The whole premise of getting some cash advanced to you in the form of a payday loan is to help people bridge those gaps in their finances between pay days
There are numerous reasons why your wages haven't lasted through the month, such as unexpected bills, and now you can find online a financial solution in the form of a payday loan that will come up with the cash you need in super quick time, allowing you to pay that bill and still have money left for the essentials.
It is no big surprise that as far as personal finance is concerned, payday loans are soaring in popularity. The cost of living in ever rising, as are energy prices and insurance premiums, wages, on the other hand, are remaining mainly stagnant, and any increases are falling way short of the rate of inflation. Taking out a loan from an online company such as Eastside Lenders will help plug that gap in finances and help you get through a tough time.
The big attraction of online payday loans from companies like Eastside Lenders is their relaxed criteria when compared to traditional lending methods and the ease in which you can apply for the loans and the way you get your cash. A bank account, a regular wage, and being an adult UK citizen are the only stipulations that have to be fulfilled to apply for one of these loans and the fact that there is instant approval and the money in your bank the same day is also appealing.
Overall, there is very little that you can say negatively about payday loans, except possibly the interest rates. These companies are providing a 24/7 service and it is inevitable that you will pay for this. However, as the loans are only intended to be short term solutions and when you compare the interest you are paying with what it would cost you if you didn't take out a loan, the interest becomes much more manageable.
For example, your car fails its MOT, you need it to get to work but don't get paid for another 10 days, what will it cost you to travel by other means, not only in money but also time.
One of the most important household items is a washing machine, it needs repairing and you don't get paid for a week, the interest you will pay is nothing compared to traipsing back and forwards to the launderette. These are the kind of emergencies where payday loans come into their own.
Money Advice - moneyadviceservice.org.uk
Citizens Advice - Budgeting - citizensadvice.org.uk