Faced with a cash crisis, one tends to think of only two options – either borrow from friends and relatives oronline payday loans approach the bank for a loan. While borrowing is embarrassing, banks may not be willing to extend you loans if you want a very small amount, if you want it in a tearing hurry and if you have bad credit history.

The other option is to go for a payday loan. But is that a good option? Let's compare personal loan with payday loan a bit more closely:

Time of approval

It takes anywhere between 3 days to 10 days for the approval in case of personal loan while payday advance is approved within minutes of applying.

Ease of processing

You would need to furnish whole lot of documents such as income proof, identity proof, residence proof etc. to apply for personal loan. In case of payday loans, no documentation is necessary. All you need to have is a regular job, a valid bank account with a debit card and you must be over 18 years old.

You can apply on phone or online from the comforts of your home or office. Not even faxing of documents is required for online payday loans.

Credit history

There is no way you can get personal loan if your credit history is not up to the mark. On the other hand, credit history is no criteria for approval of payday advance. Thus for people with adverse credit rating, payday loan is the only option of borrowing money.

Tenure

The tenure of personal loan is longer (from 1 year to 3 or 4 years) while payday loans are very short term loans, lasting till about your next payday.

Interest rate

Annual interest rates for payday loans are on the higher side but since loan tenure is very short, actual interest paid does not amount to much.

Amount of loan

Amount granted is higher in case of personal loans.

Repayment

Personal loans are repaid through Equated Monthly Installments (EMIs) over the tenure of the loan. Once the agreement is in place, it becomes very difficult to alter repayment schedule. While in case of payday advance, repayment can very easily be deferred by some weeks after paying a certain amount of fees.

From above discussion it is clear that if you want monetary help on an urgent basis there is no better option than payday advance. TopPayDay.co.uk understands your requirements very clearly as we have helped over 1, 00,000 people since 2003. With us you can avail loan up to 750 £ within 24 hrs.

Life is just like a roller-coaster ride – exhilarating yet terrifying. The only difference is that troughs are far too many and ascendancy is far too difficult. Besides, not necessarily do they follow each other in a regular pattern.

More often than not, these troughs are related to money or rather the lack of it. Particularly, people who live on a fixed salary, find themselves running short of cash much before payday. There are no dearth of expenses, so what if you earn only a limited sum every month. Pending bills that need to be settled, a burst water pipe that needs to be repaired without delay, a sudden arrival of unannounced guests who plan to stay the weekend…anything.

In any case, most of us are living off credit cards, spending now to pay for later. But sometimes, even the plastic money is not enough, particularly when you have over-stretched your credit limit.

So what are the options?

Approach banks for a loan? If you have a bad credit history, then forget it. Besides, it is too long a process.

Borrow money from friends or family? The less you let money come in the middle of relationships, the better it is. Moreover, it is downright embarrassing.

The best option is to opt for a payday loan where you get the money fast and without any hassles. Payday loan, also known as cash advance loan or check advance loan, is a short term loan to help you tide over a temporary cash crisis.

Let’s now see why payday loans are such a good solution for sudden cash crunch.

* A payday loan or a cash advance loan gives you money right when you need it. In majority of the cases, your loan is approved and the funds are transferred into your account the very same day you apply for it.

* There are no lengthy procedures. Fast payday loans are possible because of faxless processing and online approval. Just fill up the online form and start spending the money next day.

* You can easily apply for loan anytime online 24/7 from office or home.

* Good credit history is not a must for approval. People with bad credit history, even bankruptcy, get approval. All you need to have is the ability to pay it back on your next payday.

* It is quite an affordable loan for short term period.

* A fast payday loan helps you save money in a way that you get the funds to pay back your pending dues. Paying the interest on a payday loan would cost you much cheaper than paying for your dues along with the late fee charges.

* You can pay it back conveniently with a debit card and you can also defer and reschedule the repayment without damaging your credit history..

Due to various benefits, a payday loan is most suitable to meet short term expenses. The rate of interest charged by a payday loan company would be slightly higher but then considering that the money is made available promptly, without delay and without any paperwork or sureties other than your debit card, it works out to be a convenient solution for people who need money urgently.

At TopPayday, we provide easy and fast payday loans online to people who are in need of quick money for a short period. To qualify, all you need is to have a full time job, a bank account with a valid debit card, a steady income of more than £750 per month and you should be over 18 years of age.