A payday loan is the perfect way of funding a one-off purchase when you don't want lingering debts and credit card bills accruing interest like there's no tomorrow. Payday loans range from 80 to 1,000, and with interest rates reasonable and affordable, you will manage to pay off the loan far quicker than paying back escalating credit card debts.

Sometimes you want quick access to money to fund a one-off celebration or unexpected household costs, for example, but you don't want the incentive to remain in debt offered by a credit card. You want an instant loan which can be paid back on pay day in short, a payday loan.

Also, it is well known that people have to overcome bureaucratic hurdles and wait for days on end to receive a new credit card, which can prove especially problematic if you want a quick and moderate injection of cash. Yet new research reveals that 1.7 million credit card applications were turned down in the past year alone.

Not only does this reveal the difficulties facing millions of people in gaining access to credit cards, it also highlights how credit cards have driven people to accumulating uncontrollable debts: financial firms are tackling this collective debt by tightening their lending policies.

Being turned down for a credit card is unsettling and it is difficult to find out why you were rejected. Sean Gardner, MoneyExpert.com's Chief Executive, explains: "The days of easy credit are drawing to an end for many people. It is important to understand your credit profile and be realistic about the products that are suitable for you.

"The risk of being declined when you apply for a credit card, loan or mortgage appears to be rising among those applying to the wrong type of lender."

MoneyExpert's research suggests that many people are simply unaware of any source of loan except credit cards. It found that 60 per cent of people would apply again if an application was rejected, with 12 per cent saying they would apply again to the same lender and 48 per cent to another company. Only 20 per cent would give up altogether. Of the remaining 20 per cent, 18 per cent said they didnt know and two per cent refused to answer.

A reputable company such as My Payday Loan will treat each individual case as it comes and get back to you immediately, leaving no room for ambiguity. You will never pay back any more than is explicitly stated and fees do not exceed 25 for every 100 borrowed. What's more, there is no risk of seeing weighty longer-term commitments accrue because you pay a payday loan back on the best day of the month: payday. With a credit card, in contrast, you are allowed so much time to pay back your bill that before you know it your monthly interest payments have skyrocketed and your personal debt gets out of control hence the reason credit card companies are rejecting so many applications. With a payday loan there is no chance of that happening.

Disclaimer: All information contained in this article, is for general information purposes in the UK only and should not be construed as advice under the Financial Services Act 1986. You are strongly advised to take appropriate professional and legal advice before entering into any binding contracts.