Concern from Which? over a new breed of UK bank account and the associated bank charges was recently discussed by the Beeb. It’s another example of the high street banks finding new ways to extract cash from customers after coming under massive pressure about unauthorised overdraft fees.

Naturally the likes of HBoS have denied any link and defend their new rates, which include a fixed £5 daily fee for an unauthorised bank overdraft. If you’re only stuck £50 or £100 into the red for a week or two the cost will really add up!

The simple fact is that banks make little or no money from people using traditional current accounts in a sensible way, so they rely heavily on hitting a minority with big overdraft charges, plus other fees, to make money. So now existing overdraft charges could be on their way out, is it really just a competitive market that’s prompting a new style of current account to emerge?

Which? certainly don’t think so.

Phil Jones, head of money research at consumer group Which?, said a new trend was developing while the OFT inquiry into the legality of bank charges rumbled on.

"Well it seems like a bit of a coincidence that while this court case is going on - and it looks like the banks are going to lose and have to repay consumers what they’ve unfairly charged them - that they are actually introducing a whole range of accounts with different charging structures."

Call it what you may, we all find ourselves in need of a few quickquid from time to time. Whether it’s a shock bill, an urgent wedding gift or a flooded kitchen, there’s sometimes too much month left at the end of your money.

It’s always best if you can tighten your belt and grit your teeth, but some things just can’t be put off and call for some quick quid.

Quick quid can be slow to repay

There are many ways to get your hands on a few quick quid, including a bank overdraft, credit card or a good friend, but these routes to quick cash can be a little embarrassing, more expensive than expected or mean extending an ever growing line of credit that’s hard to repay.

If your cash flow problem is short term, you should consider a short term solution - like a fast cash advance from Wonga. If you’re approved, you’ll receive the money within an hour and then you repay the loan on a date that suits, always within 30 days. That way you’re not left making repayments months after forgetting what it was you spent the money on.

TYPICAL 2698% APR

One of these shiny prizes could be yours if you enter the Wonga video competition. It’s easy - simply make a short clip about why you like Wonga and put it on YouTube to help spread the word about our flexible loan service.

Here’s an existing video about Wonga if you need some inspiration, but your entry can be much simpler and could even be shot on your mobile. It’s the quality of the content we’re interested in, not the production values! So just have fun and get creative. You’ve got until the end of April.

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The popularity of payday loans online has increased dramatically over the past couple of years as more companies offer payday services and UK consumers experience more frequent cash flow problems. As the Times highlighted this week, Brits have collectively seen an alarming fall in wealth over the past year or so:

The wealth of households in Britain fell by 17% last year, the biggest drop for at least 40 years, as house prices slumped and the stock market plunged.

The fall of more than a sixth in household wealth - measured by the value of housing and the investments people have in pensions, Isas (individual savings accounts) and other assets - is the biggest in cash terms on record.

It means that each household is poorer, on average, by tens of thousands of pounds. The drop in wealth last year is equivalent to £20,000 for each individual in Britain and £45,000 for each household.

But although payday loans provide some people with a welcome lifeline when there’s a sudden hole in their finances, they should be approached with extreme caution. Many lenders make claims about same day cash deposits that simply don’t stack up in reality and most charge fixed fees per £100, regardless of the length of loan.

The payday loans trap

Most worryingly, some less scrupulous payday lenders base their service around keeping you in debt and will automatically roll your balance from month to month unless you actively take steps to repay it. And that’s where the cost of a payday loan can really add up. They can offer a valid, last resort solution if treated with respect, but fail to repay one on time at your peril!

Flexible cash advance from Wonga

A Wonga cash advance online isn’t tied to your payday and can be taken for anything between five and 30 days. Rather than rigid payday fees, we charge interest by the day so you can control the the cost by selecting the exact amount of cash you need and the specific number of days you want it for.

We also carry out a sophisticated credit check as part of our application process, whereas many payday loans are advertised on the basis there isn’t one. This may sound like a plus if you’ve got a poor credit record, but using Wonga responsibly can actually help improve your credit rating over time, as we report all timely repayments back to the credit bureaus.

So if you need some emergency cash and are considering looking for payday loans online, check out Wonga first and see for yourself how flexible we are. If you like what you see, it’s also worth knowing we’re the fastest lender in the UK, providing cash deposits within minutes around the clock.

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No, our wonderful customers haven’t done anything to annoy us. But red has certainly been the dominant colour of the Wonga team’s couture efforts today.

As you can see from this lovely snap, some of our more creative staff have been having fun with Red Nose Day.

We’ll tot-up how much we’re due to be donating over the weekend.

Wonga is getting into the Red Nose spirit today. We’ll be donating a pound for every new loan we process in the next 24-hours. So if you’ve not yet experienced our super-fast and flexible short term loan service, that’s one more reason to give it a whirl today!

Wonga’s loan calculator makes the most of our unique flexibility, allowing you to choose the exact amount of cash you require, and the number of days you need it for, while clearly showing the changing cost of repayment.

There are lots of loan calculators on the web and many are designed to allow users to compare different lenders, or see the cost of different loans from one lender. Some can be very useful although they’re frequently intended to give the impression of flexibility and choice, when the reality is that each product still comes with very rigid terms.

Whether it’s a repayment period of at least three years or a minimum amount of a grand, most personal loans mean a long term commitment and you may need to borrow more than you actually need. This might seem like a bonus at the time, but you probably won’t be feeling that way when you’re still lumbered with the monthly repayments several years later.

Design your own cash advance with our loan calculator

A Wonga loan is different because, rather than offering lots of fixed products which suit us, we let you use our loan calculator to design your own bite size loan before applying for it.

Whether you need £58 or £198, or want some cash for a week or 21 days, use our loan calculator to see exactly how much it will cost to receive the funds within an hour. If you’re happy with the repayment amount, go ahead and make an online application. Simple! We’ll even give you an instant decision and, if you’re approved, deposit the cash in your account in minutes.

You will find the loan calculator on the Wonga home page. Just move the sliders around until you’re happy with everything. You won’t find this kind of flexible loan anywhere else and you can see what our existing customers think of the service on our customer comments page.

A Wonga customer recently appeared in a Sunday Times feature about innovative new ways to borrow cash. Our Anna talked about how she’d used Wonga to bag a bargain Ski break and how she loves the flexibility of our short term loans.

You can download the article if you fancy a read.