Payday loans have been around for many years in one form or another and have been designed as an emergency form of lending for those in dire straits. Unlike loan sharks and doorstep lenders payday loan companies are regulated by the government.
Originally you could only get this type of loan from a bricks and mortar lender. The customer would provide a post dated cheque in return for a loan and they would be charged a fee for this service. Nowadays most loans are provided online and most of the process is automated and done electronically. Rather than providing a post dated cheque the customer pays back the loan either via their debit card or by setting up a direct debit to repay the monies on a specified date.
The history behind the money till payday term comes form the fact that the customer would be lent money until their next payday. It is a type of loan designed to tide you over till your next get paid, a kind of stop gap solution.
To qualify for a money till payday loan you need to be a UK resident whose is at least 18 and have a valid bank account usually with a debit card associated with the account. Most lenders also require you to be in full time employment or at least earning over a certain amount before they will lend you money. There are some lenders who will consider other circumstances but you will usually have to prove your monthly income.
The application process can be done online and takes no longer than it usually takes to drink a cup of tea. Once approved your money will be transferred into your bank account by direct deposit which means the money will usually appear in your account the same day.