If payday is still some time away but you have a short-term cash flow problem and could use a quick cash injection, then quick cash loans may be the answer. This type of loan is also known as a payday loan and is typically available online to UK residents who are in employment and who are over 18. The basic principles behind quick cash loans are simple enough;
· you apply online to borrow a relatively small amount of money;
· a quick online credit check may be carried out;
· if your application is approved the loan will be paid directly into your bank account;
· you agree to repay the whole amount of the loan on your following payday together with interest and related charges;
· on that date the agreed amount is automatically deducted from your bank account.
Unlike standard bank loans where you may be asked what you are going to use the money for, what you spend your payday loan on is entirely up to you. Your car may have failed its MOT and need a bit of work or some new tyres. Your favourite shop may have a sale on. You may just want to put a deposit down on a holiday or weekend break. It's your choice. If may be worth bearing a couple of points in mind though.
A credit check may be carried out but you won't automatically be turned down if you have had credit problems in the past. You may find though that you could be offered a lower loan amount, particularly if this is your first cash loan. The amount of cash that you ask to borrow will typically need to be paid back in one lump sum on your next payday or possibly the one following that.
Asking for more than you can comfortably afford to repay may mean that your request may be turned down. If you aren't able to pay the loan back on the agreed date additional charges may be incurred. Quick cash loans are not designed to be used as a debt consolidation tool or to manage long-term debt. Used responsibly, they may be a useful solution for short-term cash flow problems.