People have unlimited wants and the funds to satisfy them are limited
. There are times when you need funds and your next payday is far. How will you pay off these unexpected emergencies? Cheque book loans are advances that are of short term nature. They are meant to offer you immediate finance.
They carry a high rate of interest as they are offered for a short tenure. You can borrow funds ranging from 80 - 1500. The repayment period for these types of credits ranges from 1 30 days. You can also extend the period but with prior notice to the lender.
Such form of credit is of secured nature. You have to draw a post dated cheque in the name of the lender. It serves as the security for the advance. The amount of the cheque is a bit higher than the amount of the credit. The difference between the two amounts is the amount of the fee charged and it varies from lender to lender.
In order to be eligible you need to fulfill the following criterion:
You must be an adult i.e. 18 years and above.
He/she should be a citizen of the UK.
He/she should have a regular job and a fixed source of income.
He/she must have a valid bank account.
He/she should have a Chequebook on their name.
You can also avail this finance through the online mode. You just have to fill the online application form giving all the necessary details. This mode of application is very convenient as compared to the traditional medium. It helps in saving a lot of time and the hassles of standing in long queues. In addition you have all the interest rates charged by the different lenders at the click of the mouse. The amount of the credit is transferred to you bank account within 24 hours after the approval of the advance.