Cash in hand loans are very short-term loans that vary between fourteen days to for months. These loans are very useful for people who are in dire need of cash at a very short notice before the next payday. The payday loans do have various positives like fast approval, less paperwork, no collateral. But what the creditors do not highlight is the flip side like very high interest rates. Cash in hand loans can be obtained from various companies, banks or financial institutions. They are very easy to apply for. All procedures can be completed online.
Cash loans are given to anyone who has the ability to repay the loan. You just have to produce a proof of your employment and you will be eligible for cash in hand loans. You have to repay the loan with your next paycheck. The loan companies take post-dated checks from the borrower to ensure that there is no bad debt. You may also have to sign another agreement known as "wage assignment". As per this agreement, the creditor has the authority to withdraw fifteen percent of your wage from your next paycheck as part payment of the loan. You would also need to authorize the company to take out money from your checking account.
Cash in hand loans can be pretty expensive as the interest charges keep adding up to the loan if you do not repay on time. Even if you repay the entire amount of the cash in hand loans, you will not be allowed any kind of refund of the interest that is applicable. Thus, if you are in a position to pay back the cash loan low fee immediately as soon as you get the next paycheck, you should go for a low fee payday loan.
No Credit Check Required
Lenders offering cash in hand loans do not care about your credit scores. Even if you have a bad credit history, chances are that you will be eligible for the loan if you can fulfill the eligibility criteria of the payday loan, which is pretty nominal. The creditor will also not require you to submit any collateral. The entire process is fast and easy. You can get your money shop loans approved in a matter of one or two days. These are the factors that make cash in hand loans so popular inspite of it carrying a high rate of interest.