Payday Cash Loans: Taking Care of your Unbudgeted Expenses

by : Scarlette Riley

Emergencies are always unanticipated and they never ask you before knocking your door. If you are fully dependent on you monthly salary for your expenditures then you can be found wanting in case of urgent requirement of money while dealing with these emergencies. Payday cash loans can be used during these testing times. Payday cash loans are short term loans and are approved with a lot of ease and in very small time.

Payday cash loans: eligibility

You need to be a citizen of UK with your age not less than 18 years. There must be some kind of employment for you or other source of income. You must have a checking account. Some lenders might even ask you to deposit a post dated cheque which can be used for repayment. However, eligibility criteria vary with lenders and you can go through terms of payday cash loans before availing it.

Payday cash loans: amount and interest rate

If you are borrowing money for the first time from the lender then you can get an amount around ?500. Once you repay in time and prove your credibility then you can borrow more. Most of time, payday cash loans will come in as unsecured loan, however it is possible to get a secured payday cash loan with the benefit of lesser interest. Payday cash loans being short term and mostly unsecured bring up the interest rate. In fact lenders charge a certain fee on payday cash loan. You may have to pay around ?25 for each ?100 you borrow. Payday cash loans are to be paid by your next payday and in case you are unable to do that, you can get it rolled over to next payday by paying some extra fees. However, all efforts must be made to pay in time as fines are pretty high.

True importance of payday cash loan lies in its ease of availability and approval time. Once, you satisfy the terms and conditions of lender your loan application is approved within 24 hours and loan amount is deposited into your account. Few things to take care are that you should apply for payday loan between Monday to Thursday so that you get loan amount deposited into your account within 24 hours and most importantly you should try all your best to not make any default which can be done by borrowing as little as possible.