UK Cash Advance Loans

by : Shain Johnson

What is Cash Advance Loans
Cash advance loan is a short term loan that is for a period of few weeks. If you need urgent cash in advance to pay your unexpected bills or to fulfill your financial needs, you can consider cash advance loans. They are also known as payday loans. If you plan to take up this loan, please make sure you are 100% sure you can pay off the loan within the period allowed (normally within 15 days to 1 month)

Cash Advance Loans Interest Rates
The amount of loan that you can apply and borrow ranges form £100 to £1,200. Payday lenders usually charge a fee instead of interest rate. The fee are as follows;

  • For every £100 that you loan, the fee is £25
  • For every £1000 that you loan, the fee is £250

The reimbursement period for this loan is till your next paycheque or for a period of 30 days. Only take such a loan if you know you can pay back within the period allowed.

The fees for cash advance loans are very extremely high!
If you miss your payment cycle within the first month, your fee doubles. Within 4 months, your interest fee is the same as the loan amount taken. Within 8 months, you will owe the lenders twice the amount you borrowed. I hope you get the point now. It is scary!

  • £100 loan + 1st month fee £25 + 2nd month fee £25
  • £1000 loan + 1st month fee £250 + 2nd month fee £250 

Requirements for Cash Advance Loan

  • Borrower should be employed for the past 3 months
  • You must have steady income & a min of £1,000
  • You should have an active bank account
  • Salary should be directly transferred to your bank account
  • Borrower should be of over 18 years of age

How to Apply for Cash Advance Loans

Applying for cash advance loans is easy through the online services. The only work you will be given is to fill up a loan application form with your details and submit it. As soon as the lender receives your application he will contact you immediately. If the loan is approved the loan amount will be transferred to your bank account within 24 hours.

Tips to the Borrowers

Do not reveal your password or PIN to any one. Ensure you logout completely from your online account once your work is fully completed.

Advantages of Cash Advance Loan

  • Available to people having bad credit score
  • No collateral of any kind required
  • Very Fast and easy way of processing and approval of the loan
  • No processing fees required
  • Easy and flexible repayment
  • The usage of the loan is of your own wish
  • No repeated trips to banks saving on time

We dont like this type of loan. Use it only as your last resort.