Pay day loans offer "instant relief" from a variety of financial crises, according to online money expert Andy Lewis.

If such a crisis occurs in the middle of the month and there is no access to funds, consumers have the option of seeking out cheap pay day loans, he wrote in an article for Best Syndication.

These are short term loans which are offered on the basis of an upcoming pay day. This is one of the reasons why lenders offer these loans for a period of between 14 and 30 days.

Pay day loans are useful as they can alleviate sudden emergencies, he said before pointing out that because these loans are advanced without collateral, the interest rates will be "slightly higher".

Last month, finance professor Dr Chris Robinson said banks should offer more short term loans to Americans looking for quick ways to finance their debt.

He believes banks should create small unsecured loans products for people who are in need of emergency cash.

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