Every person at some point in time has faced financial crisis
. These needs that arise cannot be postponed for a later date. The borrower has to pay for the specific expense immediately. To do so the borrower may have to apply for small cash loans.
There are no restrictions on the usage of small cash loans. It can be used for several reasons such as; to pay off emergency expenses like telephone bills, car bills, medical bills, to consolidate debts, wedding expenses and so on.
Small cash loans are advances which are short term in nature. The amount lent ranges from 80 to 1,500. The repayment period is short and extends from 1-30 days.
The eligibility criteria are as follows;
1.The borrower should be a citizen of the UK.
2.He should have stable employment.
3.He must be employed at a recognized company.
4.He should have an active bank account for further transactions.
5.His minimum income should be 1000.
These are easily applied for by all people. The application process is very easy and requires minimum paper work. The money is obtained within 24 hours. These finances are even available for people with bad credit that is people suffering from defaults, arrears, missed installment and bankruptcy. The interest rate charged is slightly high as compared to other advances. This is because no security is placed against the credit lent. If the borrower repays the credit later than the due date, he is asked to pay a fine. This may also add to his bad credit rating.
With the increasing technology in the market, these loans are also made available online. The borrower does not have to leave his residence in order to get financial assistance. He can apply for the same by using the internet.