Benefits Of Payday Advances

A new service being offered by financial service companies is payday advances. Customers are able to receive a short term loan of cash ahead of their next pay day. More and people are using this service to access money when they require it. This service is becoming increasingly popular for several reasons:

* A payday advance is a quick and easy way to raise cash

* Taking advantage of this kind of service means an employee no longer faces the embarrassment of having to ask their employer, friend or family member for an advance on forthcoming wages

* The cost of taking out a payday advance with a high street finance company can be up to four times cheaper than an unauthorised overdraft with a bank

* A payday advance can be used to take care of unforeseen expenses or bills without having to wait until the next pay check from an employer

* Obtaining a payday advance is so much more simple and convenient than trying to arrange an overdraft or short term loan with a bank

* A payday advance allows the customer to unlock their cash and take control of their finances

From those reasons given above it is probably the ease and convenience of payday advances that makes them so appealing to the public. When people receive their pay, they are often eagerly looking forward to the next pay day just to meet their bills. But by being able to take out a short term loan against their next pay slip in the meantime, they can help relieve the financial pressure.

And arranging a payday advance is very easy. In the UK a customer must be over the age of 18 and must usually be working at least 16 hours per week. Before receiving their first payday advance they will have to prove their identity. They will need to be able to show their last bank statement, wage slip, cheque book and cheque guarantee card and possibly other ID. After filling in a brief form the customer will receive their cash.

It is the simplicity of this serve that is persuading the public to turn to the new money shops and financial companies on the high street rather than the banks. hese new financial service companies provide not only a payday advance service for customers, but also cheque cashing and short term and unsecured loans.

These new financial companies are providing stiff competition to the banks, because of the instant nature, and sometimes cheaper aspect of their services money shops they are bound to become increasingly popular.


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Hull payday advances company Xtra Finance charge a small fee for their instant payday advances transactions. As well as their payday advances service Xtra Finance also offer cheque cashing, unsecured loans and a gold buying service.