12 Days of money-saving: why you don't need a payday loan

Gareth Fuller/PA Wire

In an ideal world we'd never need to borrow at short notice. For the vast majority of the time we would live within a carefully orchestrated budget, and on the rare occasion where we need to spend more, we have a sensible savings pot put aside to cover emergencies. In the real world, there are times when we all need to borrow.

The payday loan sector has been built on this universal weakness. However, we don't have to fall prey to the insane interest rates charged by these companies, because there are a few other options for borrowing at short notice.

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