Cash loans are available for all those cash shortages occurring when you are faced with an emergency. This is because cash loans have features which are tailor made to provide the quick service possible. They are basically short term unsecured cash advances. You do not have to pledge any of your assets as collateral. So, that is one major hassle removed. During moments of urgency, you definitely don't want to waste precious hours on the evaluation of your assets and that too, for small cash.
The other hurdle that cash loans have done away with is the entire process of credit checking. Bad credit or no credit, it no longer matters. The only criteria that decide eligibility for cash loans are as follows:
* You are 18 years old or above
* You are currently employed
* You earn more than £1000 as your monthly salary
* You have a valid checking account which is at least three months old.
As long as you can fulfill these criteria, you can successfully apply for a cash loan.
Cash loans are hassle-free even in the formalities involved. The only thing that you do for application is to submit a form carrying your personal details and information of the loan offers. You may also be required to sign a direct debit form which enables your lenders to withdraw the repayment amount from your account by themselves.
Cash loans can be borrowed for an amount between £100- £1500. Since they are cash advanced against your next paycheck, the repayment term is short- within 2-4 weeks from the date of loan issuance. You may request for an extension if you are unable to repay within this term. It won't show up on your credit report as late payment but it will definitely cost you an extra fee.
The swiftness at which they are granted shows why cash loans are suitable for emergencies. You should take advantage of their easy availability and compare quotes of various lenders through the internet. This will help you find cheaper interest rates.