Instant payday loans were not really about much before 2008. There was not much buzzword on small lenders offering instant and quick payday loans to those in imminent financial trouble, probably because back then we could all get some kind of loan from our high street bank.
But when the credit crunch happened in mid-2008 banks were brought to book by the then Labour government in the United Kingdom and the institutions were basically bought out into the public coffers.
It may well have been a humbling experience for the banks but with bail outs being the order of the day, none of these institutions seemed to bat an eyelid. But there were conditions to be met and freedoms they once enjoyed were stripped from underneath their plush carpets almost overnight.
It did mean you and me as Joe and Jane Public could no longer get a decent mortgage – unless we could find a staggering 20 per cent of the home value – and getting a loan was suddenly made more difficult than getting a pint of blood out of the stone patios that grace the Canary Wharf Financial Centre in East London.
Only those who probably didn’t need a loan could actually get one and they were not the types to apply anyway. So quick payday loans came from a succession of small lenders that were tasked to give you instant cash as long as it received some of it back (with interest) every payday.
Payday for the workforce of most of the West falls but once a month these days. You can easily get access to the United Kingdom’s top lenders rather quickly if you seek out the information online.
Getting the money is quick, clean and can really help if one of your utility bill companies are threatening to cut off your gas or electricity if you don’t pay up within x number of days. Getting cut off from your electricity or gas will often result in a meter being installed in your flat or home and putting a pound coin or meter card (pre-paid) in the device will be essential if you want hot water, be able to make a cup of tea or even have a nice warm shower.
But the word of warning is a pre-paid meter costs more. You will not get as much electricity or gas from your meter as you will have on a standard plan. So a payday loan is usually well worth looking into if you should be in this critical position.