Increasingly, it seems we’re need of some quick quid well ahead of payday. Many Brits are unable to get easy credit from the high street banks, especially at a reasonable interest rate. That leaves a lot of lower wage workers in the lurch with nothing to fall back on should they need cash to pay emergency bills. If credit worthiness measures anything, it seems to measure the ability to meet bill payments and other payments coming due with a backup cash source.
Since many low wage workers and even others who have outrageously high living expenses such as rent, utilities bills, auto fuel expenses and so on, can’t always make every paycheque last until payday, cash until payday companies fill the void. These services are sometimes called cash advance, quick cash, fast cash, cash before payday, pay advance and other terms.
There have been more than enough negative responses to the easy availability of funds from payday loan companies, but think of the situation from the borrower’s point of view. Many people really do need a helping hand during the month. Competition in the UK payday advance industry ensures that borrowers get the best rates and terms from lenders. Competition is always the best way to ensure fairness in lending practices.
Don’t expect the high street banks and finance companies to come to the rescue of the average Joe and Jane. They’re interested in their profit goals and keeping competition at bay. Political movements to restrict easy cash lending only serve to strengthen their stranglehold on UK finances. With some payday loan companies, borrowers don’t even have to pay interest if the loan is paid within two weeks. Would the major banks offer this kind of lending? Even credit cards charge interest from the date of purchase. Does this tell you more about the grass roots power of payday loan activity?
What you need to open a payday loan account:
- You need to have a job in which your salary is paid into your current account.
- You need a chequebook and cheque-guarantee card.
- You need to be at least 18 years old.