The popularity of payday loans in the UK has skyrocketed recently, and a lot of that has to do with the fact that they can be used for so many different things. Unlike a home equity loan, for instance, which usually has a strict set of conditions upon it dictating what an individual might use his funds for, such loans are advanced to borrowers and deposited directly into their bank accounts based upon average income. In many ways, they are no-strings-attached loans; upon approval and receipt of his funds, a borrower can use them for whatever he likes. If you're unsure whether or not your particular situation warrants a payday loan, take a look at a few examples of popular uses for such loans below.
Pay An Unexpected Repair Bill
Things break, and usually at the most inopportune times. Rather than stalling out on you directly on payday, for instance, your car might experience a major mechanical problem well before your next cash infusion. Rather than go without your regular form of transportation for a week or two, many people opt to receive a quick and easy payday loan to tide them over. The immediate problem of the broken car is solved, and the loan is repaid in short order - it couldn't be easier.
Mitigate A Slow Pay Period
Those who work jobs with uncertain schedules - or who don't receive pay when they take time off - often find themselves falling short at such times. With a payday loan, people who have a scarcity of cash for one reason or another can remain solvent without having to sell off treasured items or resorting to other desperate measures. Whether it's for groceries, a utility bill or to pay a babysitter, such loans can be used to tide you over until your next paycheque.
Avoid Late Fees And Penalties
When times are tough, making every bill payment on time can sometimes be difficult. Considering the hefty fines and fees that are often applied when paying a bill late, though, most of us will do anything to get that payment in on time. Payday loans really come in handy in this instance, helping you out during times when bills seem insurmountable. Although you pay interest on the day of the loan, it's certain to be far less than the penalties you'd accrue by paying your bills late.
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