The reasons behind applying for financial assistance can be many. From time to time, the need of money arises and accordingly you have to strategize your expenses. In most occasions, it is the small cash needs that give a lot of trouble. If not tackled immediately, it is capable of creating further damages. This is why cash advance are of great help as it enables you to get hold of finances for sudden emergencies like paying urgent bills, car accidental repair, home renovation etc.
These loans are designed for the sole purpose of providing you monetary relief when you need it the most. An amount in the range of £100-£1500 can be obtained as cash advance. The amount approved is largely based on your income and repaying capability. Although no collateral is required for its approval, the lenders may ask for a post dated check containing the principle amount along with the fees.
The amount is made available for a period of 2- 4 weeks maximum. On the eve of your next paycheck , you are required to pay back the borrowed amount. You also have the option to extend the repayment tenure on paying a small fee to the lender.
However, there are certain criteria on the basis of which the amount is approved. In this regard you must be employed with a regular monthly income for the past 6 months. A valid and active savings account is also required that must be at least 3 months old. Apart from this, your age should be more than 18 years.
One remarkable quality of these loans is that of its no credit check approval, which paves the way for bad credit borrowers to derive the loans. Subsequently on making timely repayment, you get a chance to improve the credit score.
You should consider availing cash advance only in emergencies as the interest rates levied are slightly higher, which makes it an expensive option. This is why, before availing the loans, it is very much necessary to compare the rate quotes of various lenders. Further taking the help of online services will help you get the best low rate deal.
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