Getting close to pay day can be a frightening business. It often seems that more and more bills are having to be paid while the amount of money in the bank is decreasing rapidly. For some people in this situation, the best way to make sure they can pay the bills is to get a short term loan until their next pay day. There are a few companies which will provide you with a cash advance, and there are a few things to be aware of when choosing which one to opt for. Some companies will offer instant loan approval, while others will focus on the speed of their service or their high approval rate.
These companies can appear something of a minefield to the first-time borrower, so it is worth doing some careful research. Pay day loans, or advances as they are sometimes called, are essentially a form of bridging loan to tide you over, as the name suggests, until your pay day. Usually that is when the full loan plus interest has to be repaid. Some lenders will differ this or roll the loan over a second month, but it is advisable to be aware that the interest rate is generally very high. There are lenders who charge around £25 per £100 borrowed, which is worth knowing when deciding on the lender. Pay day loan amounts usually range from £80 to £1,000; companies offering the service can generally give you an answer in minutes, and the money will be in your account very quickly.
Pay day lenders who specialise in this do have some customer criteria, but the forms tend to be straightforward and not too detailed. If you happen to have poor credit history then pay day loans may not lend to you, as they use credit reference agencies. Generally, in order to receive a pay day loan you will need to be over 18 years old, in permanent employment and earning more than £750 per month.
This kind of short term loan can be used for anything, as long as you are happy with the repayment date. As with any kind of cash advance though, it is important to ask yourself ‘do I really need this?’ before you pay for your car repairs or get a new kitchen. Sometimes the problem with instant loan approval is that it makes the lending process so easy that people are tempted to give insufficient consideration to the financial transaction they are entering into.
Please visit http://www.cashgenieloans.co.uk/ for further information about this topic.