Some people may wonder who payday loans are for. There are advertisements around for them, but there are those people that may just think that they are not for them. However, a payday loan can be for anyone who needs or wants one.
Payday loans first came about when a lender saw that there was a gap in the market. They saw that there were people who needed small sums of money very quickly but could not get hold of them, perhaps because they had a poor credit record or because they did not have time to arrange any other sort of borrowing. However, there is no restriction on who can use an instant payday loan as the whole idea was to give access to borrowing to those who could not get it elsewhere and desperately needed money. This means that whoever you are and whenever you need money, you have the option to apply for a payday loan should you want to.
If you need money quickly then they can be the perfect solution. They can often be arranged within a few hours, which is perfect if you have an emergency where you need money fast. You can arrange them online or by telephone and only need to give minimal information before things are processed for approval. Sometimes you may even be able to arrange them face to face, if you have a shop near to you. You should not need to have a credit check and this will speed up the application process. You may need to scan or fax a few documents and give a few more details, but it should not take too long to send over the information needed and then get a response to your application. Once you accept it, it will again not take long until you get the money so that you can sort out your financial emergency. Sometimes it only take a matter of hours, which is very much more quickly than most other lenders.
If you have a bad credit record then it is difficult to borrow money. However, payday loan companies do not normally do a credit check. This means that they will not use your past borrowing history as a way to determine whether they think that you should have a loan or not. So if you cannot get the money anywhere else, this could be a place to try. They will check that you have an income coming in as they want to be sure that you will be able to make the repayment when it is due.
So payday loans are for anyone. They are usually used by people who cannot get loans elsewhere, usually because they can be expensive compared to most other forms of lending. However, they are fast and convenient and sometimes this can be more important than the price. So anyone, who can show that they have a means of income to repay the loan, will be able to apply and will have a chance at being accepted for the loan.