There is a huge demand for short term loans that can be paid out quickly or same day. Most of the popular online payday and short term lenders you’ll see advertsing online understand that if they wish to give what their customers need then that is to supply and issue their loans quickly, or instantly/same day as they are often advertised.
Who uses these types of loans?
Payday loans are generally used by folks who require a small loans from £200 to £1000 quickly and or in an emergency situation. For example, to pay for some unexpected costs, or cover some bills until their next payday. Therefore by the very nature of why these loans are taken out, it is very important that the lender is able to act quickly and to issue the loan when the borrower needs it.
A growing industry
More and more people have become reliant on these types of loans to get them through month to month. Most payday and short term lenders now allow their customers to request new loans online, via text and through mobile apps which makes the whole process quick and simple to access. Allmost all types of lenders have realised that they need to issue their loans fast in order to get the business, this includes installment lenders, short term loan providers and those who offer small loans with a guarantor in place.