Instant cash loans are the ones which a borrower can avail when he is facing a financial difficulty before his next payday. Instant Cash Loans are very similar to Payday loans.
Instant Cash Advantages:
Instant Cash Loans are so called because of the fact that the mode of payment is through hard cash and not via cheques or money drafts. The main advantage of instant cash loan is that a borrower can get the amount usually within 24 hours with a maximum of 2 or 3 days, depending on the amount of cash and the urgency of the cash loan. Some instant cash loan applications can be made online and the prospective borrower does not have to step outside his house. Results, in most cases, are quick and provided online as well. Instant cash loans require no processing time and the borrower does not have to wait for months to get one.
Instant Cash Disadvantages
Instant Cash Loans are popular because of their instant processing and hard cash payment scheme. This makes the money readily available to individuals residing in the UK. UK residents are, however, asked to pay a huge sum of cash as a penalty in the event of them not being able to make the repayments on time. As a precaution, it is very important for the borrower to familiarize himself with various kinds of penalties.
As in any other loan, you are responsible for repaying the instant cash loan in full and not doing so may have adverse effects on your credit history. It is a good idea to get as much information of the process as possible. Having good knowledge of the process enables you to choose wisely and understand the actual costs and penalties clearly.
Active Account Required
The amount an applicant applies for is given to him in small installments. Though it is not a hard and fast rule, most of the lenders require the borrower to furnish satisfactory proof of an active account. As these loans are of the high risk nature, lenders want to have a positive record of the borrower. This will provide the lenders with a security that their loans will be returned.
Instant Cash Repayment Period
The repayment period of Instant Cash Loans can vary from short time spans to periods consisting of a few years. The repayment process of Instant Cash Loan varies significantly from that of Payday Loans. Most Instant Cash Loans promise high interest rates.
Customers in the UK should go for an Instant Cash Loan which offers the maximum number of benefits and is backed up by a longer repayment period. Since you want to get the most out of your instant cash loan, you should do as much research as possible. If time permits, check with a few lenders to see who offers you the best possible deal in terms of repayment.