A cash loan is the loan, with which borrowers can avail cash before their payday. If you are short of cash before your payday or if you have urgent cash need, opting for a cash loan will be the best solution for you.
A cash loan is also known as “payday loans”, “paycheck loans” and “check loans”. This loan is available for a short period of time. Usually, this loan is given to meet short term monetary need. But if you want to avail this loan, you will have to fulfill the following criteria:
Permanent employment
Having a regular and recurring income
Minimum income should be at least ₤1,000.
Minimum age should be at least 18 year
Borrowers must have a current and active checking account
With a cash loan, a borrower can borrow anything in between £100- £1000. But remember that on the basis of your monthly income and repayment capacity, your borrowed amount will be decided. However, this loan is obtainable for a short period of time. The repayment period of this loan varies within 14-18 days. Normally, borrowers pay off the amount after getting payday cheque. But one can extend this period up to one month, but for that he needs to pay some extra fee.
But you should be aware of the interest rate of a cash loan. Since, this loan is given for a short period of time; hence, lenders charge a high interest rate while offering a cash loan. So, borrowers are advised to negotiate with lenders in order to get a favorable interest rate. Apart from that, some initiatives will also help them in this regard. Shop for a better deal, it will assist you in getting a loan program with better terms and conditions. And if you are in urgency, go for online option, which is less time consuming and hassle free.