Cash Advance Loans, also known as Payday Loans, are available in smaller denominations to individuals who are facing unanticipated situations such as major surgery. Such loans assist the borrower in meeting his short term needs. Cash Advance Loans in the UK are considered to be advantageous to the borrower as lending financial companies do not require their respective borrowers to go through the painstaking process of having a background check performed on them.
UK Cash Advance Requirements
Cash lending institutions in the UK require respective borrowers to fulfill a few formalities before they are liable for a Cash Advance Pay Day Loan. This means that the individual should be a minimum of 18 years of age, should have an active bank account, and should be able to supply his personal contact details such as residence and employment. Some companies have minimum take home salary requirements in addition to the ones already mentioned. There sometimes is a requirement that the borrower be getting his salary deposited directly to his bank account by his employer. Some companies charge a fee for their services as well.
UK Cash Advance Loans Advantages
The major advantage of a Cash Advance Loan is that a borrower wishing to obtain one can do so without any hassle of his personal property placed at the risk of being forfeited. With the filing of Cash Advance Loans, borrowers in the UK can obtain cash almost instantaneously from their lending companies.
This could be within a span of 24 hours or a few days, depending on the amount of cash involved. Another piece of good news for online borrowers in the UK is that most of these loans can be obtained online with no credit check.
Cash Advance Loans in the UK offer a range of interest rates that vary from company to company. Cash advance loans are very beneficial for those individuals who want to obtain cash in a hurry and are going through a crisis where there is a major cash flow shortage.
Like many other lenders, some cash advance loan companies do offer the option for the borrower to apply online. They promise confidentiality and one can find out within a day if his application has been approved if all the information they had requested is made available to them. Such an application is usually followed up by a phone call placed by a company representative to verify the information provided and chat live with the prospective borrower.
UK Cash Advance Loans Disadvantages
The main disadvantage of a Cash Advance Loan is that it requires one to repay the amount he has borrowed in a very short time period. Borrowers opting for Cash Advance Loans in the UK are faced with the challenge of paying back the amount they have borrowed with high interest rates.