For those amongst us that have to work for a living, there often comes a time when there is just not enough money left to get you through to the month end. You may have encountered this problem yourself. Your friends invite you on an impromptu ski-ing holiday but you are unable to go because you just had to fork out to get your hot water system fixed. Or maybe you have just had to pay out an arm and a leg to have your car repaired, an essential thing that had to be done as you need your car to get to work each day, and and you won’t get paid if you cant’t get to work.

Not having any cash left at the end of the month actually happens to more people than you would think it does. So if it happens to you, what do you do about it?

Well, you could just bury your head in the sand and just go overdrawn, but at what cost? Unauthorised overdrafts can attract a daily charge for each day that the account remains overdrawn. Plus you will probably get charged something like £15 – £25 just for the privilege of having the bank write to you telling you that you are overdrawn – something you were probably already aware of.

One other solution could be to stop doing anything that involves spending any more money for the rest of the month such as eating or drinking. However, not only could this be bad for your health (especially if it is more than a couple of days until payday!) but there will be unavoidable bills like fuel or rent that crop up needing payment. It could also send you crazy.

The answer could be in the guise of a payday loan. Payday loans are short term loans designed to get you through a time of no money. The idea is simple – you borrow enough to get you through until payday comes around, and then you payback the loan when you get your paycheck. Easy.

Payday loans are becoming more popular and because of this, more and more lending institutions are now providing. Be warned though that they really are only meant to be short term loans. It is quite easy to stumble into the situation where you allow the debt to go unpaid from month to month, and this is when they become a very expensive method of borrowing. So only borrow what you can comfortably pay back at the end of the month.

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