Accessible. Unlike more traditional lending products, you can apply online in just a few minutes, and money could reach your bank account on the same day.

He’s got fewer conditions than other funds. Borrowers with poor credit histories and lower incomes are often able to get approved by payday lenders despite the fact that they don’t meet the basic eligibility criteria of banks and other high street institutions.

You can purchase accepted having bad credit. This is because they are less interested in whether a borrower has a chequered financial past, and more concerned about whether the loan is affordable to them in the here and now.

It is a personal bank loan. Some major high street lenders require borrowers to stake their car, home, or other valuable assets as security in case they can’t repay what they owe. In contrast, payday lenders offer unsecured borrowing that means you are not directly putting your personal property at risk. There is a 14-day cooling-off period.As with all forms of borrowing that fall under the Consumer Credit Act 1974, payday loans come with a 14-day cooling-off period. This means that you are entitled to cancel the agreement within 14 days if you change your mind.

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