There are a number of factors that make a fast cash advance (also known as a payday loan) different to other forms of borrowing that you may be familiar with:
• their relative informality – applications may typically be available online and you may also receive a very fast and possibly even instantaneous response, with no paperwork being involved at any stage
• the speed of operation – if the outcome of your application is positive, some payday loans lenders may be able to send the funds directly to your bank account where, if your own bank can process instant transfers, the money may be available to you within as little as an hour or two
• the sums available – the entire concept behind a fast cash advance is that they exist to help you deal with sudden unexpected problems or opportunities, where a relatively small amount of cash (perhaps typically between £250-£500) is all that is required
• the duration of the borrowing – the concept behind the online payday loan also relates to how quickly it will be repaid and the intention is that you will repay the advance, in full, on your next or next but one payday, thereby avoiding lengthy debt repayment cycles
• their tolerance – one of the potentially significant advantages of having smaller borrowing amounts coupled with shorter durations, is that the lenders may be far more understanding about some forms of credit history troubles, thereby making them more inclined to continue with the cash advance, even if there are glitches on the borrower’s history files
• your degree of freedom – lenders typically will not ask you to explain to them the reason why you need the money nor will they ask you to provide evidence of what you spent it on, so you may use the money entirely as you think fit and as your needs dictate
• the modest qualification requirements – as a result of the smaller amounts of money involved in the typical cash advance, lenders may only have a relatively undemanding set of requirements prior to approving the advance, namely that you are 18 years of age or more, have a permanent job providing a regular income, live in the UK and possess a UK bank account and bank debit card
• their flexibility – if you find you are likely to be unable to repay your cash advance on the agreed date, the lender may be perfectly willing to agree a revised repayment date (though do note that this may involve you in additional charges).