The aim of a payday loan, or short-term loan as they are also sometimes called, is to help customers in unexpected financial difficulty.

Often these customers do not require the large amounts of money available through a personal long-term loan, and prefer to use a service that is faster and provides smaller amounts of finance, the perfect solution to unexpected costs or emergencies.

Payday loans come under a lot of criticism from loan providers and financial institutions, for a variety of reasons, including extremely high interest rates, and are sometimes even accused of exploitation.
It’s important to seriously consider the pros and cons of taking out a short-term loan, and our article on the advantages and disadvantages may help you to understand more on the characteristics of a payday loan.

Read on to learn more about short-term loans! Why not have a look at our loan comparison table, and compare how short-term loans could work for you compared to secured and unsecured loans!

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So how do payday loans work, and who are they suitable for?
Anyone can apply for a payday loan providing they are over 18, are UK residents and have a bank account with a debit card.
But this type of loan may be more suitable for some customers than it would be for others.

Read on for a profile of the payday loan!

• Customers who have had previous personal loan applications rejected due to a poor credit rating, or perhaps no proof of income will be glad to hear that short-term loans cancel out such requirements
• Less paperwork - payday loans can be applied for online, which saves you time and eliminates stress that can occur with larger loans
• Payday loans are so-called as they act as a ‘’safety net’’, providing a small chunk of cash to keep customers going until payday rolls around, and the amount can be repaid.
• The loan is automatically deposited into your bank account, and following bank and employment details provided by you, the repayment is automatically withdrawn by the loan provider via your debit card
• If, come payday, you are unable to repay the sum borrowed, a ‘rollover’ is possible where the loan repayment can be delayed until the following payday. Late charges and fees will apply.

Sometimes a large loan is not the solution, perhaps the though of having to take out a secure loan, or homeowner loan is scary to you, or a Tenant or unsecured loan is too large, sometimes a payday loan, like that offered by Month End Money is the best solution!
Find great advice and tips here and make the decision as to which loan best suits you!

Choose from the leading loan providers within the market to find your loan!