If you’ve applied for any kind of loan in the past then there’s a good chance that you will have been asked to fax documentation through to the lender. This is usually done to confirm specific details, including your latest bank statements and possibly even your pay slip from work. So why don’t most payday loan companies request the same information?

When you are asked to fax documents, it creates an additional delay. Not only do you need to locate the original documents, but you then need find a fax machine too, which is becoming increasingly challenging. Some lenders will accept scanned documents as an alternative, but this still complicates what is an otherwise simple process.

The reason why banks will still often expect you to provide any such supporting documents for long-term personal loans is simply because they need to verify your financial stability. If you’re borrowing thousands, potentially even tens of thousands of pounds, then the lender needs to be sure that you will be in a position to repay. This means accumulating as much information as possible and utilising all of the data available to them to inform decisions.

In the case of payday loans, any such information gathering would be a little excessive. After all, these aren’t loans for thousands of pounds, nor will they be repaid over the course of a number of years. But not only do short-terms lenders not need the same amount of information, they also won’t be looking to only accept those with a spotless credit history.

After all, if you only want to borrow £150 for 10 days, why would a payday loan company need to know that you missed a bill payment last year or have 3 complete bank statements? Whilst checks still need to be employed, they don’t need to reach the same levels as those employed by the long-term loan providers. This is why some form of proof of employment may need to be offered and bank details will need to be provided and verified. However, this shouldn’t delay the application process unduly and will only be required when using a company for the first time.

So whilst the payday loan providers may be seen as taking on more risk, in so far as they accept applications from people who would possibly be rejected elsewhere, they do off-set this in a number of ways. Firstly there’s the interest. With customers required to pay up to £25 for every £100 they receive, lenders are able to recoup any losses from defaulting customers quickly. Whilst they will do everything possible to avoid accepting applications from those who are unlikely to be able to find the required funds, it’s an unfortunate bi-product of any kind of lending.

Secondly, the repayment is done in one go. So the lender isn’t left waiting months to recoup the loan amount, allowing them to simply use the recipient’s salary as a guarantee. Longer loans generally add more opportunities for borrowers to get into financial difficulties and default, however this isn’t the case with payday loans for obvious reasons.

Finally, the loans are often for relatively small amounts. Only after a customer has successfully repaid a number of loans with the same company will they have built up enough trust to access over £500. Therefore, for most first time borrowers, there is a clear borrowing ceiling of between £400 and £500 – again, this helps reduce the risk even further.

Mobile technology has come a long way since the days when you had to carry the battery for your phone in a custom-made bag. You can now access the Internet, navigate your way around the country and access all of your favourite songs and films all through the multi-function marvel that is the smart phone. However, does this interactivity extend to applying for payday loans?

It would have seemed ridiculous to even consider that you could even contemplate applying for a loan over the Internet, let alone on a phone 15 years ago. However, sure enough, banks and other lenders have continuously sought to employ the latest technologies in order to provide customers with a more convenient level of service. In fact the payday loan industry exists almost entirely online, with very few companies now operating out of physical stores.

The major advantage that the Internet and smart phones in particular provide is accessibility. You don’t have to be in a particular location at a specific time to carry out a number of tasks. From buying presents to booking restaurant reservations, there are very few physical barriers to stop you from completing transactions within a few clicks.

Wireless Internet connections in an array of public places, in businesses and the home has helped to greatly improve the availability of high speed broadband connections for mobile devices. 3G has also improved greatly, with mobile WAP allowing access in even the remotest places. All of this means that if you have a smart phone, you also have access to most of the functions of a desktop computer.

With this in mind, many payday loan providers have deliberately created websites that are specifically designed for use on mobile devices. This means that they take into account the touchscreen navigation and the reduced screen size to provide a usable interface for smart phone users. Invariably this also means that applications can now be accepted from mobile users.

Whilst mobile friendly sites are becoming more common, not all companies have introduced them as yet. However, this doesn’t mean that you can’t still take advantage of payday loans when you’re out and about. Whilst accessing a conventional website on a smart phone might not be entirely ideal, it’s certainly not impossible. So whilst it might be preferable to have an easy to use domain to access, it isn’t essential.

The better news is that some lenders have now begun to introduce their own apps. Applications have become the backbone of smart phone usage and can provide a more convenient way to perform tasks or access information. In the case of payday loans, customers can often access their account (assuming that they have previously borrowed from the company) and apply for a new loan. This cuts out so many of the unnecessary processes that you might ordinarily have to pass through whilst also enabling you to get cash in a hurry, regardless of where you might be or the time of day (or night).

You do have to be careful with security when using a smart phone. Whilst most now have tightened up their secure connections, they still don’t possess the same level of protection as many desktops – particularly where firewalls and browsers are concerned. This isn’t something that should worry you overly, but it is certainly something that needs to be taken into account.

Weekend payday loans are generally for those occurrences when something unexpected takes place and you simply need a fast online loan. What makes weekend payday loans unique is that as the name implies, they are offered on the weekend when generally you wouldn’t expect a loan application to be processed.

You can apply for most of these short term payday loans over the internet and a number of providers do not conduct an appraisal of credit worthiness. Even though you might have a county court judgement or have been in serious arrears some time ago and have a resulting low credit score, you’ll still be considered for a weekend payday advance. In most instances you should be accepted as well.

In what circumstances would you make an application for a weekend payday loan?

In cases where you unexpectedly find yourself on a Friday evening in need of some instant cash as a result of a car breakdown or even an urgent household emergency for example, weekend pay day loans supply near instant funds from £100 to more than £1,000. The actual duration of credit is generally anything from around two to four weeks and the balance is repayable on your following payday. Consequently it is crucial that you are able to pay off the account balance on the date the loan is due.

The criteria to satisfy with regard to weekend payday cash loans is basically that you need to be a UK citizen, are over 18 years of age, have a current bank account, and are in employment earning a certain monthly sum. You won’t be required to supply any security so this kind of loan is compatible with tenants and those people that don’t possess sizable assets.

What tends to make weekend payday cash loans appealing for many individuals is the near instant availability of funds. As it’s applied for over the internet, there is no faxing involved or telephone calls required which makes it possible for the businesses supplying these loans to process them extremely quickly. Virtually no wasting of your time and sitting about with regard to a decision.

Are there restrictions on the uses of payday advances?

The majority of companies will not prescribe what the loan may be used for. Their concern is that the payday loan will be repaid on the actual due date and if you prefer to utilize the funds for a holiday or new television for example, the application is unlikely to be refused on that basis.

Weekend payday loans can carry much higher interest rates compared to longer term loans so it is important to analyse this and be aware of the finalised sum that is repayable. Weekend payday cash loans are certainly not suitable for everyone, however for those occasions when funds are required urgently, they are able to provide a valuable and speedy solution to an unexpected problem.