Short Term Cash Loans: Cash at the Wink of an Eye

By: Angela Alderton

Often your monthly salary gets exhausted in the first or second week of the month. But expenditures don't cease to crop up. In such situations, a viable option available to you is .

As the name goes, short term cash loans are given for a short duration of 14 to 31 days. You will get an amount in the range of ?100 to ?1500 which you can use to finance emergency expenditures till you get your salary.

These loans are short term loans which require no collateral to pledge. Due to this, the interest rate is comparatively high. Lenders compensate their risk by charging high rate of interest. However, due to stiff competition in the loan market you can easily find a low rate deal.

To be eligible for short term cash loans, you have to be a UK borrower above 18 years of age. Also you should be regularly employed with a monthly income of ?1200 and an active bank account which is 6 months old. When you fulfill all these conditions, the loan amount is electronically transferred to your bank account.

On the repayment date, which is usually your next payday, the due amount will be automatically deducted from your account. But you can put off the repayment for a further date by paying an extra fee to the lender. It is, however, advisable that you pay the loan on time because continuous default can multiply the loan amount several times.

Short term cash loans have the advantage of fast approval because of no credit check and collateral evaluation. Thus urgent needs can be met on time without any delay in processing. Another advantage is that you can get this loan despite having CCJs, IVAs, arrears, defaults and bankruptcy.

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