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Having a job that provides a fixed monthly salary has a number of benefits. It allows for easy budgeting as you know exactly how much money you are going to receive on a particular date and, unlike a freelance worker, your income is guaranteed regardless of your performance.

The problem with a fixed salary is that, because your income is always the same set amount, no matter how hard you work, bringing extra money into your account at short notice can be extremely difficult. Under these circumstances, a payday loan can be an excellent short-term solution.

Obtaining a loan from a bank or similar traditional financial institution is almost always a long, drawn-out process that is rarely suitable in the event of an emergency. The ability to gain rapid access to additional funds makes payday loans the ideal way of meeting unexpected bills, such as an essential home or car repair or an unexpectedly high utility bill.

In most cases the money from a payday loan can be in your bank account within a few hours and the total time taken is rarely more than a business day. For most of the people who turn to this form of finance, this is the single biggest advantage of getting a payday loan, though there are numerous other benefits too.

With online payday loan providers, the money is often available twenty-four hours a day and at weekends and bank holidays. As the money is deposited directly into your account, it is available for withdrawal soon after and you don't have to wait until the banks open.