Sometimes people are desperately in need of money and cannot wait for a long time to avail an advance
. In these cases, same day loans come into use. These are funds that help support the small term requirements of the borrower. They can be availed within 24 hours.
Usefulness:
These funds are easily available within a day.
Borrowers can have access to an amount that ranges from 80 to 1,500. Hence, they are beneficial to salaried people who are in urgent need of cash.
They can be availed by good as well as bad creditors.
Borrowers can have access to these funds through the traditional as well as the online process. They can choose any one of these methods that is suitable to them.
Drawbacks:
The borrower must be aware that these funds carry high rates of interest due to the absence of credit checks.
He must keep in mind that this interest must be repaid along with the loan amount on time. If there is a delay in repayment a nominal fee may be charged or the lender may take legal action against the borrower.
Eligibility criteria:
In order to avail this form of credit the applicant must be a citizen of UK.
He should be above 18 years of age.
He must maintain a valid bank account in his name.
It is also essential for him to be a fulltime employee of a current institution for a minimum period of six months.
He must receive a fixed monthly salary of not less than 1,000 from that organization.
Online benefits:
The borrower can easily surf the net in order to get the advance of his choice.
The online process of application for this advance consists of less documentation. Hence, it is efficient to avail the funds through this process.
This method saves more time and effort. As a result, it proves to be profitable to anyone intending to avail this form of finance.