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Payday loans are not a new form of credit. They have been available to consumers for many years. Licensed private lenders are authorised to offer short term loans to employed people who are earning a regular wage.

If you find yourself short of cash and it is still a short while until you are paid, a Payday loan may be a form of credit you can use to help you. To find out if this is a loan that you are eligible to apply for, simply go online and do some research to find a reputable lender. Once you have identified the lender you wish to work with, take some time to find out the terms and conditions of the payday loan.

If you are over eighteen, in employment, and receiving a regular wage into an active bank account, you will be eligible to apply. In your application, you should add all the correct details of your name, date of birth, address and full employment details. You will also need to provide your bank account details.

Most good payday lenders will process an application very quickly, often successful applicants will receive a response to their application within the hour, and for most applicants, the funds will be transferred into a bank account within the hour too.

Payday loans are an excellent way to access funds for a short period of time. They are useful if you do not want to use a credit card, or go overdrawn at the bank. They are also excellent if you are not keen on committing to a long term bank loan.

Before you apply, you should take care to calculate how much you can afford to borrow, and only borrow an amount you know you will be able to repay fully, when you are next paid. If you are struggling on a low income, or have long term debt problems, Payday loans may not be the best option for you. Please think very carefully before committing to any form of credit and if you need to, get advice from a credit adviser.