If you run a bit short of ready cash towards the end of the month, then one option would be to consider quick payday loans.

Alternatively, the temptation may be to risk spending what you need to and hope that your credit card can take the strain or that your bank will turn a blind eye to your unauthorised overdraft.

Credit cards

If you have a credit card then you may probably already know how easy it is to use one up to the permitted credit limit.

However good your intentions may be to pay off the balance at the end of every month, the opportunity to let the debt slip for a couple of months may be too tempting. The downside though, is that you could end up with ever increasing interest payments.

Overdraft facilities

Relying on your kindly bank manager may also be a bit of a risky strategy. If you run up an unauthorised overdraft you may find yourself hit with:

a charge for the letter to let you know what’s happening
a charge for going overdrawn without permission – if the bank allows the transaction, plus interest on the overdraft itself
or a charge if the bank decides to refuse payment and return the transaction

In total, these charges may sometimes be rather shocking when compared to the size of the actual amount overdrawn and if you don’t have the cash available to pay these off, then potentially there’s more of the same on the way.

Quick payday loans

Payday loans or fast cash advances may perhaps turn out to be a simple and cost-effective solution.

These are loans where you can opt to borrow a small amount of money, say $ 100-1000, over a short period of time, which could be a few days or a couple of weeks.

This could be all you need to tide you over a short-term cash flow difficulty. At the end of the period, which is timed to coincide with when you next get paid, the loan is repaid in full together with agreed interest charges.

You know exactly how much you have to repay and when. There are no hidden charges or surprises and no long-term debt commitments.

What may be surprising about quick payday loans is that they may be more cost effective than the other alternatives.