Small Loans : Small Cash For Small Financial Needs
Small loans are small financial assistance for individuals who are suffering from cash problems in times of urgent needs
. It provides the borrowers with small amount cash to meet their expenditure arising out of unforeseen and immediate needs. This could be paying pending bills, education fees or repairing cars, etc.
Being small loans, these loans are also often referred to as short term loans thus drawing the advantage of no collateral being involved. This means that one does not have to place collateral to avail the loans in times of urgent financial needs. However, this absence of collateral has its impact on the high interest rate that these loans carry. Nevertheless, on the other hand, it makes the process of application much simpler and easier while it is indeed faster as there are no documents or paperwork involved.
As for the amount of the small loans, borrowers can enjoy a good amount of 100 - 1500 in order to cover their small expenses like paying phone or grocery bills. Paying back for the same should also not be really hard, as one has to actually start repaying for the loans only after their next payday with a repaying duration time of 14-31 days. For this very fact it is also sometimes known as payday loans.
Small loans are also easily available to most of the applicants as they are meant to cover small financial requirements and should be paid back within a short period of time. Moreover, these loans are also an advantage for those with bad or poor credits, CCJs, defaults, late payments, etc. as they can avail these small loans and use it to clear off their debts.
But again, though the application process is also easy and available to most of the applicants, small loans carry certain terms and conditions that have to be met by the borrowers. A citizen of the UK, over 18 years of age and permanent employment are some of the major criteria.
by: Casper Hadden
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