By Olivia Maaret
Emergencies requiring small cash happen without any warning signs. If you find yourself unable to supply the necessary fund, you can take the help of a cash loan. It is a short term unsecured loan that is approved without too much fuss and documentation. You do need to fulfill the following criteria which are obligatory:
- You should have citizenship
- You should be above 18 years old
- You should have a valid checking account
- You should be fully employed
- Your monthly salary should be above £1000.
No credit checking is required so you don’t have to worry about your credit status. This is one of the reasons that make approval of cash loans a really fast process. Another factor is the nature of application itself. A simple application form is the only formality required. You only have to fill in details of your income, account and personal details.
Cash loans are wired electronically within your account within a short period of time. They can be borrowed for a sum in the range of £100- £1500. As for repayment, the term is really short; you have to make the payment within 2-4 weeks from the day of loan approval. The process of repayment is also convenient. A direct debit form signed by you and containing details of the loan amount, fees and interest will be used by the lenders to withdraw the repayment amount from your account.
Two things about cash loans should be understood before you apply for one. First, they carry a high rate of interest so make the payment as soon as you can. Secondly, the repayment period can be extended if you are unable to repay within the stipulated time but it will cost you an extra fee. Although this case won’t show up as a record of late payment on your credit report, it is still better to manage the payment during the original term.
Because of their swift, hassle-free approval, cash loans can be a really good way of securing finance for any urgent requirement of cash. The only thing that you should make sure is that you are borrowing an amount that can be safely repaid soon.
Cash loans are short term loans meant to handle urgent requirements of fast cash. Any salaried adult with a valid checking account can avail them.
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