Financial experts suggest that it is still better to have savings put away for emergencies, and, if this is not an option, you could also ask your bank for a temporary overdraft extension.

With these options being the only interest-free ways of obtaining cash in a crisis, they are clearly the first port of call to anyone who finds that they need to bridge the gap between pay-dates. We also suggest that if your expense can be left until your payday, it is better to wait, as these loans are not meant to be used for casual spending, or a purchase that is not absolutely critical.

Get approved in minutes

The process of approval is almost instant. From when you submit your loan application we will search for the best option for you. Your approval will be confirmed by way of email and your loan amount will also be made available to you.

The ideal course of action to take when disaster strikes. Solutions often have a cost. Please fully familiarise yourself with the loan amount, pay-back amount and repayment dates before confirming your loan deposit after you make the submission.

When should you use?

We suggest only using short term loans if they are really the cheapest and most viable option in your circumstances, and that if you need to use them more than three times in a year, it may be worth seeking financial help to solve a more long-term problem.

There is a group of vulnerable people that we feel strongly should be avoiding the service. This group of people often fall short of money before the end of the month and often fail to meet the repayment date/s on other credit agreements.

The guidelines on payday borrowing, as specified by the governing bodies, means that people experiencing one or more of the below problems should avoid the service.

Often late paying bills or fines

Currently under a county court judgement for credit arrears

Not having money for periods of the month because of financial mismanagement.

With this in mind, the relatively ‘high’ costs only exist to those who are not clear on the terms of repayment, or fail to pay the money back in the time agreed – a situation which is just as common with bank loans and credit cards as with any other type of credit.

Financial responsibility is something we all practice and uphold. We advise not to apply for a loan if you can’t pay it back, no matter the emergency, you will end up with further problems.

Ideal for one-off cash needs

It has been reported that online loans companies typically charge APRs as high as 4,120%, a shockingly high rate which many detractors have taken as proof that these loans are the last place borrowers should be looking for a financial boost.

However, this APR is misleading. As APR is a percentage measured over the space of a year and not a month – the duration of a short term loan.

Payday loans are unique in that they are never supposed to be borrowed over the space of a year – they are one-off loans meant to be paid back within a month. Put in simple terms, with our lenders you will never pay back more than £24 for every £100 you borrow* and this is generally put to you as a one-time ‘fee’, rather than as ‘interest’. These fees serve as guidance only and your exact loan, including repayment information will be confirmed with you prior to your loan agreement commencing. Representative Example: Borrow £300 for 65 days with one repayment of £78.00 and one repayment of £378.00. Interest: £156.00. Interest rate: 292% pa (fixed). 1294.1% APR

As previously mentioned where you will run into trouble is if you are incapable of paying back the loan under the terms set out in your original contract, at which point you will incur a fee. However, fees on payday loans have now been capped to twice the initial loan amount. Meaning that if customers do run into trouble, there is a cap on the charges.

Where the same day loan is often overlooked is for the majority of customers’ without existing debt problems and whom usually do not run out of money at any time of the month and this is truly a one-off emergency.