day. In a minority of cases it can take 48 hours for the money to be in your account but generally it is within 24 hours.

All you need is to be over-18 with a current account that comes with a Switch, Solo, Visa Electronic or Visa Delta card. You can usually borrow between £80 and £750 and will not be delayed with credit checks, but as with other loans a check will me made to whether you will have sufficient funds in your account on payday to meet repayments and your other commitments.

Repayments are taken using the debit card on your account so you need a debit card in order to qualify for a loan. You can roll the loan over to the next payday but are required to reduce the amount you owe after rolling the loan over twice.

Charges are straightforward - for example if you borrow £80 and repay it one go your total bill will be £100 rising to £937.50 on sums of £750.

The big advantage of a payday loan is that you'll receive the money quickly which is not always the case with banks and building societies and you can borrow until the next payday. Most other lenders will insist on you making repayments for at least a year.

What should you look out for?

The interest rate charged on payday loans is high when compared with other sources. Firms are required to quote annual percentage rates or APRs and because the payday loan is repaid within days its rate is high.

There are alternatives which are cheaper. For instance a credit card typically charges around 15.9 per cent and your bank may offer an authorised overdraft facility where the rate can be around a similar level.

Credit Unions also offer short-term loans and typically charge about one per cent a month on loans. You can find local Credit Unions by going to www.abcul.org. Depending on where you live there may not be one in your area.

Don't get into debt if you don't how you'll get out

Whenever you borrow money you should have a clear idea of how you are going to repay the debt. That applies to payday loans as much as credit cards, bank overdrafts and Credit Union loans.

The longer you borrow for the more you will pay in interest and the more the charges will pile up. Always look for the best-value source of borrowing and make an effort to become debt-free as soon as possible.

What Next.

If you are interested in a payday loan fill out our quick and easy application form. On submitting the form one of our advisers' will call you to confirm your details and provide your personal payday loan quote

Get a payday loan quote now:

http://www.moneyexpert.com/Loans/Payday-Loan.aspx