Instant cash loans are becoming a popular option for people who want to have access to some short term cash without having to borrow money using a longer term unsecured loan. Payday cash loans are extremely convenient and can prove to be useful if you need to borrow money until your next payday.
As long as you can afford to repay it, an instant approval cash loan can be a great solution. Unlike traditional loans, you can apply for a payday loan online at any time, day or night without the need for an appointment. You can often have the cash deposited into your bank account within the hour.
People apply for cash loans for a wide range of reasons. It could be that you need to borrow money to pay for an outstanding bill, emergency travel due to a medical emergency or even to replace something that has broken down in the home. In emergency situations quick cash loans come into their own as a short term money solution.
Cash loans & bad credit
Normally getting a loan with an adverse credit history is not problematic as long as the ability to pay back the loan on the agreed date is shown. Applications for loans from people with a bad credit record are welcome. It is important that you remember that a payday loan is not a debt solution. Payday cash loans are intended to only be utilised when the repayments can be afforded. There are a wide range of organizations that offer free UK debt advice.
It is important that you do not commit to a cash loan if you cannot afford to make the repayment.
Applying for an instant cash loan is easy
Whatever the reason you need the money, applying for an instant cash loan is extremely easy. All you need to do is fill in a very short form online, which should only take a minute, getting approved is almost instant most of the time. Often you can have the cash in your bank account within the hour.
Normally once you have filled in the short form there is no further contact needed during your cash loan application process. There will be no telephone calls or faxes required. On occasion lenders may require a little more information to confirm whether they can offer you a loan. While best efforts are made to find a lender from the panel willing to offer you a cash loan, an offer is not promised or implied.
How do cash loans work?
Once you complete your cash loan application, your details are sent via a secure server to an approved panel of short term lenders to see who can offer you a cash loan at the most competitive rate. If one or more lenders can offer you a loan you will be offered the best deal.
You are not committing to anything until you sign the electronic loan agreement. If you agree to the best deal cash loan that is offered to you it’s just a case of waiting for the money to be paid into your bank account, which can often take less than an hour as long as your bank supports quick payments.
Although the application process is almost instant please note that cash loans do not have guaranteed approval.
Can I apply for a cash loan?
To apply for a cash loan you must be 18 years old or over and a UK resident receiving a regular wage.
How much do they cost?
Interest charges on short term cash loans look excessively high if you look at the representative APR of 1737%. This is because cash payday loans are for short periods of time, up to a maximum of 31 days. The average cost of a loan is £25 for every £100 borrowed.
Representative APR is 1737%. If you were to borrow £200 for 30 days the total amount repayable would be £250.