Get all the information about pay day loans in the United Kingdom
Everyone has times when they find themselves short of money between pay packets, it's nothing to be ashamed of and it's probably more common than you think. There are simply times when unavoidable expenses mean that you are forced to struggle from one pay cheque to the next for a couple of weeks. Such is the nature of modern life.
Banks usually aren't much help when it comes to remedying the situation, they will rarely offer anything other than medium term lending to their customers, and are unlikely to be prepared to offer you the low figure you need to keep you going through to your next pay packet.
You could always ask your friends or family for help, especially if it is only a small figure that you require, like £50-200, but many people are unwilling to do so, believing that admitting their financial problems to their nearest and dearest will somehow make them look week, or unable to manage their finances properly. While this isn't the case, and everyone understands that people have problems with money every now and then, it is a belief many people just cannot shake.
This leaves them with the option of loan sharks or pay day loans. While we could never recommend taking a black market loan from a loan shark, we can cautiously offer you advice when it comes to pay day loans in the United Kingdom.
Assuming you are working either full time or part time, and are making enough money to pay back the loan plus interest when your next pay cheque arrives, pay day loans are definitely a manageable option. They tend to incur interest at around 25%, and have very severe penalties should you not repay in time, but as an occasional temporary stop gap they can help you pay an outstanding bill, or buy a new pair of shoes for your child without the drama of asking for money from friends.
If you cannot afford to pay them back in time however, they can be a recipe for disaster. If you took out a £500 loan at 25%, the amount that would need to be repaid when you get your wages would be £625. If you couldn't afford to pay that all back in one go, not only would you continue to incur interest for the duration of the time that the loan is outstanding, but you'd also be hit with increased rates making it harder and harder to manage from day to day.
If you do decide to take out one of the many pay day loans available in the United Kingdom, do so with extreme caution and only if you are in a position to pay it back.