Fast cash loans are instant money solutions that aim to provide the borrower with fast financial assistance
. It is generally applied for in the middle of the month, when finances are slim.
This credit is processed fast and is instantly available. They are formulated to satisfy short term monetary needs of the applicant. The sanctioned credit reaches the applicants bank account in a day. This helps to bridge the gaps between two pay cheques.
The advance can be used to pay off any monetary crisis; like repairing of a car, paying medical bills, electricity bills, and any small surgery.
Fast cash loans are for a short period. Therefore the amount lent is also small. The amount financed depends upon the borrowers employment status and credit standing. Most lenders generally lend credit ranging from 80 -1500 for period of 1- 30days.The finance has to be repaid after the next pay cheque is received.
The advantages are as follows;
The repayment period is extended if the borrower cannot repay the amount on time.
The terms and conditions are flexible.
These loans are safe to apply for.
The disadvantages are as follows;
This credit solution has a high rate of interest.
The eligibility conditions are as follows;
The applicant has to be over 18years of age.
The applicant must be a citizen of UK.
The applicant must have a steady job and fixed income
The applicant must posses an active bank account.
Fast cash loans can be made possible through online as well as offline methods. Online processing is preferred as it saves time and money. The advance is approved quickly. The form contains personal details of the applicant like his name, age and address. He is required to submit proof of employment and the social security number. The form is approved and the money reaches the account of the applicant within 24 hours.