People come across a load of problems in their lives. The panacea to most of these problems is finance. If cash is the solution and the individual needs money instantly he can apply for payday cash advance. Typically, it is a loan of smaller amount that ranges from £100 to £1500. The amount may vary depending upon the capacity of the lender. Its term of repayment is 14 to 30 days but it may be extended under inevitable circumstances at the cost of higher rate of interest. Conventionally, the rate of interest of cash advance is higher than that of other loans so it is advisable to procure cash loans only during unavoidable circumstances.
The APR of payday loans ranges from 390% to 900%. In short, cash loans ought to be paid of with the next salary that follows right after the day of the loan application. This loan reaches the borrower's hand on the day of the application itself or on the next business day.
To be eligible for payday loans in the UK an applicant must be at least 18 years old. He must have an active checking account which should not be less than 3 months old. The applicant's monthly income must be at least £1000 and he must have his proof of residence.
The cash thus borrowed can be utilised to purchase a car, bike, house, meet educational, medical and grocery bills, consolidate debts etc. The prospective borrower may write a post dated check in order to convince the lender.
The credit rating of an applicant plays an important role in convincing a lender to lend cash loans. That is why individuals with good score are normally preferred by the lenders. Fortunately, these days individuals with even poor score are able to find tons of lenders who offer pay day loans no faxing. The term 'no faxing' indicates that the respective lenders do no credit check or do not bother about the credit score of the prospective borrower. Such cash loans are also available on line. Here, the clients need not visit the premises of the lender in person but they can avail of the loan just sitting at their home. So, on line mode is considered to be the most appropriate option to avail of the loan hassle freely.
However, this fax less cash advance has various advantages and disadvantages. As regards advantages, it does not call for credit check so there is no requirement of paper work. Since, there is no credit assessment potential borrower with tags like defaulter, arrears, bankruptcy etc. can also avail of payday loans no faxing. Moreover, the approval of such loan is relatively faster as it does not go for credit assessment. In the UK the minimum time taken for the approval of this loan is 24 hours or latest by 72 hours.
As regards disadvantages, pay day loans bear high rate of interest as the lender falls under high risk of losing the loan as there is no credit check. Moreover, the repayment period of such loan is comparatively shorter and the loan amount is also smaller. However, if the borrower does a bit of research on line before applying for such a loan he would definitely end up with the most suitable deal.
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