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Have you ever found yourself needing to borrow money quickly? This could be for various reasons, but say you need some quick cash to pay some utility bills, or instant repairs on your house or car; then payday loans are becoming a very popular short term financial solution.

Payday loans are an excellent financial solution, especially if you're in a situation where it could cost you more if you didn't take out a loan. For example, if you find yourself accruing extra bank charges and fines for being in an unauthorised overdraft, it may work out cheaper to apply for a loan to prevent any soaring costs.

If you find yourself needing a payday loan as a short term financial solution, then you will most likely need the money quickly. One of the most frequently asked question when applying for a pay day loan revolves around the issue of timing; how quick can I receive a payday loan? Or, is it possible to get a payday loan instantly?

The answer to this question actually depends on the lender, however it shouldn't take any longer than three days, and in some cases could take less than an hour! However this all depends on the type of lender, and the application process.

The application process should only take approximately five minutes to complete. It's a fairly straightforward form, which asks you several questions regarding your personal and employment details. It's a good idea to get this information as accurate as possible, as this will speed up your approval.

Your approval is dependent upon your age (usually need to 18 years old), the validity of your bank account, and your monthly wage (varies between lender, but is usually at least £500 per month). Lenders may also check your credit rating, but again this may vary between lenders.