The whole idea of a payday loan is that it is a short term boost to your finances, which comes in the form of a temporary loan you will pay back once you get your pay check for the month. Payday loans are different from other types of loans because the majority of loans are paid back over periods of months or even years, but payday loans are paid back usually within days or a few weeks. Payday loans are also paid instantly, so as soon as you are approved the money shows up in your account.
Usually you can borrow up to around £1,000, which as mentioned is instantly paid to you as soon as you are accepted for a loan. Although it should be noted that not all lenders will give you the maximum pay out on your first loan request. They may set a limit, and only allow you to take out larger loans once you have prior evidence of repaying your loans on time.
Different lenders will let you set up different schedules and borrowing periods to pay back your loan, but most of the instant payday loans will be paid back as soon as you get your wages. This could be in a few days or in a few weeks. Lenders will always set up the deal with you and make sure it works for both parties before you sign on the dotted line and they release the funds. There are usually some kind of fees for setting up the loan which are repaid at the end. This includes interest on the amount of money you have taken out. This is paid at the end, so you do not need to worry about that when you initially need money before your salary is paid for that month.
One of the huge benefits instant pay day loans have over other types of loans is that you can apply and be approved in the very same day. Often you can also have the funds transferred to your account on the very same day. The speed of the application, approval and transferring of funds is way, way faster than other types of loans. So if you are in an uncomfortable position financially and want a small, quick boost, an instant payday is definitely a very useful way to go.
Also, payday loans are very short term loans. This means that once your pay check comes, you can pay back the loan immediately and do not have to spend months or even years thinking about the loan and planning how you are going to pay it back. It is a very quick experience, and after a few days you can forget the whole thing even happened. Which is vastly preferable to having to make monthly payments on a loan you took out a while ago. When it comes to payday loans, the quick resolutions are a big part of why it is one of the most popular and useful loans to take out.