Payday loans are a vital source of credit for many low income earners and others in the UK who don’t qualify for loans or who have poor credit. A payday loan is a quick convenient form of borrowing that meets the real needs of UK consumers.

That has traditionally meant that most Brits would have to turn to family for emergency funds. In modern times however, people don’t like turning to family for short term loans and many don’t have family local. We all encourage others to be independent and to be conservative with money and live within one’s means.

In reality, our monthly bills can come unexpectedly. Bills for car repairs, medical treatments, clothing, or home repairs can’t be put off even though we have no money. Because of the global recession banks are even less reluctant to fulfill the short loan requirements of UK consumers and workers. The banks however don’t necessarily want to let competitive financial services provider enter the lending business.

New payday loan lenders have arrived on the scene to fill this loan market void. Detractors of payday loan lending cite high interest rates as a big problem. Each payday lender has their own set interest rate and borrowers are advised to look for the best loan interest rate they can get along with lower transaction fee costs. Payday loan lending rates vary from 738% to 2200% on a yearly basis if they debt is carried forward each month. If the loan is taken for short terms, the actual cost is fairly reasonable.

The payday loan application process is straight forward. This is an area where borrowers should pay attention to as well. Some UK payday loan companies are open to make applicant a customer but this isn’t wise. Many people who apply for payday loans have been turned down many times before because they don’t qualify. Someone who is about to move or lose their job often a bad candidate for a loan. A responsible and ethical payday loan company will only take the best available candidates. A company that caters to these trouble account often end up having aggressive interest rates and collection practices that give the industry a bad reputation. They are the problem.

If you apply for a payday loan, be aware of the company’s’ credibility and how they conduct themselves. If they treat you with disrespect and don’t conduct due diligence on your acceptability as a borrower then you can expect they will be inundated with bad borrowers. Some has to pay for all those delinquent loans and their customer service too will be geared toward dealing with soon to default borrowers. A payday lending company that takes a few days to accept you and asks you to fill out and send in forms is obviously a better bet. That short extra time means you’ll be in good company and you’ll get the best payday loan rates possible.

If you have to fill out forms to complete a payday loan account and are required to wait a day or two, do it. Do business with a payday loan company you can trust.