January is usually a period when people find it difficult to make ends meet. The excesses of the festive period often leave bank balances in poor shape, credit card bills unnervingly high, and plenty of vying demands on whatever spare cash remains. It’s not surprising then that for many of us, our January finances are a circle that just can’t be squared, and towards the end of the month money simply runs out.

If you’re fortunate, your bank overdraft may be able to take the strain, letting you postpone sorting out some of your expenses until your budget settles down again in springtime. Or, you may well have some headroom on your credit card that you can use to bridge the gap, although withdrawing cash on plastic is notoriously overpriced.

What can you do if neither of these options are available?

The answer is, for some, to take out a cash advance. While these loans are far from cheap, they can be arranged in no time and are accessible for almost anyone who has a regular job and a suitable bank account, with credit rating not usually being important. Payday loans are usually for a small amount, a few hundred or so, and are taken out over a period of days or weeks rather than months or years. A set fee of around a fifth of the sum you borrow is levied, which you pay when you repay the debt on your next payday.

Most fast cash loans also have the option of being renewed or extended, meaning you can hold over repaying the loan for another month, albeit at the cost of a new set of charges. While this is conveniant for some, it is also dangerous: it can be easy to get stuck into a spiral of borrowing which is a challenging drain on even the most sound of budgets. The price is also an issue, as pay day loans are very dear when compared to virtually all other kinds of borrowing.

However, if you find yourself in difficulties come the end of the month and can’t make ends meet, then a payday loan could be a speedy and easy solution – just ensure you are aware of and can cope with the risks involved.

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