Approving a loan in the current economic climate is harder than it used to be. However, there are small, quick loans, available that can enable you to borrow between £80 and £750 and get the loan approved the same day that you apply. These type of loans are called payday loans and are freely available.

A key benefit of these type of loans is that the lender does not need to credit search the customer. So for people that have an impaired or bad credit rating this type of borrowing means that they can gain access to credit. Also, these loans don’t always require any form of paperwork. They are often referred to as “no fax loans” and this is because they can often be completed by phone and by e-mail.

With no credit checks and no paperwork this means that the loan can be accessed and approved within hours. Payday loans are perfect for quick cash and customers have been known to have got the loan in their account within 90 minutes of completing an online loan application form.

The reason they are called payday loans is because the loan only ever lasts as long as the time period is to the customers next payday – so it could be anything from 2 days to 30 days. The APR is traditionally high – but it is important to know that APR focuses on the interest rate over a year – and these loans never last longer than 30 days. Generally you will pay £20 interest per £100 borrow – although individual lenders do vary their rates.