Cash loans

They are easy to use

If the idea of a loan suggests to you lots of form filling and in-depth debates with somebody sitting the other side of a desk, then think again.

With cash loans today, direct lenders have drastically simplified the whole process and it can now be completed entirely online.

All that is required is for you to enter the amount you want and how long you want to borrow it over plus some basic information about yourself. The system will do the rest.

Need the money fast? That’s typically no problem.

Approval can be obtained often within just a very few minutes of your application and the money might be in your bank very shortly after that. Remember though that however fast the loan provider works they can’t control how quickly your own bank will credit your account.

Credit history worries?

Again, don’t think you are alone.

Large numbers of people have glitches on their files and it is no reason to assume that you won’t be able to get approval. UK cash loan providers are experienced and will have seen such problems before.

In some cases, if your credit history is particularly poor, you may need cash loans for bad credit products.

You may have to accept that you will need to pay a little bit more for them and in some cases, the providers may wish to advance smaller sums than might otherwise have been the case.

Although you might have seen advertisements for no credit check cash loans, an advance guarantee of acceptance isn’t possible. Each individual case will be reviewed by the potential provider on its own merits.

Borrowing amounts and repayment periods

How much you can borrow will depend upon your credit history files and of course your current income. Sums in the region of £100-£3,000 might well be within your grasp though.

Unlike earlier generation payday loan products, you may be able to choose a repayment period of up to two years.

Remember though that the longer it takes you to repay a loan, the more it will cost you in total overall terms.

What will you need?

In very general terms, cash or loan approval will typically require:

• that you live at a verifiable permanent UK address;
• you receive a regular and predictable income. That can originate from an employer, your self-employed accounts, pensions or other forms of benefits — providing they are received on a regular basis;
• you must be 18 years of age or older;
• a UK bank account with a linked bank debit card (this is different to a credit card);
• an email ID and a mobile phone.

If you are concerned, it’s worth noting that your employer will typically not be contacted as part of the verification of your application details.

What happens if I can’t make a scheduled repayment?

The first thing to do is not to fret or panic! Loan providers understand that things can happen in a given month.

The first thing you should do is to call your fund provider immediately and notify them of your problem. Do not just default on a repayment.

Your fund provider will typically be understanding and agree a solution with you on an amicable basis where possible.

Do remember though that this will inevitably involve the lender in additional work and administration. That may result in additional costs and charges being put onto your account.