Salaried people are more often in need of money after they have spent their salary check early. Therefore, if they can not find the monetary help from relatives or friends, then they take resort in cash loans. These may be especial loans for their circumstances, but the borrowed amount can also result in debts, if some of the aspects are ignore.
The loans are based on your monthly salary. The loan amount ranges from £100 to £1500. Usually, the loan approval comes against a post-dated check from the borrower. The check should include the borrowed amount, plus fee. Or, you can simply give permission to the lender to withdraw the loaned amount on due date from your bank account. The loan amount is wired into the borrower's bank checking account within 24 hours.
To qualify, you must be currently employed, getting a fixed monthly salary. Only adult people of 18 years or above, with active bank checking account are eligible for these loans.
These loans are approved for very short period of two weeks. After that, if you can not repay the loan from next paycheck, you can rollover the loan.
Cash loans are perhaps the costliest loans for any borrower. This is because the lenders charge exorbitant interest on these loans. The typical rate goes up to 30 percent. Such high interest payments may even result in accumulation of debts, especially when you extend the repayment for a month. Therefore, do not opt for these loans if you can arrange money from other sources. And, do not extend the loan.
Are you having a bad history of late payments, defaults, arrears or CCJs? These loans can be an easy source of money, as the lenders approve it without any credit checks. On repaying the loan through next paycheck, you can make improvements in your credit rating.
Do not settle for the first offer you come across. Make comparison of various cash loans on internet. Choose a loan that has a comparatively lower rate.