Payday loans are useful tools used by employees in many countries to access quick cash when they find themselves in dire financial straits before their next pay check is due. In the UK, the payday loan cash advance industry is large and growing with over £1 billion pounds being borrowed every year by millions of people in the UK.
The question that thus arises is why use a payday loan? Is this quick cash option really worth being considered? One of the main attractions of payday loans is that it is easy and fast to access. These short term loans have actually helped a lot of families and individuals who found themselves suddenly in a position where they needed quick cash. A lot of people with relatively poor credit who would find it hard to access conventional loan types find payday loans a quick and easy alternative.
Here are some reasons why people take payday loans and why you may also consider it. For one, payday loans are easy to qualify for. Most times you just need to provide employment and income verification and you are done. The loans are also quite quick to process, enabling people to access needed cash within hours. You do not need collateral, do not need to waste too much time applying or processing and bad or poor credit rating does not affect your chances of accessing the loan. A payday loan may just be your access to quick cash advance when you need it.