Payday Advance for Payday Maydays

If you've run out of money before payday (again), you're not alone. A recent survey carried out by Abbey Banking revealed that two-thirds of us often run out of money before payday swings around. On average, people tend to leave themselves skint for five days until they next get paid.

So, if you're experiencing a "payday mayday" what can you do? If possible, sit tight and try to get by, then budget very carefully the next month.

Get through the Payday Mayday

However, sometimes there are essentials and expenses that just need to be paid for. Another option, although not ideal, is borrowing from friends or family, with a clear agreement of when and how they will be repaid.

Alternatively, have a word with your bank about whether they will give you an overdraft or extend the one you've got until payday.

Payday Advances

Whatever you do, though, don't go into or over an overdraft limit without prior agreement from your bank as it could end up costing you a fortune.

You could be charged up to a fiver per day on top of charges. So, if you went overdrawn by £160 for four weeks, it could cost you £150 on top of the overdraft.

Payday advances are another option. To borrow the same amount of cash as above over the same period through a payday advance would cost you just £40.

Same Day Loans

Payday advances, or payday loans as they're also known, are designed to plug a short-term gap in cashflow. You can usually borrow up to £750 until you next get paid. You can apply for these loans online and in some cases the money can be in your bank the same day or within 24 hours.

The way the payday loans work is that you usually repay around an extra £25 for every £100 you borrow and the repayment will be required when you next get paid or within a month.

You should do a careful budget before you take any loans out to make sure that you can comfortably afford to make the repayment.

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