There can be many situations in life when a short-term cash injection can solve financial issues. Perhaps unexpected bills have landed on your doorstep, or some unforeseen emergency has arisen, with payday still a long-way off.

One solution for a ‘quick fix’ is a payday loan. The main point about such an arrangement is that this is merely intended to ‘bridge the gap’ between monthly paydays, so its term should never really extend 30 days.

Because of their transient nature, actually obtaining these loans is relatively straightforward. Applications can be made online, or by telephone, and lenders can confirm your suitability within 24 hours.

Another key aspect is that some payday loan providers are willing to release funds without requiring you to go through a credit check. However, you should bear in mind that many lenders will still expect you to meet some basic conditions in terms of demonstrating that you have regular income, as well as an active current account.

Once you’ve satisfied a prospective lender that you’ll be able to meet the loan requirements, the process is uncomplicated. The fact that applications are made online or by telephone streamlines everything. Since you aren’t required to provide bank statements or salary slips or any of the other paper trails typical for longer-term financing, such as mortgages, the loan can be released directly to your bank account on the same day, or next working day.

Payday loans are generally perceived to come at a high cost – annual percentage rates for interest can seem a very high number but the key element to remember is that this APR would be spread over a whole year. Unless the payday loan has been extended – as it can be with the lender’s consent – it will never usually last more than 30 days.

It doesn’t really seem to matter how carefully you budget some months, it is just impossible to make the money stretch as far as it should. If you constantly find yourself with a shortfall, you should look very carefully at your spending and if necessary seek advice from an expert but for those occasional months from hell when everything that can go wrong does, a payday loan is probably the answer, mainly because they are so quick to arrange.

When financial disasters happen, like the car breaking down or a household or family emergency involving unexpected outlay, you can arrange a payday loan which will be in your account very quickly indeed. Banks and also payday lenders vary, but three days would generally be the absolute maximum, with some companies being able to turn everything round in a matter of hours. Compare this to obtaining a bank loan, which can take weeks, and you can see why so many people opt for a payday loan to tide them over when they need an amount between – typically – £80-350. Because the sums involved are relatively small, there is no need for collateral and as you know upfront what the repayment is, this type of loan is easy to understand and easy to set up.

Most payday loan companies have just one simple form to fill in, you give them your bank details, both for the payment to be made to you and for the withdrawal to repay the loan to happen on payday. And that’s it; quick, convenient, no queuing in the bank, no interviews, no travelling at all. In fact you can arrange the whole thing in your coffee break from any smart phone, so no one even need know what you are doing. Payday loan companies don’t judge – thousands and thousands of people every month are using them to help stave off a temporary meltdown and they have made it their business to be as discreet and convenient as possible.

It’s what we all believed to be the case anyway, but a government advisor has now ‘warned’ millions of workers that they could have to delay retirement until they are at least seventy.
The news comes as David Cameron is already toying with the idea of using a Scandinavian practice whereby pension age is linked to a high rising life expectancy.
Lord Hutton of Furness, the pensions tsar, also said that pensions which were received by public sector workers which at the moment allows them to retire at sixty, were fundamentally unfair and unsustainable.
He also told people to stop assuming that they would retire at the same age as their parents and grandparents, as this wasn’t going to be viable anymore. He said the system was ‘crying out for reform’.
He added: “The real tragedy is the lack of retirement savings in the private sector. That is the time bomb that is ticking.”
“We are going to have to forget that retiring at 65 is a way forward. We are going to have to work longer and pay more for it.”
The state pension age is already being increased to 67 for men and women between 2026 and 2028. This figure is expected to keep on rising.

We are always being told to save our cash, and whilst figures suggest that many of us are heeding this advice as well as paying off old debts, it seems that we are not doing enough in comparison to many other countries.
In China, for instance, workers there save an enormous 47 per cent of their earnings whilst Europe’s second largest economy, Germany, saves at least ten per cent. The UK figure is hovering around 6-7 per cent.
Now campaigners are urging politicians to help promote the values of savings to the public, and are also insisting the powers-that-be do something about the amount of cuts in place, as they believe that there is a distinct correlation between the lack of savers and a weak economy.
Simon Rose of Save Our Savers, said that politicians need to ‘wake up’ to the plight of British savers and reiterated that a higher level of saving in countries with a bigger and better economy is no coincidence.
He added: “Can’t our politicians wake up to the fact that the most successful countries in the world have a high savings ratio? There is a link and they ignore it at their peril.”
Unemployment in Britain has already hit over 2.9million and this is expected to rise further during 2012. Despite more cuts to jobs and public services however, it is still seen as a common sense approach to throw some money into a savings account as you never know when you will need it the most. In these times it is hard to think about the future, especially with high bills that need paying landing on the door mat every alternate day. Despite this, you must remember that saving is the only way forward if you want to protect your finances should you lose your job.

It is a catch twenty-two situation that nobody wants to be in.
Latest news has highlighted that the country could be getting into even more economic trouble simply because people are saving rather than spending and are trying to pay off their debts.
This is confusing to say the least as many personal finance experts have been telling people to do this for quite some time now – save and not spend. Because people have made plans to pay off their debts, however, all their spare cash is now going into this area which means they haven’t got any disposable cash to spend on buying new settees and other things that aren’t necessities. Because of this, high street stores are suffering as are small businesses and everyone is struggling to make money. It appears to be a never ending cycle that is almost impossible to get out of.
What makes matters worse is that just eight per cent of nearly three and a half thousand people surveyed said that buying a house or a new car is their priority. Everyone else said that saving is now their biggest target. Thirty one per cent said paying off debts is their biggest concern, whilst 18 per cent said they wanted to save for the future as they were concerned about losing their jobs and pension pots.
It is quite worrying that so few people are looking to get a new house, or even get on the ladder. A housing market collapse would be catastrophic for the country’s economy at such a tender stage, but if people aren’t buying, surely this is what will happen?

Everyone thought that 2011 was a bad year in terms of personal finance and the lack of saving potential. Unfortunately however, 2012 isn’t looking like it will be much better as job cuts continue to mount up and people struggle to retire with a healthy pension pot.
Experts are now also warning that many pensioners who should be looking forward to a life of relaxing after work, may now have to work into their seventies and beyond.
Many people believe this will have catastrophic consequences for the jobs market as a whole as many will effectively be ruled out of work because of their age so will have to take on self employed roles or do odd jobs just to make ends meet.
The label ‘Wearies’ has also started to be more talked about. This stands for Working, Entrepreneurial and Active Retirees. Pensioners that simply cannot afford to retire and have to run other projects in order to make ends meet, will fit into the ‘Wearies’ category. It’s a sad state of affairs when some pensioners will not get to feel and reap the benefits of retirement as they will literally have to work until they drop. Many pensioners questioned also said that they would be willing to sell off unused items or do car boot sales to make ends meet. Others said they would be willing to offer home help services as a way to get by.
Even though we live in tough times, surely this latest news has to be a warning to those who don’t have savings or pensions in place, to do something about it. Every penny that you have spare should be put away as part of your savings. It really will pay off in the end.

Managing finances has always been strongly recommended and in times of austerity it is even more important to make sure that you are frugal with your cash and save vigorously.
With this in mind, it has come as a shock to learn that the number of Britons saving money for their pension pots has decreased to just one in four. This is the lowest in a decade.
This is no good for both short term money management preparations or long term financial goals either, as it means people are not saving enough to cover for unexpected eventualities that can occur and similarly means that more and more people will rely on the state to fund retirement.
Already the country has more than two million pensioners living below the poverty line and this latest news fuels the belief that the country’s pension scheme is in dire straits.
People are blaming the cost of living for not being able to put money aside in preparation for life after work.
Analysis by the Department for Work and Pensions also shows that fewer workers are investing in pensions than in the late nineties.
Lib Dem pensions minister, Steve Webb added: “We simply must put a stop to this trend and get people saving.”
Only 8.3million put money into a work pension last year – this figure included 5.3million public sector workers.
In 2009 the figure was 8.7million. It happened to be the lowest figure registered by the ONS since 1956, when Antony Eden’s Conservative government was rocked by the Suez Crisis.