What is a Payday Loan?

A payday loan is designed to be a short term loan to tide a person over between paychecks. Typically the values range between £100 and £1,000. Payday loans due to the very nature of the product have far higher APR's than a typical loan so should only ever be used for short periods of time and should never be rolled over for a longer period. The typical use for them would be an emergency like a car repair or urgent bill that needs paying. The typical cost of a payday loan is about £25 for each £100 you borrow. To qualify for a payday loan ususally you will need 1.    Proof that you are at least 18 years old.  2.    Evidence that you are a resident or a citizen of the United Kingdom.  3.    Proof that you have a regular source of income. 4.    Current account details.  Normally you will need a bank account to get a payday loan. If you have county court judgements against you or debt problems most payday loan providers will still accept you as credit checks are not normally carried out when you apply for a payday loan. Below you can find details on a variety of payday loan providers.

Payday Loan Company	Further Information	Direct Link
Payday Bank	PaydayBank offers same day payday loans. They provide an immediate response to their customers, who require quick loans of up to 750 GBP. You must earn over 750 GBP per month, must be a UK resident, and be over 18.
Speedy e Loans.	You can apply for between £100 and £250 the first time you apply for a speed-e-loan. If you repay your loan on time, Speed e loans will increase the amount you can apply for next time.
Purple Payday Loans	1. You must have a valid bank account that will accept direct debits. This includes basic bank accounts that do not come with an overdraft or debit card. 2. You must be at over 18 years of age. 3. You must be a resident and be eligible to work in the United Kingdom (England, Scotland, Wales or Northern Ireland). 4. You must be employed and receive a regular salary. 5. You must have your salary paid directly into your bank account. 6. Lastly, you must have a minimum take home pay of £750 per month.
Sameday Money Payday loans.	Sameday money offers payday loans of between £80-£1,000 and normally the funds will be deposited into your bank account the sameday.Sameday Money provides loans of up to £1,000, paid into the customers bank account within two hours of application. A payday loan helps people get through a cash flow issue without paying late fees or bouncing cheques.