Accessibility is just one of the major advantages of payday loans. You don’t need to get tied into long-term contracts or have a perfect financial history. The slightly more relaxed attitude to lending also means that the same levels of checks simply aren’t necessary. As a result, many lenders offer a 24/7 service – including weekends.

This is in complete contrast to most forms of borrowing, which resolutely restrict customers to working hours only. Short-term lending is all about convenience; ensuring customers can access when they need it most, not just when it’s easiest. As a result, even if you come up short at midnight on Saturday, you can apply for a loan, get accepted and even have the money in your bank by the time you wake up on Sunday morning.

So how does this work?

As previously alluded to, the limited nature of payday loans (most are only a few hundred pounds lent over a couple of weeks) means that the same kind of rigorous checks that blight personal loans simply aren’t necessary. In fact they would be entirely redundant, acting as an unnecessary obstacle for most borrowers. So whilst some checks will be made out of policy and security for the customer as well as the lender, these won’t be overly intensive or go above and beyond what is strictly necessary.

For instance, why would it be necessary to carry out a complete credit check for a loan that is repayable within 30 days? Due to the short-term nature of this kind of lending, there is no reason to go into forensic detail for each applicant. As long as they meet employment, age and income requirements, most other details are largely superfluous. Some companies will carry out swift credit checks as a matter of course, but there is certainly no requirement for the customer to have an A+ rating.

By freeing up this side of the process, decisions can be made in a largely automated fashion. Of course first time applicants might face a few more hurdles, but even at this stage it shouldn’t be a laborious, drawn out process. However, once you’ve applied, received and repaid a loan with a company, then that should free you up to repeat the process quickly and easily in the future should you need to do so.

Taking advantage of near-immediate bank transfers, the payday loan companies are also often able to get the money into your account within a matter of hours. So regardless of the time or day, you should always have the ability to successfully apply for and receive a loan within that same 24 hour period. This includes public holidays too, when most other banks are completely closed and any form of borrowing would appear to be impossible.

So if you’ve found yourself in a financial black hole and it’s the weekend, a payday loan might well provide a solution. It’s quick, easily accessible and largely hassle-free. You can also complete the entire process online without the need to answer a never-ending series of difficult questions.

Vincent Rogers is a finance writer who writes for a number of finance businesses. For payday loans, he recommends Paydaypower.co.uk

Vincent Rogers is a finance writer who writes for a number of finance businesses. For payday loans, he recommends http://Paydaypower.co.uk

Author Bio: Vincent Rogers is a finance writer who writes for a number of finance businesses. For payday loans, he recommends Paydaypower.co.uk

Category: Finances
Keywords: payday loans, same day loans, loans, UK, finacne