There are many types of small cash advances that help cover cash shortages during emergencies. A cash loan happens to be one of them. It helps make such good service possible due to its many features:
- A cash loan is by nature an unsecured form of loan. There is no need to provide collateral as far as it is concerned.
- It has eligibility criteria which are easy to meet. You only have to be an adult citizen who is fully employed and who earns more than £1000 per month. The other requirement is that you have a valid bank account
- It is not approved based on your credit status. So there is no cause for worrying even though you might have bad credit.
- It involves only the submission of an application form. Upon approval, you will find that the loan has been transferred to your account directly within a short period of time.
They are thus easily approved loans that can help you cope with emergencies like car repair, payment of bounced check-fees and medical check-up and any other contingencies.
Cash loans are available for an amount between £100 and £1500. Repayment terms are short and usually clash with your next payday. The term averages at 14-31 days from the date of loan approval. You can request for rollover if you want to. However, extensions cost extra fees and it is better to pay off the loan as soon as you can.
There is something about cash loans that you would want to consider before moving in on a deal- the interest rate that they carry. They are high. This is understandable as cash loans are unsecured and have short repayment terms. But it is possible to avail cheaper rates as loan offers are different. For that, you will have to log on the internet, visit online sites and compare their loan quotes. It is not necessary that you apply only to online lenders. But it is preferable as quotes are provided free and without charging any cost.
Summary
Cash loans are small cash advances that are approved really fast. They are unsecured and have short repayment terms. They are useful for small urgent requirements.