By Olivia Maaret
It is not compulsory to offer any asset while availing loans to meet some urgent needs. If the need is urgent and you are very much in need of cash, then it is preferable to opt for an unsecured cash loan. This loan can be accessed without placing any asset as collateral. The amount gets transferred in to your bank account within a period of 24 hours after submitting the application form.
Under the provision of this loan, you can avail amount in the range of £100-£1500 which is mainly based on your monthly salary. The amount borrowed can be suitably repaid when your next payday arrives. This is why this loan is available for a short term period. In case you are facing problems while repaying the amount, on paying an additional to the lender, you can extend the repayment period.
To qualify for this loan, you must be suitably employed in a reputed company for the past few months with a fixed monthly salary. Besides these, you must be an adult with a citizenship of UK. An active checking account number is also required which must be at least 3 months old. Although this loan is approved without any collateral, some lenders ask for a post dated check along with the fees. So when the due date arrives, the lenders deposit the check in your bank account to withdraw the amount.
Having a bad credit tag such as CCJs, IVA, arrears, defaults etc does not create any hassles while availing this loan. Lenders are more interest on the repayment capability of the borrower rather than credit record. If the borrower can repay the borrowed amount, borrower gets a chance to improve the credit score.
While availing this loan, you must be prepared to pay high interest rate on the loan. It is because the amount is instantly approved without any security for a short term. But if a details research of physical as well as online market is undertaken, you will be able to locate a low rate lender.
Unsecured cash loan proves to be of great help while meting urgent needs like paying bills of medical, store, electricity, purchasing a new dress etc.
Unsecured cash loan is a quick loan. This loan gets approved within a period of 24 hours. Individuals with bad credit history can also apply for these loans. Higher interest rates on the loans can be lowered by properly searching the online market.
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