Small Business Owner in London, United Kingdom
The simplest answer is to say that payday loans are on the market for almost any and every imaginable purpose, limited only to the imagination and desire of the borrowers.
While an endless array of critics continue to suggest that payday loans were designed and developed only for specific people and specific needs, this really couldn’t be further from the truth.
A payday loan is the name given a short-term cash loan, which in most cases will be between £100 and £500 and offered over the course of a single month. The theory is one whereby the loan serves as something of an advance on an upcoming payday, which would therefore make using a payday loan a little like bringing payday forward, or spending an upcoming paycheque in advance.
The advantages of these kinds of loan include the cash being available in a matter of minutes and no credit checks being carried out on applicants, but what exactly is the cash used for?