Instant cash loan UK is the fastest source of cash advance to the UK residents who are in urgent need of cash to meet their month end crunch. This loan can be availed for meeting any type of expenses be it grocery bills, medical bills, car repairs etc. You can borrow quick money from £100 to as much as £1000. The lender usually arranges a wire transfer so you can access the funds directly from your bank account.
Understanding the Procedure
Instant cash loan UK is a short-term unsecured cash advance given against the next pay cheque of the borrower. That is why this loan is also called payday loan. The loan is for a small term of 15 - 30 days and has to be repaid from the next salary. Application, verification and disbursal of the cash advance takes less than 24 hours. Hence, called instant cash loans UK.
Application for the payday loan is done online; therefore there is no need to submit any credentials. The verification procedure is also automated. This speeds up the disbursal of the loan. The credit profile of the borrower is not an issue in the disbursal of the payday loan, since the next salary is the security. Therefore, these loans are also available to bankrupts and people with a bad credit history. They just have to adhere to the basic criteria for the loan i.e. the borrower must be a UK citizen of 18 years of age with a regular job and a current bank account.
About the Repayment
Repayment also is automated. On the due date the borrowers account is debited. However, the borrower has the option to roll over the loan for a term for a small fee. The convenience and the speed of obtaining payday loan have made it popular in spite of high interest rate. People want to resolve their cash emergency quickly without any delays so this loan procedure certainly comes to their rescue.
Instant cash loans in the UK is an option if the borrower needs money urgently and has no other way of obtaining help or he has a bad credit history. He is ready to take this loan at a higher rate of interest to meet his requirements. It will be cost effective for him if he can repay on date without rolling over for another term. However, for a person who is bothered about the rates, there are other alternatives available like personal loans, credit cards, borrowing from friends etc.