Very often one can find himself in a situation of inability to meet some urgent but unplanned financial implication. It can be medical expenditure or monthly bills being more than usual. Cash loans can be of great help during these times when you need money imperatively. Cash loans are available very easily in the market by different names as cash advance, pay day loans, deferred deposit loans. These loans are the best option when you are facing shortage of money transitorily. Cash loans will come as short term and in most cases unsecured loans.
Eligibility for cash loans UK
Eligibility criteria differ from one lender to other and some of common requirements are:
You must be a citizen of UK having age more than 18 years.
You must be employed and lenders will ask you to produce documents related to your monthly income.
You must have a checking account that can be used for transactions between you and your lender.
Some lenders also ask for a post dated cheque to minimize the risk of defaults.
Facts related to cash loans UK
It is a short term loan which offers you amount ranging from £ 1,000 to £25,000. Lenders decide on loan amount by considering your monthly income, other sources of income, credit score etc. If you opt for a secured loan then equity related to your collateral also becomes an important factor. Interest rate is generally high as loan term is very short and in most of the cases they are unsecured. But, short term of these loans helps you to pay fewer amounts as interest and high interest rate is hardly a matter of concern. Ever increasing number of lenders has contributed to predatory lending which is completely in favor of borrowers. You will have to visit different lenders and get into touch with people who have already availed cash loans and then decide upon the lender you should opt for. You can also use internet for your help.
Value of cash loan UK
True value of cash loan lies in its ease of availability and quick processing. Lenders have huge database with them and no time is wasted in verifying information furnished by you. It takes not more than 24 hours to process your application and deposit it to your checking account. You need to take care that you don’t get lured by cash loans and avail them only when needed and not more than one at a time.