Arranging funds to tackle short term financial crisis is not that easy, as it seems to be. These types of circumstances usually crop up in the middle of the month, when your next payday is still far. However, you can now take relief from the fact that lenders have come up with a beneficial loan scheme in the form of cash advance. This financial scheme guarantees monetary relief within a short span of time, thus by assisting you to take care of any urgent need such as paying medical bills, telephone bills, credit card dues, house and car repair and many more.
The amount under cash advance is approved solely against your up coming payday. It means that the amount will be available for a short term period of 14- 31days. The amount sanctioned is usually in the range of £100-£1500. In fact, the repayment date is designed to collide with your upcoming payday, from where you can repay the borrowed amount.
The provision of the loan scheme forbids pledging collateral for its approval. Further, the amount is sanctioned without any credit check, which then paves the way for applicants with bad credit to utilize these loans. However, in order to qualify for the loans, there are certain criteria's, which must be fulfilled. They are listed below:
o Regular employment for the past few months
o Monthly income drawn should be at least £1200
o Possessing a valid and active bank account
o Age should be more than 18 years
There are some lenders, who may ask for a post dated check containing the principle amount along with the fees.
Cash advance are approved against a marginally high rate of interest. This is because the amount is approved without any security for a short term period. This is why, you should go for this option only at times of emergency.
Cash advance are also available online. In fact applying online is considered to be safe and reliable. There is hardly any paper work as all you have to do is to fill up a simple application form. Moreover, on comparing the free rate quotes, you will be able to get access to the best deal available.
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