Online Pay Day Loans Find Favour Among Britons

For years citizens of the UK have been able to pop-off to their friendly corner shop and cash a quick cheque or two if they were short of money towards the end of the month and needed to pay an unexpected bill or two. Knowing their salary was going to be paid in a day or two, corner shops were only too willing to help out - so long as the customer paid a fee, either by purchasing something in the shop or else by actually taking a small commission on the transaction.

In today’s high speed world that includes broadband Internet use, popping off to the shops to cash a quick cheque is no longer as popular as it used to be among Brits. For one, we’ve become more of a discerning customer - we don’t want everyone in our neighbourhood to know our business, which is likely going to happen if someone overseas us trying to cash a quick cheque or two at the end of the month. For two, we don’t see the point of going out to the corner shop anymore if we can arrange for a quick short term loan via the Internet. Consequently, for millions of Britons applying for a quick pay day loan online has taken the place of the corner shop.

A quick search of the Internet will show you that there are almost as many websites offering pay day loan services in the UK as there were previously corner shops willing to cash cheques for you. Although the fees charged with approved online pay day loans can mean that this should not be your preferred means of long term borrowing, they remain competitive when compared to the commissions previously charged by corner shops for cashing cheques.

However, probably the biggest difference between applying for a pay day loan online and cashing a cheque at your corner shop is the fact that pay day loans are easily accessible and are often approved to those of us in the UK who have a bad credit history and find it difficult trying to borrow short-term money in more conventional ways. This same function is not really available to those who want to cash a cheque in the corner shop because a corner shop owner will only agree to cash the cheque if you provide them with a cheque guarantee card, something you’re unlikely to have if you have a bad credit history.

So, not only are pay day loans popular among those in the UK who wish to keep their financial affairs more private by applying for a quick pay day loan online, but they’re also more popular among the growing number of citizens in the UK who have a bad credit history and who do not even have the option of cashing a cheque at the local corner shop because they do not have a cheque guarantee card.

Richard Smith
23rd August 2006