If you are dependent on your next paycheque to meet ends, then you are most likely to face urgency without having enough money in pocket. However, if your relatives or friends are unable to support you on time, instant cash loans can be a solution, if you are meeting some conditions. These loans should, however, be availed in a careful manner to avoid debts.
People drawing monthly fixed salary for past six months at least can find these loans in the range of £100 to £1500 against a post-dated cheque of the borrowed amount and interest payment on it. The loan amount is usually deposited electronically in your bank checking account within 24 hours, enabling you to use it in the same day for paying off some urgent bills.
Approval of the loan is usually for 14 days, so that you can repay it at the time of your next payday. However, after making the interest payments, you can rollover the loan.
A feature of instant cash loans is that the lenders approve it quickly without any credit checks on the salaried people, who are generally not seen as risky for the lenders. Hence, you can find the loan despite a bad or poor credit history of late payment and defaults.
However, because of very short-term and being an unsecured loan, the lenders charge interest at very high rate on a small loan and that too for only two weeks. On stretching the loan, the rate will be enhanced.
Therefore, it is prudent to repay instant cash loans when you get next paycheque, and keep the borrowed amount well within your repayment reach. Make sure that you have compare different such offers of the loan on internet. You may be able to find some of the offers at lower rate of interest. Ensure that the repayment is made on the due date.
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