It happens to everyone from time to time – there just seems to be too much month for the money you have left. In the current economic climate there are plenty of options available and some are better financially than others, from the cash converters popping up on every high street where you can sell things to raise cash, to the more traditional pawn brokers, where you can pledge your more valuable belongings against the return of better times.

Most people, though, will take the easy way out their credit card for payments that need to be made before payday. This is not necessarily a bad thing, as long as the balance is paid off, more or less, each month, but letting this kind of thing linger on the account too long can be very costly. As long as the shortfall is because of an exceptional need, such as paying for a repair or breakdown, a payday loan would probably prove to be much more cost effective, especially if the need arises in the second half of the month.

A payday loan is a ‘temptation free’ way of getting out of a temporary financial crisis. Although you might tell yourself that, come payday, you will pay off a credit card purchase, there is always the temptation to let it ride for a month or so, with interest piling up. Payday loans are paid by direct debit from your account on payday and so you won’t be tempted to let it carry over – although of course if you are unable to pay, most companies do have a fall back solution. When you are shopping around for your payday loan, be sure to check out the penalties for late payment. Even a day or so can carry penalties which can make what seems like a good deal a millstone round your neck.