subject: How Do Instant Cash Loans Work? [print this page] If you need to find way of obtaining fast cash one of the easiest ways is to use short term loans. The application process is quick and simple and even enables people with a poor credit history to apply.
So how do instant cash loans work?
They enable you to take an advance cash sum of your pay cheque prior to you being paid. As they are short term loans they can be of great advantage to many people who have already hit their bank overdraft limit and reached the spending limits of credit cards.
The first step is to look online where you will find a multitude of loan companies all vying for your attention and ultimately your business. This is where you need to err on the side of caution rather than jumping in with both feet as there are huge differences between the lending companies which you should investigate.
Look for reputable companies who adhere stringently to the Data Protection Act along with holding a valid licence to lend money. Check that the companies have been allocated a unique trading number for both their license and Data Protection.
It is also wise to look for companies who have a full trading address, rather than a PO Box number, along with land-line telephone numbers as opposed to mobile numbers. Looking for these aspects on the websites will help you locate a reputable company and give you peace of mind that you have not absent mindedly opted for a loan shark who you will never be rid of.
Take advice from friends, family and trusted associates who have also used the same lending company. All the clever advertising tactics may sound very inviting, however at the end of the day, good old fashioned 'word of mouth' recommendations are still one of the most trusted sources of finding reputable lending companies.
Think carefully about the amount of the instant cash loans you ask for. Make sure you have the means to repay the amount you borrow if full when your pay day arrives. Remember interest will be added, therefore you need to take this into consideration as well. The interest rate, APR, may seem high compared with other types of loans, however as instant cash loans are predominately for short term emergency use the amount of interest can work out to be reflective within today's current financial market.
You should also be aware that instant cash loans are not available to everyone, you will have to meet the qualifying criteria before you will be given any money. Again, if a company is willing to lend you money adhoc, without asking if you have the means to make the repayments, they may be the ones to avoid irrespective of how desperate you are for quick cash.
A reputable instant cash loans company will require applicants to be at least 18 years old, be in paid employment or have proof of regular income if self-employed, along with an active bank account and debit card in order to qualify. These responsible lending companies are the ones you should be looking for when you need quick cash advances on your pay cheque.
by: Richard Waterstone
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