. These problems can turn into bigger problems if they are not solved in time. To fulfill the small needs of the borrower small personal loans are devised.
The needs the borrower may have may be innumerable. He can use the advance lent to him for whatever purpose that is required by him. It can be used to pay off previous loans or to pay for any outstanding bills.
Small personal loans are short term advances. They are to be repaid when the borrower receives his next pay check. It is a simple process. Lenders offer amounts ranging from 80 - 1500 with a repayment period of 1 to 30 days. The repaid amount will also have to carry a small interest sum.
Features of this advance:
- The application process is fairly simple, as the credit approved instantaneously. No documentation of paperwork is required to be submitted. People with a bad credit history can also apply for these finances. The applicant has to repay the advance lent to him on time. If he fails to do so it will affect his rating. Alternatively he is charged a fine. The monetary aid is granted for a short period of time, thus the interest rate charged is comparatively high.
The eligibility conditions are as follows;
1.The borrower must be a permanent citizen of UK.
2.He must be an adult .i.e. he must be over 18 years of age.
3.He must be employed.
4.His monthly salary must be over 1000 per month.
5.He must posses a valid bank account and credit card in his own name.
- Small personal loans can be applied for online. This process allows speedy availability of finances. The application forms for this advance are available online. This makes the process even simpler and faster.