In the UK if you have a decent credit rating then most forms of finance including credit and loans are available to you. You will be able to go into your high street bank and take out a loan without much trouble at all. You could buy a new sofa from a furniture store and take advantage of the interest free monthly repayment option.
However if you have a poor credit rating due to bad credit, missed finance payments or arrears then you will often be excluded from this sort of easy credit. Like everyone else you still may need to borrow money from time to time when the need arises. Without access to mainstream lending where do you turn? Many people in this situation where they have found it hard to get credit and have been refused a loan from the high street lenders have turned to the payday loan industry. They are able to provide small cash loans to people with less than perfect credit scores.
A payday loans company is able to provide quick instant loans of up to about £800 for people with a poor credit history. You can obtain a fast loan by applying online and often get instant approval and get the money paid into your account the same day. With newer instant approval processes it is now possible to have your cash transferred into your account within the hour.
Whilst this is a useful form of emergency lending for many some customers find it difficult to be able to repay the money in such a short time. Repayments are often due within 30 days which does not leave you with much time to get your finances back in order. To remedy this however some lenders are able to extend your loan period to 3 months. Whilst payday loans over 3 months are not available to all customers and are not available from every lender you can always contact your lender directly and request a loan extension.