Personal Cash Loans - Solution for Urgent Money

by : Angela Alderton

Sometime, we all need instant money for urgent purpose, like paying off a medical bill or avoiding a late payment. In such a situation, salaried people tend to rush for . However, they must be aware of its pros and cons. Otherwise; the loan may become a heavy debt as well.

Under these loans, you can borrow anywhere from as little an amount as ?100 to ?1200. Your monthly salary is the main basis of determining the loan amount. These are unsecured loans. Usually, the loan comes against a post-dated cheque that includes the borrowed amount and financial charges on it. In turn, the lender will deposit the loan amount, minus the fee, in your bank account. Usually, the loan amount comes in your account within 24 hours.

These loans are of very short term of two weeks only. This implies that you will repay the loan at the time of next paycheqe. You can even give permission to the lender to withdraw the loan directly from your bank account on due date, if you do not extend the loan.

However, a pit fall of personal cash loans is that these are highly costly loans for salaried people. The rate of interest goes many times higher than on a secured loan. Usually, the borrowers have to fork out a fee of ?30 on ?100 borrowed. You may end up in debts if you roll over the loan for a month as it makes the loan further costly.

For bad credit history people, these are a bit easier loans as the approval comes without any credit checks. This means that you have an opportunity to repair your credit rating on repaying the loan on time.

Search extensively for personal cash loans. To beat the competition, some lenders offer the loan at comparatively lower fee. Make sure that you repay the borrowed amount through next paycheqe or you may incur debts.