Payday loan was started from England. The idea of payday loan is to help those people who want money for a short time period. People use this money for different purposes such as house repairs, car repairs, and school fees and for those emergencies, which are not very serious but it is important to tend to them as soon as possible. Normally people save money from their monthly incomes to use for such matters but there are people who have very limited salaries and saving can be hard for them. Payday loan help these people in their need. There have been many alterations and changes in the process and policies of payday loan with time. The lenders have made many changes and brought some new ideas to make things easier for their clients.
There was a time when payday loan was being given to only those people who have proper jobs in companies or other places but now those people who have small businesses like shops and stores and those who are self-employed like freelancers can also apply for this type of loan. They will just have to submit the proof their monthly income. In the past, the minimum time of returning the money was 15 days and maximum time was a month but now there are companies, which are giving the option of returning the money in installment to their clients so that they can return the money with ease.
At the start of payday loan, the borrower used to visit the stores of different lenders to apply for the loan. He has limited options and he was forced to accept company with high interest rates because of the urgency of the situation. He did not have much time to visit many stores. Now everything has gone online. The payday loan lending companies have websites for their customers so that they can apply online for the loan. Now there is no need for a person to visit different stores physically, he can search for the best company online in just few clicks. Every small detail will be available on the website such as interest rate, time limitation, and loan amount limitation. A person can select whichever company suits his requirements. The newest change in payday loan process is the use of mobile phone to inform clients the withdrawal of loan amount from their accounts through text massages. That is possible only for those clients whose pay amounts are being transferred to their accounts electronically.
The use of payday loan money has also changed with time. Now people know many good purposes for which they can use this money other than house repairs and car repairs. The borrower does not need to tell the purpose for which he is taking the loan. So many people are using it to pay loan installments, which they have taken from banks so that they can save themselves from becoming a loan defaulter. People are also using this money to pay their monthly taxes.
There are many payday loan companies with many benefits but there is only one company that is providing the biggest loan amount, which is http://www.loan2payday.co.uk/apply-now/. You can click on the link to get more information about the loan and to apply for a payday loan.