Payday Loans Knowledge Base & Payday Loans Resource Centre

Payday Loans Resource Centre

With payday loans there can be an over reliance on this type of credit as a way of getting money quickly. It is without a doubt one of the quickest ways of getting access to money, but this does not mean the thought process behind choosing the right payday loan lender should be equally as quick. Consider these issues prior to looking at applying for a payday loan -

  • Think about how much you would like to borrow - try not to lend an amount more than you can afford to pay back at the end of the month.
  • What do you need the money for? If you have an emergency or crisis and have no other ways of getting credit a payday loan could help, for other non-essential cash demands it may be more suitable to try to save money for your purchase.
  • Compare all the payday loan providers to work out the best deals. The large number of lenders out there means you will be able to find some good deals and ultimately save you money in the long run
  • Before signing an agreement check the small print - are there any administration fee's that you have not be informed of? Check this carefully.
  • Do not become dependent on payday loans as a source of income. They are a short term credit solution and will need to be repaid at the end of the month. If you feel that you will not be able to repay the debt then it would be advisable not to enter into a credit agreement with the payday loan providers.
  • Financial Resources

    CCCS offer an online free debt remedy solution that can be completed anonymously.

    Payday Loans should only ever be used for short term lending. If you need to access financial help and you are experiencing significant debt, then contact The National Debt Line.

    If you need to access general advice then you should think about contacting your local Citizens Advice - they have offices throughout the United Kingdom

    Money Saving Expert also offers advice around debt and there is a debt plan contained within their website.


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    Payday Loans Facts

    Payday loans are called 'Payday Loans on the basis that the loan is taken on for a small timescale. Once the loan applicant is paid from their employer the money is then paid back, hence the term Payday Loans.