Payday Cash Loan Eligibility Tests

When you are in need of extra cash for emergencies that come in between your paydays, many people don't have too many options. You never know when an unexpected expense is going to happen that you didn't budget for. Because cars can need immediate repairs or medical emergencies can arise, it helps to be able to have access to a small amount of cash to get you by until payday comes again.

That is why a payday cash loan can be the perfect answer to many people. They aren't having long-term financial problems, but they just need to borrow at little bit of their pay cheques ahead of time because they forgot about a utility bill or an unexpected emergency or expense comes along when they don't have money left over after paying bills.

You first need to pass the basic eligibility tests, in order to complete an application form to get this quick and easy money. You need to be 18 years of age, have a residence in the UK, hold a regular job that gives you a take home monthly and have a bank account. Once you have passed all of these basic eligibility requirements, you can complete an application online and then you are just a few hours away from getting the cash you need.

The great thing about a payday cash loan is that it offers a convenient way to borrow money you need for emergencies, but in cases where you just need it for a few days until you get paid again. They aren't meant to be part of a long-term financial problem because the APR or annual percentage rate can seem quite high. This is because the fee is only a few pounds, but might add up to a high interest rate if you keep renewing the loan. For this reason, most people pay the loans off with their next pay cheque and don't borrow again until another emergency situation comes along where they need instant cash.

Don't let the high APR scare you because you are typically paying a smaller fee, when it comes down to actual pounds because you are only borrowing for a few days. For example, you might borrow 100 pounds and incur a fee of 25 pounds, which is not that much money, but if compounded over a year's time, it might come out to an APR of more than a couple thousand pounds. Of course, most people pay the loans back the next payday and that is the only fee they incur. Even if you need to renew the loan, it is not a long-term debt, it's just that the stated fees have to be put in that perspective for legal reasons.

Once you have passed the eligibility tests, it's just a matter of going through the quick pre-approval process that only takes a few minutes and then you will be directed to the electronic agreement and a customer representative will call to finalise the payday cash loan transaction. The money can be deposited into your bank account the same day, in most cases.