Cash flow is a term that most people relate to business. Businesses rely on cash flow in order to pay overheads such as wages, new stock purchases, advertising fees and any other monthly bills such as rent and rates.
Imagine yourself as a business, in the sense that you have a number of overheads to pay for such as food, mortgages, electricity bills, car repayments and insurances etc. You are no different to a business, you rely on a steady income to help you stay on top of your monthly bills and maintain your standard of living. You are fully aware of what bills you have going out every month and how much money you need to cover those repayments however that is still no guarantee of being able to pay every single bill that faces you that month.
For many businesses one of the only options to ease cash flow is to borrow money in order to cover upcoming bills and it is exactly the same option that is available to the majority of UK Consumers. Payday loans are the go to option for many consumers as they are a fast and short term solution that can prevent you having to take out a long term finance agreement with your bank.
In 2015 the number one cash flow problem within UK households were unexpected bills such as car repairs, funeral arrangements of a loved one and even home repairs such as boiler maintenance. Same day payday loans are a fast and very short term financial solution to help you stay in control of any unexpected monthly bills that you may be facing with the average payday loan borrowed for just 7 days up to 2 months.
Access to very fast and short term finance has stopped many individuals entering a loan agreement with banks and other lenders that only offer a long term borrowing period which can result in much larger repayment amount compared to what was initially borrowed. Many payday lenders now offer 15 minute cash transfers which has prevented many UK households from appearing overdrawn in their bank account which can also damage an individuals credit rating history.