Nobody can accommodate for personal emergencies. You may drive to work on the Monday and all is well. You may wake up on the Tuesday and the car won’t start. It goes to your local garage and it needs £500 spent on it. So you need £500 quickly as you need to get to work. Public transport is not good and you have nobody who you work with that lives near you to give you a lift.

Because of the lack of money about at the moment it isn’t necessarily a good idea to try and borrow from your family and friends – as they are more than likely in the same position as you. Plus you do not want to ask them due to embarrassment as well.

Fortunately, despite restricted lending criteria amongst banks, there is a great way of short term borrowing called payday loans. As the name suggests a payday loan is designed to be paid back when you next get paid. This therefore means it is only short term borrowing and also you can get the loan approved the same day you apply in a lot of circumstances.

Debt Help can come in the form of 2 main solutions. One is called Debt Management and is generally available if you owe between £3,000 and £15,000 to 2 or more separate companies. The debt management company will take control of all your creditors and you will pay them instead of the creditors. This makes it easy for you as you only have one payment. You are also not borrowing any more money. Lastly, you will not be receiving calls or letters about the debt you owe as the debt management company is handling everything.

Another option is an IVA and is generally available if you owe more than £15,000 to 3 or more separate companies. There are slightly more implications with an IVA as they are a legal agreement that lasts for 5 years but it is essentially the same process as a debt management plan.

The purpose of both is to reduce your current outgoings without borrowing additional money. Leaving you able to manage your money better from then on and without the worry of constant hassle from the companies that you owe money to.

However, it is possible to get the loan you need approved the same day you have applied. True – not everyone will get this. Obviously with any finance application there is a chance you will be declined. However, if you are approved then you really can have the finance in your account the same day you applied.

We tried and tested this ourselves and had the loan in our account 1 hour and 45 minutes after approval. A great service you’d have to agree.

A great advantage also is that it isn’t a long term loan that will be paid for months or even years. The payment comes out on payday so you know the loan is then paid and cleared.

Added advantages include that you can often pay the loan back early if you are able to do so and also if you apply the month after chances are you will be approved an amount higher than you were previously approved. You might not need a credit search either and some lenders won’t even require you to provide any proof of income – saving you hassle and time.

Normally an application takes a maximum of 2 minutes. You will of course need to provide your bank details as the lender will need to know which account to pay the money into. Generally you can apply for anything from £80 to £750.