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Payday Advances

Payday advances are becoming popular by the day. Cash flow issues have to be faced by one and all. In my experience, the cash crunch usually takes place when payday is far away. There may still be a fortnight to go till that elusive payslip makes its appearance, when a sudden emergency threatens your financial situation. We all know that we should keep something aside for a rainy day, but that is not always possible. Moreover, the rising costs of living make it even more difficult to set aside some money for emergencies. So how does one deal with a sudden emergent situation? If one is a salaried employee, the answer may lie in the mechanism of Payday Advances.

What is it?
Payday advances are technically short term loans that are granted to employed persons. The amount of a payday advance is small -- you could get an advance of as little as £80. However, given the amount of competition in the payday loan market, a few loan providers have begun to increase the maximum limit. The occasional loan provider may be willing grant Payday Advances of as much as £1000.

The duration of payday advances are small as well. Most lenders will require that you repay the borrowed amount within seven to fourteen days. However, extensions are allowed by some lenders and the term of the loan may extend to as much as thirty days. Generally, however, the repayment is made on the date when the borrower's salary becomes due. That is why the term "payday advance" is used: the repayment is made on payday.

Who can apply?
Payday advances are generally intended for the salaried individual. The objective of the payday loan is to provide funds to people who need money urgently and cannot wait for the salary cheque to get cleared. If you are applying for a payday loan, you will have to be over eighteen years of age. You should also have been employed for at least three months if you want to be approved for the loan.

The great thing about Payday Advances is that the lender is not interested in your credit history. You could have a history of adverse credit that haunts you everywhere you go. But at least in this case, you will not need a clean chit.

Moreover, the lender is not interested in how you intend to use the money. Maybe you need to pay medical bills. Maybe you are on the brink of defaulting on some other loan. Maybe you absolutely have to hop on a plane and go to another city. Irrespective of your purpose of taking the loan, if you meet the basic requirements, getting payday advances is not a problem at all.

Where do you look?
If you are looking for payday advances, the Internet is your best resource. The Internet is flooded with lenders who specialize in Payday Advances. Simply run a search for "payday advances" the next time that you urgently need money. You will be surprised at the number of lenders that you find.