Instant cash loans are short term loans supporting UK people in financial emergency. Monthly household expenses like phone bills, electricity bills, medical bills, etc. require immediate consideration and non-payment of these bills can cause severe troubles. For these urgent but short term expenses, instant cash loans can be very useful.
These loans take very less time to get approved as the loan term as well as the amount is short. In UK, the repayment term can vary from 15-30 days and loan amount from £80 to £1000 depending upon the arrangement between the lender and the borrower.
In instant cash loans, the repayment extension is possible but it adds to extra interest with the loan amount. The required qualifications for these credits are very easy to meet. One has to be 18 years or above of age, should have a regular employment and income along with an active back account.
The greatest benefit for this loan facility is that there is no credit check and documentation is required. Thus, it is beneficial for the bad credit rating people such as bankruptcy, arrears, defaulters, late payment, etc. Mode of repayment of instant cash loans is through cheques, bank draft or through hard cash. Hence the borrower's credit rating is not in danger. Most of the finance companies don't ask for credit score from the bureaus.
Due to fewer formalities, Instant cash loans take very less time in approval. The whole process of application and approval takes few hours and within 24 hours, your money will be in your hand. You can apply for instant cash loans through online procedure as well as directly through bank and private lender.
The greatest disadvantage of instant cash loan is high interest rate and high penalty charges. In case of late payment or non payment borrower has to pay high interest fee. So, it is advisable for the borrower to use the funds wisely. Repayment should be on time late payment might bring debt for you.