In the recent years short term loans market has boomed at a very high rate. And among all the short term loans the demand for payday loans uk is at the peak. The payday lenders offer this kind of short term loan at a very high rate of interest to the consumers. These loans are usually paid back within a month when the consumers receive their next pay cheque. If you are having a  immediate financial difficulty and you do not have any resource then payday loan is the best solution for you. These short term loans are basically aimed at those facing a immediate financial difficulty. These loans are generally for the amount of £100 and £1,000. For providing these kind of loans all the lenders have to have a license.

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Payday lending has become widespread since the practice began in the early 1990’s.. These loans are small and unsecured loans. The company gives money to the borrower with very less surety. They just rely on the borrower’s previous payrolls and his employment record. These loans are also known as ‘Cash advance’. If you have an emergency need of money then there are a few steps. You have to write a cheque payable to the lender for the amount you want to borrow and the fee of the loan. The company will transfer the money electronically into your account and hold the cheque until your next payday. The fee on these loans can vary from lender to lender. To prevent unreasonable and excessive rate of fee on these loans, some jurisdictions have limited the annual percentage rate that any lender can charge.  Every country, every state has different legislation regarding the payday loans. So if you have any kind of financial problem then just visit any payday lender’s site and find your solution.Click here to know more about this