Nowadays, more and more people are making use of an online payday loan or a short term cash loan. Indeed, due to the current dire economic climate, a lot of people are now living paycheck to paycheck, and thus unexpected bills generally require the use of a payday loan. Whilst it is true that payday loans can cost borrowers a lot of money, such loans are also typically instantly approved. If you were to approach your bank for a personal loan, you could be waiting weeks, if not months, to find out whether or not your loan application has been approved.
In order to get a short term cash loan secured on your next paycheck, you need to be able to provide a lender with proof that you earn or have a regular source of income. Such proof could include an employment payslip, an annual bank statement or a letter from your employer. Unfortunately, if you are self-employed or unemployed, you will probably find it difficult to get approval for a payday loan. That said, if you are in receipt of regular social welfare payments from the government, you could be able to get approval for a payday loan. However, it is vital that you avoid borrowing more than you can afford.