Designed to meet emergency financial needs arising in between, short term loans are often provided within hours of applying for them.

Required Proof

As a rule, applicants do not have to have exceptional credit scores or collateral in order to qualify, but it is necessary to provide recent pay slips and other relevant documents proving that they have the ability to make the repayment on time. It also helps to be aware of a few tips and facts designed to keep you out of financial trouble. See example pay-slip below:


In order to avoid plunging yourself into what could turn out to be a financial disaster, make sure you create a detailed financial plan showing how you will make the repayment before you even go online or pick up the phone to apply for a payday loan.

The Amount you Borrow

Never, ever borrow more money than you can readily repay at the end of the month. Take a good look at your financial situation and compare your income and existing expenses. If adding a loan repayment to these expenses is likely to leave you with a shortfall, consider other, more affordable options.

Terms and Conditions

Payday loan provision, just like the provision of long term loans, is governed by a set of certain terms and conditions. To prevent difficulties or inconveniences at a later date, make sure you read and comprehend all of these terms and conditions from the word go. If anything is unclear, make sure to ask for clarification.


Different payday lenders will charge different interest rates. Compare these rates and select the lender that offers the most suitable rates for your needs and budget. Look out for early/ on time repayment discounts, too, as these can significantly lower your expenditure.

Lender Reputation

A little background research; independent expert and customer reviews will provide you with a better insight into the reputation of lenders and the quality of services they offer. Avoiding getting ‘hooked up’ with lenders of poor reputation can help to avoid potentially serious financial distress in the future.


Always remember that payday loans are not suitable for long term borrowing. You should also refrain from taking out payday loans if your financial difficulties are not unexpected, but of a more long term nature.