Throughout UK, the popularity of the market for payday loans has increased to a tremendous extent. The main reason for the rising popularity might be the tremendous rise in expenditure, due to which, people might often face difficulty in meeting their needs before their next scheduled payday. In such a situation, these loans are of great help so that they can meet the short term sudden financial crisis of a person. These are usually personal loans of a short amount generally taken for a short period, and is returned within the next scheduled payday. These loans do not require any collateral unlike the traditional long term loans.

There are innumerable reasons for which the popularity of the  payday loans has increased in the UK.

·       These loans are a cheaper option compared to the bank fines or the late payment fees which are imposed by the different financial institutions.

·       The amount of credit that is available to the consumers after the deadly phase of recession has really become limited. In this sense, the availability of the pay day is an easier and of course a cheaper option.

·       Since these loans can be availed online, as well, there are many people who try to avail these loans simply by sitting at home. Thus, it is the flexibility and the convenience available with these loans that makes it so popular.

·       Apart from the availability, the entire process of application for the  payday loans along with the procedure of sanction and approval is easy, and fast. Therefore, the cash gets transferred into the account right on the day of the application. As a result, the money can be utilized as and when required.

These are few of the reasons for which these loans are so popular, and larger numbers of people go for it.