When a salaried person has no money in hand for paying off an unexpected bill for repairing a car, paying off an urgent medical bill or saving penalty by avoiding a late payment, then quick cash loans can come to the rescue. These loans are known for timely putting the money in the borrower's hands. However, there are pitfalls also that are associated with these loans, and you must keep it in mind.
Approval of these loans does not take more than few hours, as the loans are meant for the salaried people, who are in a job for past six months at least, and are currently drawing a monthly salary of no less than £1000. These loans are based on the borrower's next paycheque. Therefore, there are no or few inquiries done on the borrower. Therefore, the loaned amount is usually in the borrower's bank checking account within next business day.
You can borrow £100 to £1500 as quick cash loans, for 14 days of the approval. Then, you have the option of rolling over the loan for a month also. To take back the loaned amount and interest charges, the lender will simply withdraw the amount from your bank account on the due date.
However, interest rate on the loan goes very high. A typical rate may be 25-30 percent for two weeks, with the rate going even higher once you have extended the repayment. Hence, borrow only smaller money. Opt for these loans only for urgency.
Even if you have a bad credit history, quick cash loans are given without any credit checks and the approval comes on time. This means that the borrower can make use of the loan for repairing the credit rating shortly. Repay the loan without extending it to avoid the debts.
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