Although many people assume that all loans are the same, this isn’t necessarily the case. Some loans are designed to let you borrow more money and to pay it back over longer periods of times like secured/unsecured loans. Others, like payday cash loans, may be more useful if you only want a small loan for a matter of days or weeks.
All loans of course will involve:
applying for a loan for a certain sum of money;
arranging to pay your loan and interest back over a certain period of time.
But, this may be where traditional borrowing and payday cash loans differ. It actually makes sense that there are different types of loans for different borrowing needs. After all, sometimes we need a long-term solution that might see us borrow thousands of pounds to buy or do something. Sometimes we may need decades to repay what we borrow.
But, sometimes you may just need a little extra cash because you’ve:
got a big bill in;
want to buy a bargain immediately that you technically don’t have the money for until you get paid.
You may not even need the money for all that long. You may be flush again come next payday and you may not want a more formal loan hanging over you when all you need is a small cash injection for a few weeks.
It’s unlikely that a traditional loan is going to be much use to you in these kinds of situations. They may, for example:
take too long to set up;
not let you borrow small sums;
take too long to pay back.
Payday cash loans, however, may be a solution in some cases. These loans are designed to be arranged in a day or so (or less!). They are typically there for those times when you need to borrow a little money until your next payday when you can pay it back. You may be able to borrow what you need, buy/pay for what you want and pay it back with your interest fee to be debt free again in just a matter of weeks.