What is a payday loan?

Unlike standard unsecured and secured personal loans, payday loans are short-term borrowing solutions aimed at those facing an immediate financial difficulty.

They originated in the United States, where it is estimated that more than 10 million people have used them to borrow billions of dollars.

Sometimes criticised for making borrowers’ situation worse due to the high rates of interest applied, these loans can nevertheless help you out of a tight spot when you need it most.

Short-term borrowing on a payday loan has no impact on your credit rating and it is not necessary to discuss the details of your situation with a bank or lender.