Payday Industry is one of the fastest growing industries in the UK financial sector. Each year the number of profits multiplies with more and more people taking such quick cash loans and hundreds of new payday lenders steeping in the field. However, like in any other industry, many payday companies have lacked behind in getting expected profits in their race to compete with other loan providers. Hence in order to make their existence notable, many payday loans firms have increased their budget for marketing their products in the financial money lending market.

The sector is governed by the United Kingdom Office of Fair trading who operates to regulate the practices carried out in the financial market. It is not yet estimated as how much amount will be allocated by payday advance firms for their product advertising but from a rough estimate, an approximate amount of 13 million pounds will be reserved for the advertising department of one of the biggest cash advance provider in UK.

This is the strategy which will be followed by others as well for promoting their cash deals throughout the country and earns higher revenues. Other well-known and esteemed UK payday loan lender is expected to allocate a sum of more than 3 million dollars for effective marketing.

Since the competition is a tough one in the UK money lending market, every loan lender seek ways by which maximum customers can be attracted. In their attempt to get competitive advantage, spending more on the advertising will enhance their chances of going ahead from other loan providers.

Payday lenders also keep on introducing innovative financing tools in the market as a strategy to survive in the business. Some of the examples are the introduction of payday loans such as same-day payday cash, fax less payday loan, 24 hour paycheck advance, bad credit cash, and paperless payday loans and so on. These new introductions grab the interest of the borrowers who ultimately prefer to take short term payday loans over other kinds of traditional financing advances.

Payday Loans have proved their value over the past few years in which online payday loan lenders have come up with great fiscal offerings aiming to help out the people who struggle hard to make it till their next pay day. But due to the declining condition of the economy and elevating rate of unemployment, it has become quite a challenge for an average citizen to pay for monthly expenses and save some funds for emergencies. Hence when some urgent need pop up, such people, especially those who earn restricted salaries, have no choice but to avail these kinds of short term advances. Hence payday advances are not only popular because of their industry size but are extremely useful for people encountering financial emergencies.