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Payday loans have been around for a while, and are still a popular option amongst millions of people who need to access emergency cash. If you spend time watching television, or browsing the internet, you will no doubt see many adverts from Payday loan companies, encouraging you to borrow from them. So, regardless of which company you choose to do business with, and whatever the press and media continue to say, there is little doubt that Payday loans are a significant and real financial credit option for many households today.

According to recently published figures, more than 2 million working families turn to a short term payday loan when they are short of cash, or having a financial emergency.

Most people are aware that Payday loans are not the best option if they have long term debt problems, or are struggling with extremely low income. In these extreme financial situations, Payday loans are not recommended. Certainly, good lenders will always advise borrowers to think carefully about their own financial situation, and to consider whether a short term loan is best for them.

The majority of borrowers are hard-working, diligent people, who understand how Payday loans work, and appreciate the ability to access funds very quickly, and then repay the loan fully within the few weeks. It seems borrowers prefer this type of short term loan, as opposed to longer term loans which are around for much longer, and can cost just as much money, if not more.

Not so long ago, the majority of people simply turned to their bank or building society for help when they needed it. This is something that is happening less. It seems that there has been a fundamental shift in how banks and building societies are regarded these days. Yes they are still used, and they remain a necessity of our everyday lives, but over the last few years, there is no doubt that the inherent trust in banks, and the big financial institutions as all but gone.