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Payday loan companies typically offer smaller, shorter term loans than mainstream lenders. Accordingly, they may be a source for fast cash that may not be available elsewhere to people with imperfect credit histories or for people who do not wish to go over overdrawn.

They are almost like a cash advance on your next payday, with you repaying the amount borrowed, together with any interest and other fees, on your next payday.

Typically operating online, payday loan companies ask for a few brief details about their potential customers before making a swift decision about whether or not to lend an applicant money.

Some people need to get their hands on some cash fast for reasons as diverse as:

• needing to replace an essential household item that has broken;
• emergency dental bills;
• not wanting to miss out on a bargain; and
• needing to buy some electricity or gas before payday.

Being accepted for a cash advance

Payday loan companies may typically carry out two kinds of check on their applicants. Firstly, they may check an applicant's identity using an electronic process that marries up the information that you have given with what is held by the system. If you have a permanent UK address, your identity may typically be straightforward to confirm without the need for faxing or posting any additional documents.

The lender may also need to have your bank details, and confirmation that you are over the age of 18.

People typically apply to payday companies for cash advances because they need the money quickly. Accordingly, some lenders may ensure that their online systems deliver a response about the status of the application within hours.