Ten considerations for deciding whether a payday advance loan is right for you

The payday advance loan service allows people to gain access to short term funding, for relatively small loans, quickly. At Payday Express we are one of the payday loan companies that provide an online application. We offer a hassle-free service and can get you a payday advance today. However, before deciding to go down this credit route, you should make certain considerations in order to ensure that a payday advance loan is the right option for you.

1) Do you really need a payday advance loan?

Payday advance loans are ideal for situations where you have a short term cash flow issue caused by emergency or unforeseen expenses.

If you want to use a payday advance loan for an ipod, a new outfit, or a week-end away, you need to assess whether you should wait and save up to pay for this at a later date, or whether it is worth it to you to borrow the cash to get it now, and whether you will be able to comfortably repay it with interest come payday.

2) Can you borrow the cash you need from friends or relatives instead?

If you can borrow the money you need from friends or family, this may be preferable to borrowing a payday advance loan. However, if this is not an option, or if it will cause unnecessary hassles, and you are happy to pay the interest on the payday advance loan, then this is an option you can consider.

3) Are you employed?

As their title suggests, you are required to be in full time employment when applying for pay day advances. If you are a student or currently unemployed, you cannot apply for payday advance loans.

4) Are you eligible for a payday advance loan?

To be eligible for our payday advance loans you need to meet the following criteria:

• Aged 18 years old or more
• Resident in the UK
• Wages must be paid directly into a UK bank account
• You must have a debit card for the bank account your wages are paid into

Most, if not all, online payday loan companies will require a direct bank transfer of your wages into an account that you hold a debit card for. You will not be eligible for a Payday Express payday advance loan if you are paid by cheque or cash.

Similarly, if you don't meet any of the other base criteria, you will not be eligible for a payday advance loan.

5) What is the length of time you need a cash advance for?

Payday advance loans are short-term loans. They are designed to bridge the gap between when you need some extra money and your next payday. If you need to borrow cash for a longer period of time, then a payday advance loan isn’t ideal.

On the other hand, if you only need the cash until payday, then a payday advance loan could be a viable option for you.

6) How much money do you need to borrow?

Pay day advances are valued between £80 and £800. However, we, like other payday loan companies, won’t lend you £800 if you only earn £800 as you need to be in a position where you can afford to repay the payday advance loan on your next payday.

So, if you are looking to borrow more than £800, or more than you can afford to repay on your following payday, then payday advance loans are not the right option for you and you should look for alternative forms of credit.

If, however, you only want a relatively small amount of cash that you can afford to pay back on your next payday, then this could be the option you are looking for.

7) Can you afford to repay a payday advance loan?

If you know that you will not afford to repay a payday advance loan, then you should look elsewhere for a solution to your credit need.

8) How quickly and easily do you want the cash, and are you happy to undergo a credit check?

Some payday loan companies require that you provide various forms of documentation, including bank statements, on which to base your loan approval. Aside from being tedious, this process could mean that you can't receive a same day payday advance loan. If you want to get your cash advance loan as quickly as possible with the easiest application route, then a same day instant cash loan online is what you are after.

In order to be able to offer you a payday advance today we carry out a quick credit check, which means we can approve your loan instantly while you’re applying online.

If getting a footprint on your credit file showing you searched for credit bothers you, then this is something to consider before applying for an online payday advance loan. However, it should be noted that, provided your loan does not go into default, the credit check could lead to a favourable entry on your credit file, since we are obliged to not only to report all defaults but also all successful loan repayments to our Credit Reference Agency, who will then add this to your file.

9) Are you happy to pay the interest charges associated with payday advance loans?

Before you decide to take out a payday advance loan you need to be aware of the costs and make sure that the benefits outweigh these costs for you.

We charge an interest fee of 25% of the loan amount borrowed. If you decide to take out a payday advance loan, you should be aware that some payday loan companies charge higher interest rates.

All companies offering credit are required to quote an APR (Annual Percentage Rate). At a 25% cost of credit for a payday advance loan due for repayment 31 days away the typical APR is 1286.1%. While this is extremely high, you need to bear in mind that APR is an annualised means of showing interest and charges and, since payday advances are due for repayment within a month, APR is misleading. What should be considered instead is the cost of credit within that month, which is 25% for a Payday Express loan. So, if you borrowed £200 in cash, for example, you would need to repay a total of £250, so £50 in interest. You need to consider whether you are happy to pay this amount of interest before applying for a payday advance today.

10) Do you have other debts that are becoming uncontrollable?

If you already have a lot of outstanding credit and are finding it difficult to meet monthly payments, then you should consider that a payday advance loan may not be an ideal option for you.

Pay day advances should not be used to solve long term credit or debt problems. If used in this way, they will more than likely simply add to these problems. You must only apply for a payday advance loan if you confident you can afford to pay it back and only if it is used for a short-term cash flow issue.

If, after all these considerations, you have decided that this form of short term credit is right for you, then apply for a payday advance today by filling in our online application form.

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Pay only £100 for an £80 loan. 1737.2% APR typical. The total amount payable of £100 is repaid on your next payday (within 47 days) when we debit your account.