Payday Advances

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One of the new services being offered by companies providing financial services are payday advances. As the name suggests the finance company will provide a short term loan against the customers next pay check. This is a great way for anyone to access cash when they need it and this kind of service is becoming more and more popular for a number of reasons:

* A payday advance is a quick and easy way to raise cash

* Taking advantage of this kind of service means an employee no longer faces the embarrassment of having to ask their employer, friend or family member for an advance on forthcoming wages

* The cost of taking out a payday advance with a high street finance company can be up to four times cheaper than an unauthorised overdraft with a bank

* A payday advance can be used to take care of unforeseen expenses or bills without having to wait until the next pay check from an employer

* Obtaining a payday advance is so much more simple and convenient than trying to arrange an overdraft or short term loan with a bank

* A payday advance allows the customer to unlock their cash and take control of their finances

From those reasons given above it is probably the ease and convenience of payday advances that makes them so appealing to the public. Many of us count down the days to the next payday but being able to take out an advance or short term loan against that distant pay check makes managing their finances so much easier for many people.

And arranging a payday advance is very easy. In the UK a customer must be over the age of 18 and must usually be working at least 16 hours per week. To obtain a payday advance, or account, the customer must obviously provide plenty of personal identification as well as their last bank statement and wage slip together with cheque book and cheque guarantee card. After filling in a brief form the customer will receive their cash.

And it is that ease of use that is persuading many people to turn away from their traditional banks and instead use the growing number of high street finance companies and money shops. This new breed of financial company dont just offer payday advances but also services such as cheque cashing, money transfers, short term loans and unsecured loans.

And, because their service is instant and usually much cheaper than a bank there doesn't appear to be any reason why the popularity of high street money shops should not continue to increase.