Cash Till Payday Loan - a Helping Hand in the Time of Need

by : Alec Recce

Running out of cash in the middle of the month is no more an exceptional case. Nearly one third of the people in UK fall in the short financial crisis in the middle of month when the next payday is still one or two weeks further. The best help at that time is taking a short loan from market and repay that when the next payday arrives. And cash till payday loan is such type of loan.

Cash till payday loan is specially designed to lend money to people in dying need of cash during the running month. It is short term loan meaning that the term and conditions are designed to work for a short time of period. All the statistical figures are designed in consideration of the repayment of the loan within 10 to 20 days of the day loan is sanctioned.

Some statistical figures

As already stated, cash till payday loan are short term loan and the terms are valid for short period of time. An amount in the range of ?100 to ?2000 can be availed through this type of cash loans. As it is of type short term so interest rate is a bit high in this case. It can be as high as 25% of the amount taken. As it is payday loan, so the borrower must repay the loan on or before his or her next payday and failing in that will cause serious penalty charges which will create unnecessary problems.

Some points to ponder

Precaution must be taken before taking cash loan. The amount should be decided judiciously as it has to be repaid on the next payday. Regarding eligibility criteria all UK citizens having a monthly salary of ?1000 or above are eligible to get these loans. Even bad credit holders also get the loan.