A payday loan is a short term finance arrangement typically for a small sum of money.

e.g. If you want to borrow £500, but only want it for 10-20 days (to tide you over until you get your monthly pay cheque) this can be an ideal solution.

There are some things you need to watch out for, though. Specifically there is almost always a very high APR (Annual Percentage Rate). These typically start from 199% going up to many 1000s. This is fine if you are planning to pay back the loan within a few weeks, but if you let it drag out over many months the interest can soon become quite a burden.

This type of short term finance can be a great option, but you need to be totally confident in your ability to repay the balance as soon as possible

To find out more about this and other loan types, please pop along and visit us at Loanfinder UK Scam