© taberandrew (Flickr) Payday Loan Place Window Graphics
© taberandrew (Flickr)
Finding a quick cash loan
Consumers shouldn’t have much trouble in finding a lender who will provide a quick cash loan. Lenders who provide this service can be found in High Street stores, through advertisements in newspapers and on the internet.
Comparing interest rates
Applicants should compare the interest rates that will be applied to quick cash loans. These loans will come with higher than normal interest fees but payday advance loans are designed as a short term borrowing prospect repaid from usually within a month.
This means that there will not be ongoing interest over a long term period.
Online application
One of the most common ways to apply for a quick cash loan is via the internet. This is simple and convenient. Once the customer has chosen their lender, it will simply be a case of providing the required personal and financial details.
Accessibility
Quick cash loans are usually easier to obtain. This is true even for applicants with poor credit ratings due to the high interest rates and short repayment terms. In some cases, no credit checks will be required. If the required details are satisfactory to the lender, the payday advance loan can be in the applicant’s bank account within the same day.
Information required by lenders
Lenders will require a number of personal and financial details before they will grant an approved loan.
Details will include proof of address, a telephone number, a valid bank account usually with a debit facility and proof of employment and earnings.
Frequency of provision of details
Applicants will only be required to provide these details once. In the future, if another quick cash loan is required, the process can be completed quickly without the need for identification checks.
Utility bill
It may also be the case that lenders will require a utility bill as proof of identity. The utility bill can either be taken into the lender’s store, posted or attached to an email and sent.
Granting this loan
If the applicant does pass all of the identification checks and meets the lender’s credit approval requirements, the cash can be placed into the applicant’s bank account or given in person at the lender’s business premises.
The lender will specify the repayment terms, including how long the loan period will be, the interest that will be applied and how the loan is to be repaid. Quick money loans can either be repaid in person directly to the lender or through a direct debit using the customer’s bank account.
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