Getting hold of some quick cash is often deemed to be impossible when you think you have to apply for a loan, wait for approval, wait to speak to someone, wait for paperwork to be sent and wait for it to be sent back and then finally... wait for the cash to be put in your bank account.

This whole process can be so painfully long that people just cannot face the thought of going through it.

Luckily, Payday Loans offer a different alternative to your "normal" loan. There are good and bad points to them.

Yes - they do charge a high APR (but you won't be taking the loan over a year.. and that is what APRs are best used to compare). Yes - you cannot borrow more than a few hundred pounds the first time you take a loan.

However, despite these issues the good news is that they give you the ability to get a loan approved within an hour.. sometimes your loan can be in your bank account within that hour. Incredible. It is also possible, in some circumstances, that you won't actually need to speak to anyone to get your loan process - it could all be done online.

It seems wrong to say "the internet is the future" as it has been around for so long... but the internet gives you the power to be able to get credit instantly and that can only be a good thing. Payday loans are just the tip of the iceberg it seems. Instalment loans are also proving extremely popular - these are basically unsecured loans, or personal loans, but with a new name!