There are often times in everyone’s life when unexpected emergencies come up. What can you do to get some quick cash to hold you over until next payday? The answer may be a payday loan.

You may be concerned that your credit isn’t good enough, but you’ll be happy to know that payday loan companies don’t perform credit checks. So long as you’re over 18, employed, reside in the UK and can provide all the details, you’re well on your way to being approved.

Many companies will allow only a minimum amount if you’re a first time customer. This varies between companies, though you’ll generally find it to be in the £300 range. After you’ve established some history with the company, they’ll approve higher amounts, sometimes up to £1500.

If you have bad credit, you can even rebuild your credit by using payday loan companies. Each time you pay back the loan improves your credit score with many companies. Of course, you’ll also be building your credibility with the loan company, which will enable you to get larger loans in the future, often with lower interest.

Payday loans are generally fixed on a term of 30 days. Many will allow extensions of this term, if you contact them three days in advance of the due date. It will require that you pay the interest from the initial amount, and then the loan will be refinanced over another 30 day term. It is highly recommended that if you need to do this, that you pay as much as possible so that the rewritten loan amount is lower, and subsequently lower rates will apply.

The downside of payday loans is the interest rate but they can be a real lifesaver in the event of an unforeseen emergency.