The dangers of not paying bills on time: Paying bills with payday loans

People often criticise same day payday loans for being expensive, but when you compare them to the cost of bank charges and overdraft fees then payday loans can be a cheaper and more sensible option.

Over the last few years, bank charges have regularly hit the headlines. The astronomical fees that banks were charging customers for missing payments and going even a few pence into their overdraft were criticised as being both unfair and excessive.

Same Day Payday Loans

Same day payday loans are specifically designed to give your bank account a timely boost when you really need it.

Applying for a same day loan is quick and easy. You can do it online in minutes, and you will not normally need to fax through any documents or have a flawless credit history. The payday loan will be transferred directly into your bank account within 24 hours.

Same day loans are available to all UK residents aged 18 years or older who have their own bank account and have a job that pays a regular wage. You do not need to be a home owner, and people of all backgrounds and financial situations will be considered on their own merit.

All this makes payday loans a sensible solution to the problem of running out of money before your next payday.

Same day loans are short term solutions and should not be used to tackle serious debt. Responsible borrowing is very important, and you should only ever ask for a loan amount that you can afford to pay back. If you find that you regularly need a same day payday loan to help you pay your bills, you should seek financial advice from a reputable debt charity.

Over the last few years some banks and building societies paid back some money that they had charged customers for late payments, but a Supreme Court ruling in 2009 backed the banks and put the brakes on the campaign to reclaim thousands of pounds for hard-done-to customers.

Although some banks and building societies now charge slightly less than in the past, bank charges can still cost customers on average between £15 and £35 a time – not cheap.

If you find that you regularly struggle to make your wages go far enough, and paying bills and debts is proving to be a problem for you, then it is quite possible that you could easily accrue bank charges that run into hundreds of pounds a month.

It is situations like this where same day loans can help. A same day loan will charge you on average 25% of the loan amount, so if you borrow £100 to help you pay off your bills and avoid going into your overdraft, you will only pay back an extra £25 instead of potentially much more if you are forced to accept the bank charges.

The best way to avoid extra charges is to make a budget and stick to it carefully, but sometimes no matter how careful you are you can still slip up. Same day pay loans can often allow you to get back on your feet and get your finances back in order without charging you so much that you just suffer the same pain again the following month.

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