(12PressRelease.com) Payday loans are taken for a short term and for a definite purpose. These loans allow you to borrow an amount ranging between ₤100 to ₤1500 for a period of 14 to 30 days. Since it is a short term loan they come with higher interest rates. The borrowed amount can be used to pay an sudden bill, unexpected car bill, other routine bills like grocery bills and other petty expenses.

The C.E.O. Andy Roger of http://www.faxfreeloans.co.uk says that applying for such short termed Payday Loans is really easy. The borrower has to fill his/her loan application form of the organizations. If the borrower‘s conditions fulfill the criteria of the lenders the loans will be transferred in their checking account within 24 working hours. The application form includes simple personal information which includes name, address, E-mail address, telephone number and total amount of loan. The application process takes not more than 2 minutes.

To be eligible the borrower must fulfill the following criteria:
• The borrower should be currently employed with recurring or regular income.
• He/she should have a minimum income of £1000 per month.
• The borrower should hold a current and active checking account, and
• The borrower should be a UK resident and should be at least 18 years old.

The borrower is informed about the repayment timetable before taking the payday Loans amount. The repayment agenda frequently ranges from a period of 14 to 30 days and can also be extended to a month as well. A higher rate of interest will be electric every time the loan period is extended.

For more information about payday loans you can browse http://www.faxfreeloans.co.uk