Everyone at some point in his life may require financial aid
. These financial needs may be short or long term needs. The borrower may not be able to meet his credit requirements with his current salary. If these needs are urgent in nature, the borrower applies for instant cash loans.
These advances can be used for any purpose of the borrower. Such as to pay urgent bills like medical bills, electricity bills, booking travel tickets, school fees, and so on. The amount that is sanctioned by the lender usually ranges from 80 to 1500. The repayment period of this finance is short which ranges from 01 to 30 days.
Advantages of instant cash loans:
No documentation is required.
People with bad credit history can also apply for financial aid.
No credit checks of the applicant are undertaken.
The credit is approved quickly.
Since the repayment term is short, the borrower repays on time and thus stays out of debt
Disadvantages of these credits:
These credits are expensive as they have high rates of interest.
If the borrower fails to repay the credit, an extra fee is charged
Instant cash loans can be applied for online. There are a variety of lending institutions offering credit online. This mode of application is the most convenient way of applying for credit. Filling an online form is very easy and the money is transferred into the borrowers account in no time.
To avail of these finances the borrower has to meet the following criteria;
The applicant must be a permanent citizen of U.K.
He must be 18 years of age.
He must have stable employment for more than for three months.
He must have a job and must earn at least 1000 a month.