For all those individuals who are dependent on their monthly salary to sustain their various needs, often they lack the financial resources to meet sudden emergencies. Since the payday is still to come, these individuals can take the help of instant cash loans. These loans offer the monetary assistance, which in fact assist the borrowers to disperse of their immediate needs like paying electricity bills, medical bills, store utility bills, shopping, home repair, car repair etc.
These are short term loans which can be obtained without involving any sort of collateral. To obtain these loans, you have to fulfill certain pre requisites laid down by the respective lenders. For instance borrower should be employed under company norms with a fixed regular monthly income. A valid bank account is required and that the age of the borrower should be more than 18 years. Although these loans are unsecured in nature, some of the lenders prefer to keep a post dated check along with the fees as an assurance. If the borrower does not return the amount in cash, then the lender can recover the amount by depositing the check in to the borrower's bank account.
Based on the borrower's monthly income, an amount in the range of £100-£1500 can be availed for a short repayment period of 14- 30 days. In case of any discrepancy, borrower can extend it on valid grounds by paying an extra fee to the lender.
As these loans are approved without any credit check, those with bad credit status such as CCJs, IVA, arrears defaults etc can also access the loans. On repaying the borrowed amount, they have an opportunity to increase the credit score.
Interest rates for the loans are slightly higher. It is done to cover the risk factor involved due to its short repayment term. But with a proper research of the market using the online, borrower can come across lenders offering the loans at competitive rates.
Instant cash loans provide the right amount of finances which basically helps the borrower to sustain their unplanned or unexpected needs.