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Because they are easy to obtain, payday loans have become an attractive form of borrowing for many. However, this form of lending was designed to meet a shortfall in finances due to an unexpected bill or to meet expenses due by a deadline. The high interest rates applied to these loans means that borrowers need to use them responsibly or they could end up in serious debt.

Critics of these loans have pointed to the fact the lack of credit check has led to people who are unable to afford the loans being able to borrow money they will never be able to repay. The eligibility requirements are less strict then borrowing a personal loan from your bank which means that those with bad credit records are able to obtain credit which they would not normally be granted.

Some places have banned payday loans and similar types of lending and they are considering restrictions on payday loan lenders. But these loans do provide a source of credit when others are less readily available especially given the current economic climate. If you are considering these loans then you should take time to consider all your options and to borrow responsibly to ensure you do not get into debt.

Check out various lenders before you make a final choice. There are many lenders to choose from but it is probably better to choose an established financial services company with a proven lending record.

Most lenders have an online application service although you can also visit them in person at local offices or make an application over the phone. The application process itself is very short and simple and does not require the faxing of documents or credit checks to be carried out. If accepted then your money can be in your bank account within 24 hours.