Instant pay day loans are the loans that one seeks for his temporary cash shortages. Generally people have a shortage of cash towards the end of the month or due to unforeseen expenditure. In such times these loans come to ones rescue. These loans are dispatched within 24 hours of the borrowers applying. The loan amount is transferred to the borrowers account directly. The repayment date is decided according to the payday of the since he is expected to pay from his salary.



These loans are an instant source of money. They are approved and dispatched within 24 hours to the borrower. The loan amount varies in between 100 to 1500. It depends on the lender and the borrower as well. The rate of interest of instant payday loans will depend on the lender to lender but generally it lies in between 10% to 20%. It may even go up to 25% in case of a person having a bad credit rating.





The interest is calculated on a monthly basis, so if a borrower does not pay on time he may end up paying a lot of money. As far as the duration of the loan is concerned, it is from 15 to 30 days. The period is extendable but that happens at an extra cost. The date of repayment is decided on the basis of the pay date of the borrower. That is why they are called payday loans. To avail instant payday loans on may have to have a bank account and must be a citizen of the UK and over 18 in age.