It is something that can happen to the best of us, you have had a month of unexpected expenses, your car has just gone wrong and you need to get it mended. You need your car to get to work so you must have the car repaired. The local garage will fix it quickly and are very competitive; however they will not do the work on account or accept credit cards. If you withdraw anymore cash from your current account you will go into an unauthorised overdraft and your bank has one of the highest overdraft fees in the industry. Although you may not consider it to be one of the best solutions to a scenario like this, obtaining a payday loan really makes sense if it is only two more weeks to payday.
Payday loans are cash advances designed to help individuals out financially in the short term. The loan is usually paid directly into a bank account, often within 24 hours of the application being agreed. The repayment along with the interest is taken directly from the borrower’s bank account on the due date. Most lenders will charge you interest for the complete period of 30 days and even if you pay the advance back early lenders still expect the whole interest amount. However in this scenario of having only two weeks to go until your next pay day, a far better option is to consider one of the few lenders who only charge interest for the days that you actually borrow the money.
Remember that an unauthorised overdraft can be just as expensive as many payday loans, with some banks charging over £100 for an unauthorised overdraft. So for smaller amounts payday loans can make perfect sense if it this means you can avoid these extremely high bank charges.
