Payday loans: are they a safe and viable option?

3D illustration of 'PAYDAY LOAN' title on business document. Business concept.

Sometimes, we find ourselves in financial trouble and don’t know what to do to get the funds that we so desperately need. In these situations, payday loans can be quite a blessing.

What exactly are payday loans?

They are loans of small amounts offered for meeting any expenses that the borrower has and which are dispersed very quickly. However, in order to avail of these loans, you will need to show the company proof that you earn a stable monthly income.

Are they safe?

Generally, payday loans are a safe and viable option if you have a financial emergency and need funds quickly. However, you need to be very careful about which company you take the loan from.

Always make sure you read the fine print carefully and that you are fully aware of their repayment terms and interest rates.

Opting for a payday loan

Getting a payday loan is actually quite simple. All you have to do is decide the amount you need, inform the lender of the amount, satisfactorily prove your identity to the lender, and within no time the loan is approved and credited to your bank account, subject to credit and affordability checks. As soon as you receive your salary and have funds available, you need to make the payment for the amount that you borrowed from the lender plus interest.

To find the best payday lender, compare the rates on the allthelenders website. The site is authorised and regulated by the FCA, and provides 100% impartial results to help you make an informed decision.