Payday Loans – UK Making your Money last until Payday and Applying for Payday Loans only in an Emergency

How many of us can honestly say that we make our pay checks last until the next pay day? Especially in homes where there are school going children, almost 90 percent of the parents apply for payday loans because by the time mid month passes, the dreaded fear of running out of cash even to feed the kids loom on the horizon. Every month we know it’s going to happen, and yet we don’t take any measures to curb our spending at the beginning of the month. Why do we let this happen? Is there no way at all to purchase only what we need and not everything we want?

While emergencies can happen at any time making it imperative that you dip into your savings or obtain a payday loan, is it really necessary to flash your credit card at the supermarket at the start of the month and have a joy ride buying all the unnecessary food stuff just because they are “discounted”, ‘had to buy in case stocks ran out” or “simply couldn’t resist”? How about that absolutely gorgeous “to die for” pair of silver sandals you bought when you knew very well that your son had to go to study camp at the end of the month? I’m sure you would have thought that if the worst comes to the worst you could always apply for a loan and make it to the end of the month somehow.

True, a payday loan is great when you have a cash emergency on a short term basis between pay checks. It is one of the best ways of obtaining a loan because of the hassle free process which enables you to simply apply online and request any amount between £100 and £1000. Provided you are a citizen of the United Kingdom who is at least 18 years old holding a steady job, you will have no problem getting your loan within 24 hours. Remember however, that this type of loan should be utilized only in an emergency and not to buy tickets to the opera or go on a spending spree with your friends.

While being a great boon to those who need emergency funds between pay days, the payday loan is a short term loan that has to be usually settled within two weeks and at a higher interest rate than normal. If you are unable to settle it on the due date, your interest will skyrocket and you will most probably have to pay almost double the amount you borrowed by rolling over the money to the next month. Therefore, beware, and cut down on your unnecessary spending and use this type of loan only in an emergency.