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Getting the UK back to work

March 6th, 2012

Now, as has been touched on by this website via a payday loan press release, payday loan lenders should not be lending to those that are not currently employed. With the OFT now investigating this we have decided to run a article about the difficult job market the UK is currently facing.

A nation with a serious unemployment problem is a nation in peril. As more and more of us struggle to survive in this difficult British economy, it is apparent that one real lifeline to the disaffected masses is a job. Official numbers from the Office for National Statistics (ONS) point to an alarming trend: the number of unemployed UK citizens had soared to 2.68 million at the end of 2011. And worse, the figure continues to increase by 1,300 a day. The UK Trades Union Congress (TUC) went on record recently, noting that the figures are “even worse than the bleak economic forecasts predicted, with new records achieved for youth and female unemployment.” The TUC is calling for the government to come up with “bold solutions” for the country’s unemployment crisis. One possible solution advanced by the TUC was a “job guarantee for any young person out of work for six months.”

Jobs for all – heard that one before

But how do you guarantee a job to a person unqualified to hold that job? There are those who contend that the jobs are out there but we’re not preparing our youth for them. It was hard to ignore the recent news headlines that touted a major hotel chain as joining a growing list of employers suggesting that job applicants in the UK don’t have the basic skills for employability. This hotel chain was quite candid in the assertion that only 40% of its jobs are held by native Brits, with the rest of its positions filled largely by Eastern Europeans. Talk about fuel for the immigration controversy. But do we really expect a company to put an obviously unqualified person in a job? That certainly wouldn’t be a company expected to succeed in its core business. The revelation about the unemployment situation at the hotel chain came at a recent seminar put on by the Westminster Employment Forum. Also in attendance at the Forum was a MP who began to get to the underlying concern: questioning whether our educational system was properly doing its job in preparing our youth for the real world.

The comment by the MP was not an isolated observation; it is becoming a growing refrain. A major new report by the Work Foundation indicates that “unless Britain’s schooling system is better aligned to match future growth industries, the country’s unemployment problems and skills shortages will intensify.” Certainly it would be advantageous all around if our school systems were able to train our youth in many of the very technical and specified areas unique to any number of vocations. But industry doesn’t expect that; it’s quite capable of handling that chore itself. A recent survey by the Confederation of British Industry (CBI) indicates that fully 72% of employers will be maintaining (and in some cases, increasing) spending on training. What concerns industry most is its need (18%) to spend money on remedial literacy and numeracy training for young people just out of school.

It’s not just that our youth aren’t grounded in the basics (reading, writing, arithmetic). Far too many aren’t getting grounded in the “soft skills” that are universally sought by employers. Skills like:

Communications – absolutely critical in all businesses (listening, verbal, writing), mentioned most often by business
Analytical/research – the ability to identify key issues that need to be addressed
Technical literacy – we exist in a computer driven world
Multicultural sensitivity – one of the biggest issues in the workplace is diversity
Problem solving – no matter what the job, problems can arise. They must be solved

These are just basic life skills. Isn’t that the primary purpose of any school system: teaching our youth how to survive? According to industry, our schools are getting a failing grade. The next time you see a long line at the unemployment office, you’ll know why.

How Much ‘Peace of Mind’ Can You Afford?

February 29th, 2012

It’s easy to understand why some radio programmes are so popular. The hosts (presenters) tend to be very engaging and they often go on crusades about subjects that capture the public’s imagination. One popular presenter has recently undertaken the causes of strippers and even questioned whether MP’s should be paid. When the subject is lightweight and entertaining, we can all enjoy ourselves. When the subject is more substantial and speaks to the basic well-being of the populace, we have to be careful to give both sides of the issue. Another popular radio presenter has been making a lot of noise lately about the insurance industry. He happens to believe that the industry encourages people to live in a state of anxiety and that we really don’t need it. Is it a responsible position to take, telling people what they need or don’t need? Or is it the more responsible position to give the people the facts and let them make up their own minds? When it comes to insurance, some need it and some don’t. Some can afford it and some can’t.

Big bucks means big business

There are always at least two sides to every issue. The insurance industry helps many people and can be burdensome to others; and it’s huge. The insurance industry is an essential part of the UK economy; it’s the third largest in the world and the largest in Europe. In the UK, in 2010:

An estimated 19.6 million households had content insurance
2.1 million claims were made
24.3 million private vehicles were insured
£5.2 million was paid daily in liability claims

But those facts don’t reflect the issue. Our society is multi-layered and many on the lower strata simply cannot afford insurance, no matter whether it might be needed or not. According to the organisation Consumer Focus, around one-fifth of the UK population (13.5 million people) live in low-income households. This segment of the population experiences a daily struggle to feed and clothe the family and pay the necessary bills to keep warm, dry and safe. And so, for fully one-fifth of the population, the question of the necessity of insurance is a non-starter; it just can’t be afforded.

For those with the discretionary income that allows you to afford insurance, you have to make informed decisions. In our society you can insure virtually anything; and some people do just that. Almost everyone agrees that, given the high cost of medicines and medical procedures abroad, you should get travel insurance if you can. Beyond that, it is incumbent upon each individual or family to determine what they need. It’s a question of finding the right balance without going overboard. What is the likelihood that you’ll suffer an accident or critical illness abroad? The experts say it’s a one in seven chance for a man and one in eight for a woman. Britain’s roads are amongst the safest in the world, but there’s still a 25 percent possibility of being in a motoring accident. If you’re in the market for a new home, it’s likely that mortgage insurance will be required. If you’re single, you probably won’t need life insurance. But if you do, term insurance is the most popular form. Just keep in mind, only one in 20 term policies result in a claim. The insurance industry spends a lot of money on adverts letting us know how vulnerable we are without their products. They tout their products as providing ‘peace of mind.’ The question then becomes ‘how much peace of mind can you afford?’

The moral of this story is: if you don’t have any rich friends to tide you over in times of need, a little bit of insurance might not be a bad thing.

Cash Matters: Determining What Your Future Will Be Like

February 27th, 2012

Everywhere you look these days – newspapers, television, even on street corners – you can’t help but see how stressed out people are over finances. No matter how far we stretch our paycheck, it just doesn’t seem to go far enough. It appears as though payday loans are a booming industry, popping up everywhere you look. But as bad as our finances seem to be today, if we’re not careful, they could be considerably worse a few years down the road when we retire.

Money education

A major new study (the Scottish Widows Pension Report) indicates that barely 51% of British workers are putting aside enough money for their golden years. And worse, 20% of all workers are not saving anything at all. The poor economy is not the only reason why, apparently our youth are not getting the proper advice from their elders. When it comes to giving their children advice, mum and dad are far more likely to weigh in on the birds and the bees than they are about pensions, according to a government survey. There is just no ‘culture of saving’ that exists with those who are just entering the work force. It makes you wonder. Just how do these 20 somethings plan to pay for their lifestyle when they grow old? The government agency responsible for keeping tabs on pensioners, the Office for National Statistics, indicates that barely more than half (53%) of single UK pensioners had an income in 2009 of less than £10,000. Imagine living on that. And you wonder why the faces of so many of the elderly seem so gaunt. It’s the result of being able to afford only one meal a day.

So let’s start with pensions

What exactly is a pension? Simply put, it’s a way of saving money that allows you to retire without worrying where the next meal is coming from. Not too long ago, we didn’t have to worry about that. Society was so ill-advanced that we rarely lived until retirement. Now, thanks mainly to advances in medicine, the current life expectancy is 81 years for men and 86 for women. For 16 years and more we get to sit in front of the television doing nothing, if we don’t starve to death first.

It’s very difficult for a young person 22 – 29 to think in terms of retirement. First, they think they’re going to live forever and, second, they’re too busy living the good life. That’s right, living beyond their means which makes it necessary to visit their friendly neighborhood payday loan shop or the Internet for payday loans online. It’s a common joke in the industry that the only people in their 20s who are concerned about pensions are those who sell them. By the time the notion of pensions become topical, usually in their early 40s, almost 20 years of potential savings have been squandered. And it’s even worse for women. Government figures indicate that, in the UK, the number of women aged 22 – 29 who are signing up for pensions has gone down for the fourth consecutive year, the worst and most rapid decline for any age group.

The government says a retirement income of about £24,000 is needed to live comfortably. It’s not for lack of intelligence that people don’t know this. There’s just something that prevents us from saving. There is a “widespread and ingrained inertia” throughout the country, according to the Scottish Widows UK pension report, that keep savings levels down. How do we overcome that inertia? The government is taking a major step in that direction. Beginning this year, reforms to automatically put all workers into a pension (unless they choose to opt out) is expected to add a major impetus towards alleviating the country’s savings crisis. These automatic pensions have a major advantage, you won’t be able to get at the funds accrued until you actually retire.

Finance and the Credit Crunch: Are UK Families Being Pushed Too Far?

February 21st, 2012

In the UK there are an average of 17.1 million families, they have an average of 1.8 children and an average income of £32,779. The average United Kingdom family owns at least one computer, at least 79 % have a mortgage and at least 80% own a mobile phone or device. These statistics tell us little about just how hard Brits have been hit by the credit crunch and the endless economic downsizing we are all told has engulfed us over the following years. What really is happening behind closed doors? Thank god for British journalists, as this story has now been broken, and it’s not good news for Mothers that like a large lunch.

According to the The Daily Telegraph, an average of seven in ten United Kingdom Families are teetering on the edge of survival, it has also been reported that one in twenty families are relying on payday loans to meet monthly costs and to keep the family household afloat. The headline grabber is however reserved for the story that many Mothers are having to skip meals so that their children can eat – simply because there isn’t enough food to feed everyone. In the wake of what we have been previously told is an obesity epidemic, it now seems that the UK is being swept behind with a splinter movement motivated by families purse strings. Lidl anyone?

One mum was quoted as saying. “”If it’s a choice between me or the kids eating, I will feed them. I have lost so much weight my clothes don’t fit but I can’t afford to buy any more.”

And the real story is…

More revealing statistics include that more than six in ten families are earning less income than in previous years. About 30% of United Kingdom families have had to borrow money from family and friends, another 24% are living on credit cards and even another 20% of families have resorted to taking bank loans out for everyday expenses. So forget the mid-drift I think the real meat on this ham and mayonnaise baguette is that families are still living beyond their means at a time when they are being paid less. While journalists spin this into a downsizing of the UK’s waistline, I think the real message and what papers should be telling their readers is to start downsizing their lifestyles.

Understanding Payday Loans Online

Payday loans online should only be utilised as a last resort, this is because they are a short term, high interest loan that is repaid in under one month.

Everyone knows the advantages of these cash advances by now, no credit check, instant approval and 1 hour funding, yada yada yada. So here are some disadvantages.

Disadvantages of Payday Loans

Must be paid back in full including interest within thirty one days otherwise interest is accrued
Average rate of a payday loan ranges between 400% and even as high as 5,000% APR
Some payday lending companies can be deceptive in the information that they disclose to customers
Difficulty taking legal action against payday lenders

The press and payday loans

January 17th, 2012

The British press have a reputation as being one of the more ruthless newspaper organisations in the world. The recent phone hacking scandal only highlighted the lengths they will go to in order to secure a scoop.

The recent swirl of publicity regarding payday loan websites and their use of pages to target specific parts of the socio-economic climate, particularly students, marks a slow week for the guys in the press room – without their handy celeb voicemails to fall back on should they be short of a story or two. The almost semi-sarcastic story, considering the presses misdemeanors over the past 12 months, of feigned outrage actually made me chuckle into my cornflakes. Is this really that bad? The whole point of these pages were to pick up those typing into Google ‘student payday loans‘ so they were already looking in this direction anyway. Or maybe I’ve missed the point.

What is the point?

Well it would appear that this group are a defenseless and exploitable part of society that are particularly vulnerable from payday loan websites that they go looking for. Of course everyone should be dismayed at such underhand tactics, however, what is being missed is the fact that these students have to actually type in student payday loans to be returned that page. Very clever of the payday loan websites.

A storm in a tea cup is how I would sum it up, but typical of the hypocritical press that will pounce on anything they can for a story. This is how newspapers here work and is by no means a new thing. You just have to look at the stories they run of celebrities and their lifestyles when half of the British media carry on the same way.

So should students take out payday loans?

Uh no… More’s to the point should anyone take out payday loans? This is again debatable, however, it is only in the minority of cases that they will be the best solution. The simple fact about students is however that they should not be approved by payday lenders unless they have a income over a certain amount. If certain lenders are approving customers without this then that is another question and one that should be investigated by regulators.

To obtain a payday loan with this website for example the applicant must be in employment, preferably full-time, and the figure they receive will reflect how much (if they are approved) they will be approved for.

The new year resolutions that by this time have usually been broken

January 6th, 2012

Go on a diet – The idea of a diet is in it’s essence a good one, eat less junk and more healthy food. Where most people fail is that they eat less junk but don’t replace it with healthy food – and therefore less food, so in actual fact are semi-starving themselves. This approach was always doomed to failure and by this point your reaching for the custard creams. If you are determined that you will lose weight then go out and buy loads of vegetables and get cooking. I’m not a healthcare professional but I’d imagine you could never get fat buy eating copious amounts of vegetables.
Join the gym – The resolution of hitting the gym might now be wearing a bit thin as you realise the reason why you were never a member before new year. Work commitments, family and other pursuits can soon loom larger than the treadmill in terms of demanding your attention. If you are really keen to stick with it simply prioritise the gym over everything else – within reason.
Stop smoking – I stopped smoking 6-7 months ago and it has been the single greatest thing I could have done for my body. To stop smoking there is no point giving yourself deadlines or ultimatums. There is no timeframe to stopping, this is where you are going wrong. Nothing will change if you say to yourself next week I will stop or in the new year I will stop. You will still be the same person who craves a cigarette. Understand that a cigarette is simply a drug and to stop the craving you just have to stop feeding your body that drug. When is the perfect time to stop smoking? When you understand you don’t need it or don’t want it.

Payday Loan Industry Has Exploded in the UK

December 9th, 2011

The cash advance industry is a fairly recent import from the United States that has exploded in the United Kingdom. Every year at least 1.2 million Brits are taking advantage of this type of finance in order to get by. Approximately 2.1 billion pounds is borrowed in payday loans in the United Kingdom every year. In 2009 however there were over 4 million pounds borrowed by 2.1 million people.

Most of these borrowers are under 35 years old and make less than £25,000 per year. There is also a trend for multiple loans being taken out by the same consumer. Repeat use of the payday loans is one of the major criticisms of this type of loan.

The payday loan industry was just getting started in the United Kingdom in 2006, but by 2009 it made about £242 million profit. Since then growth has continued at an exponential rate attracting more and more lenders from Europe as well as the States. These loans do not come cheap but there are so many reasons why residents of Great Britain have a need for these types of loans. The ongoing economic sluggishness has certainly contributed to it, as has unemployment, low wages, even lower wage increases and higher expenses all playing a role.

Many UK economists are concerned that in an environment where property values are low, the job market remains depressed and inflation threatens with an increased cost of living, more and more people are turning to payday loans to get by.

The online payday loan industry in the United Kingdom is able to step into the void left by the major banks as they become increasingly more conservative in their loaning practices. It is easy to get an online cash loan and for many Brits struggling to make ends meet these days it is an extremely easy process, and this is perhaps a flaw in that credit is so easily given – yet some may fail to repay as agreed. The industry is aggressive in its advertising to the working classes through tv ads and strong internet advertising.

British citizens use payday loans online for just about any reason you can think of. More than a third of all payday advances are used to pay bills. At the same time 27% of all payday borrowers use the loan for emergency situations such as car repair (the most common), death in the family, boiler repair or illness. 20% of payday loans are used for special occasion purchases such as birthday parties and baby showers that are help right before you get paid. Finally 17% of payday loans are used for ‘just needed cash’ like buying fuel.

There are not many restrictions or regulations on this type of loan in the United Kingdom. In the United States where this industry has operated longer regulation has grown up around the number of loans a consumer can have at one time and how many times a loan can be “rolled over” or extended. Members of Parliament have debated the need for regulation in the UK and as might be expected they cannot agree. Some of the reasons that more regulation is opposed are:

Historically the payday loan has been a last recourse for people in a tough economy like the current one. When traditional lending sources dry up there needs to be an alternative for the working class to obtain needed funds.
Valid option for young people with no history and no current credit rating. Again in these economic times there is a need for young people to have a place to turn. They can also use this to build up a positive credit rating.
The law of unintended consequences is also cited by Parliament as a reason to hold off on regulation. More time and study is needed to see if regulation might do more harm than good with unintended consequences.

So in closing it seems that the payday loan in here to stay. It has quickly become an established and accepted instrument in the tool bag of the finance industry. The reputable lenders in this industry will be licensed and members of the CFA (Consumer Finance Association). The CFA is determined to educate the public on the use and repayment of payday loans in a responsible manner.

Guest post by Joni Warner

Do you need a cash advance for the holidays?

November 24th, 2011

In ode to our North American cousins and all those that are celebrating Thanksgiving over the next few days here’s Simple Payday’s contribution to the festivities.

Holiday Treats on a Budget

With half terms and Christmas holidays cutting a big dent into your monthly pay cheque, it may seem impossible to find treats and activities to amuse the whole family without having to take out a bank loan or finding yourself unable to make you pay last the whole month. Nobody wants to have their children sitting around bored playing video games for their whole holiday, but what can you do when half term falls a week before payday?

One solution is to plan in advance, making sure you save some money from the preceding months to ensure two or three great days out to make their holiday really memorable, or taking out a payday loan to see you through until the next payday. Payday loans are instant cash advances of up to £1000 that will appear in your account within 24 hours and can be paid back on receipt of your next pay cheque. There is no need for a credit check or lengthy application process and you can take as little or as much as you need to make sure both you and your family have a stress free and enjoyable break. However, with fees and interest working out to around £25 per £100 borrowed, this may leave you in a tight spot the following month, especially with Christmas coming up, so working out cheap or free activities is an even better way to have fun worry free!

Wherever you live, take advantage of any free activities available to you and your family. Museums will often be free entry, meaning you only have to pick up the cost of travel there and back, and will give you a full day’s entertainment that will also prove educational for your children (in a way that is fun enough for them not to realise they are learning!) The Science Museum in London has a number of hands-on exhibits that will thrill and tire the kids out, and give you plenty to look at and enjoy as well, while The Manchester Museum in Manchester offers a fun look at everyday science, zoology and biology. Any town should have a tourist centre which can tell you where your nearest free museum is.

For a completely free day out, meet up with some friends and their children and head down to your local park. Take a picnic, toys and bikes and let the kids go wild running around in the fresh air whilst you and your friends have a catch up. If the weather is nice it could last you a whole day, or you can move the fun back home to play games as a group. Your child’s games console can become an activity for the whole family with multi-player games and family entertainment such as Singstar or the Nintendo Wii making for a full day of fun and laughter.

A Morning or Afternoon at the flicks

Vue Cinemas offer mid-morning showings of children-oriented films for just £1 (£2 for 3D showings), and you could follow this with a restaurant lunch to make the day really special. Many restaurants offer cheaper deals at lunchtimes, and if you look online you can find a number of money-off vouchers, half price coupons and even loyalty cards which will offer a free meal to your group.

For a really big day out for almost half the price, take a look at online voucher codes websites for half price entry to theme parks across the UK. With ticket prices coming in at well over £100 for a family of four, half price tickets can cut the price of your big day out in half, leaving more money for treats while you are out! Theme parks and attractions often work in conjunction with supermarkets and catalogues as well, to offer half price or cheap family tickets for theme parks with locations all over the country, meaning there is bound to be one close to you, helping you to save on travel money.

Half terms and holidays don’t have to be a stressful time full of money worries, if you can take some time out and be clever in your choice of activities, you can guarantee the whole family has a good time without having to bankrupt yourself!

Payday loans and debt

November 7th, 2011

While it is possible to live a life free of debt, most people will find the lure of low-interest credit cards and loans too much to turn down at some point or another. Often when you sign up for a new bank account, you will be offered a credit card with the account. With low interest rates and a relatively small amount of credit available on these cards, they can often seem a good idea to keep for emergencies. Similarly, a loan from your bank with low monthly repayment amounts that will allow you to afford a large purchase that you otherwise wouldn’t can seem an attractive proposition.

However, if your circumstances change, making you unable to meet repayments, or you mis-judge the amount you have spent on your credit cards you could quickly find yourself in what seems like an inescapable debt cycle. It is also worth bearing in mind that aside from rent, tax and living expenses, things like mobile phone bills and unexpected utility bills can add to the amount you are expected to pay out monthly, leaving you struggling to make ends meet.

Quick fix payday loans

Short term payday loans can often seem like a quick fix to get you out of a spiralling debt trap, offering low amounts of instant cash to meet your repayments in the short term, and often offering what seems like a low fee to borrow the money (roughly £25 per £100 borrowed). But these loans also need to be paid off, and you are just adding to the debts you already have. If you could not afford to pay off the original repayments, you are unlikely going to be able to pay them off again the next month, especially with the cost of the loan thrown in. Once in this circumstance it is best to stop borrowing and draw up a debt-management plan to get yourself out of trouble.

Draw up a plan

Firstly, work out everything you owe. This will include rent and utilities, as well as your phone, internet and any loans and credit cards. Work out the exact cost of each repayment monthly, as well as the total amount owed in order to be sure of what exactly you need to be paying out.

Put your debts in order of importance. Food, shelter and taxes are the most important, so make sure you have added your rent and council tax into this, after these everything else can be ranked in order of which are the most urgent. Credit cards, any loans and gas and electricity bills are important, and will need to be paid, but are not as essential as basic living expenses so make sure these fall somewhere lower down on your list.

Following this, work out a budget which includes your most basic living expenses. This is food, travel, clothing and health essentials. Anything left over from this is your expendable cash and should be worked into a series of repayments for your creditors. Most companies will not penalise you as long as they know what is going on so contact all of your creditors to explain your situation and work out a plan with them. Only offer as much as you can afford so that you are able to stick to the plan you work out with each company, and you should be able to create a workable repayment plan for everyone.

Often it is a good idea to talk to your bank and see if you can get a large low-interest loan to consolidate your debts into one monthly payment, which will often work out much lower than what you have been paying, and also prevent you having to call around various companies if there is a further problem with your finances.

Finally, if you need some more tailored advice, there are a number of free institutions in the UK which can help you to get back on track. The Citizen’s Advice Bureau has various centers set up throughout the UK and will give you free and confidential advice. You might also want to try the Debt Advice Foundation (0800 043 40 50) or the National Debtline (0808 808 4000), which are again free services designed to give you advice specifically for your situation, helping you to solve your debt problems once and for all.

Quick loans or a faster way to get cash

October 27th, 2011

No matter how carefully you budget and plan in advance, there is bound to come a time when you don’t quite have the finances you need to see you through the month. Whether you have an unexpected expense due to a household problem (such as a kitchen appliance breaking down), a bill coming in that you were not prepared for, or even a longer gap between paydays than usual, it may be necessary for you to get your hands on some cash fast.

In these circumstances there are a number of ways to use objects in your home to make you some quick cash to see you through the month

Most people have wardrobes full of clothes and shoes that they no longer wear but hold on to ‘just in case’. Now may be the perfect time to have a clear out of anything you don’t think you’ll wear again and head to Ebay or Gumtree to let your old clothes make you some money and let someone else get their hands on a bargain outfit that they will wear time and time again! Not only does clearing out your home free up space,but it is also a good way to make you feel happier, with less clutter to irritate you and making the clothes you actually want to wear easy to find.

You might even find some items you had forgotten you owned! For designer pieces, and items in perfect condition, you can actually make quite a decent amount of money, and you will not need to send the item until the money has cleared into your account. With auction terms being anything from one day to one month, you can choose how quickly you need the money and how long you think you’ll need to get the right amount for your items.

Making fast cash look easy

Another way to make some fast cash is to look through your CD and DVD collections. Most people have large collections of both, and once you have watched a DVD a few times, or added a CD to your MP3 player you are unlikely to need it again. Music Magpie offer good rates for both CDs and DVDs and even send you a freepost sticker so that no matter how many you choose to send off, you won’t end up paying out more than you get back. They’ll send you a cheque for your goods once they have been checked to make sure they are in good condition which you can put straight into your bank account.

If you have any unwanted electrical goods, CEX can give good money for televisions, MP3 players, stereos and so on, as long as they are in good condition. In fact, even if your items are broken, there is a good chance CEX will take them at a cheaper rate anyway. You can visit the website (uk.webuy.com) and enter your items to get a total straight away, send your items to their freepost address and receive a cheque in the post, or for an even quicker solution, just pop into one of their stores with their items for an instant valuation and money handed over in cash for your items. With most households having plenty of electrical goods stored away in cupboards, unused, this could work out as a very profitable way of making some fast cash.

Looking at the quick loans option

Finally, if you cannot find anything to sell, or just need a brief loan, it may be worth looking into taking out a payday quick loan online, these are short term loans which can be paid back anywhere between one week and one month. You can generally take out between £100 and £1000 and interest works out at around £25 for every £100 borrowed. A rule of thumb is to only take out a payday loan if you are absolutely certain you will be able to afford to pay it back on your next payday, and always take the interest into account. But for quick money, payday loans are one of the most instant and easy to obtain forms of cash you can find. An internet search will bring up a large number of payday loans providers so do your research and you could have the cash you need by the end of the day.

Obviously, it is always better to make quick cash that you won’t need to pay back, so look through your home first for anything you don’t need and can be sold easily via any of the simple above methods.