Many people have financial crunches towards the end of the month. They have this temporary cash shortage; it may be for paying electricity bills, grocery bills or any other requirement. That is when a Cash Advance Pay Day loan can solve your problem. Payday loans in the UK are given for a short period of time. They are short duration loans. These are also called cash advance or post-dated checks as they have to be paid back when you receive your pay. They are given keeping the pay day of the borrower. The lender takes a post-dated check from the borrower and on the payday of the borrower it gets automatically credited to the lenders account.
The loan amount can be from £100-£1000. This is usually given for a period of 30 days. The rate of interest is around 40% APR but you can find cheaper bargains if you search the net. Cash advance payday loans can be applied by either personally visiting lenders or even by sitting at the convenience of your home or office through the internet. This makes them more convenient. Moreover these are unsecured loans so one does not have to worry about giving collateral. This makes it possible for even the tenants and non-property holders to apply. Since these do not ask for security they do not waste any time on the evaluation of the asset hence making them faster to get approved. They are approved within 24 hours. That is why they are perfect for emergency situations. They don’t even check the credit ratings of the borrower so that makes it even better for people with bad credit records.
Eligibility of cash advance payday loans:One should be having a full time job and be getting a fixed and regular income.
Cash advance payday loans are of great help as people having a bad credit too can avail them. Moreover they are unsecured loans so don’t even require collateral. They are given for a period of 30 days. They are fast and the borrower gets them within 24 hours.