A cash advance loan is a different kind of financial product than other sorts of credit. The amount you borrow is smaller, the time you take to repay it is shorter, and – let’s be frank – the cost to you is much higher. Given these strong disadvantages, why would you look at applying for one of these loans?

The most compelling advantage of fast cash advances is their straightforwardness of arrangement. They can be taken out by almost anyone provided that you have a dependable wage or salary arriving in your bank account. Your credit history is basically irrelevant – even if your credit standing is completely wrecked, your application is still likely to be authorized so long as you meet the basic considerations of having paid work and having a suitable account with a bank.

They are also incredibly speedy to arrange, which means that you can often have the money in your check account within twenty four hours. All this makes payday advancesperfect for when you need fast money and have no other way of acquiring it, such as a bank overdraft or credit card cash withdrawal. What kind of situations might these be?

The most simple one is that you’ve used up your cash before your next wage and need to find a little extra cash to pay for essentials such as food, heating or travel to work. Payday advances are ideal for this situation, giving you fast cash to spend on what you need.

Another reason you would need a payday advance is if you have a sudden unforeseen bill or crisis, such as a vital repair to your car or home heating system. If you have to make the repairs urgently and have no money available, a payday loan can bridge the gap.

A final reason that you may determine to secure this form of credit is to treat yourself to a one of a kind night out like a birthday celebration  or visit to the theater to see your favourite play. This isn’t a wonderful use of payday cash because the cost involved means your night out will be a very expensive one in the end, but we all need a break every now and then. Just be sure to borrow the smallest amount you need to, and leave space in your next month’s finances to repay what you owe combined with the charges.

About the author: Martin Sumner writes for a company offering payday loans of up to £800 for UK residents with a job and a bank account.