Each one of us find ourselves in financial contingencies at some point of time in our life. These are times when finances may be needed urgently. They may come in any form such as payment for medical emergencies, car bills, or phone bills. Do not panic! Instant loans are here to offer instant solution to the urgent cash needs.
An Instant loan is a quick and confidential way to get a cash advance until your next payday. Instant loan is a short-term cash management tool that can help in meeting small urgent needs. There are various other names by which instant loan are popularly known such as fast payday cash, payday advance, payroll advance, short-term cash loans, instant payday advance, and cash advances.
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With an instant loan, a borrower can borrow any amount ranging from £100 to £1000. The instant loan amount may extend up to £1500, only if the borrower's income can afford the repayment of this amount. Interest rate on an instant loan is usually higher as the lending institution bears the risk of advancing this loan. The repayment terms and interest rates on instant loans vary, depending on the lender and the amount borrowed.
An important benefit of Instant Loans is that it is offered without a credit check. Hence, people with bad credit history, arrears or defaults can apply for this loan. Instant loans are faxless loans as majority of loan providers do not require borrowers to fax their documents such as credit report to apply for this loan.
Processing of instant loans will be accelerated to release the loan proceeds immediately. An online instant loan is approved within 24 hours and the cash will be transferred in the borrower's checking account by the next working day
Another important benefit of taking an instant loan is that the cash goes directly into the borrower's account. Thus, a borrower is not required to even go to the bank to deposit the cheque.
Instant loan is a fast and reliable way to get a cash advance with ease. To get an instant loan a borrower is required to fulfill certain requirements. A borrower is required to provide the details of an active checking account and current employment. Most of the instant loan providers require a borrower to be at least 18 years old. A borrower will be required to prove that he/she is in the current job for a specific period. Regular income is made obligatory for borrower by certain lenders.
The repayment of an instant loan is very easy. A borrower is not required to make any effort. The instant loan provider will directly withdraw the money from borrower's bank account. The loan becomes due at the time of borrower's next pay cheque. Thus, a borrower usually gets 14 to 18 days to pay back the loan. Few lenders can also extend the loan repayment period as per the borrower's request. However, the service will cost the borrower some additional fees.
Several banks, financial institutions and online lenders in the UK offer instant loans. Applying for an instant loan through an online application form is the most convenient method. Borrowers can apply for a loan anytime from their home. They are required to enter their contact information and employment history in the short application form. Receiving loan quotes from a number of instant loan lenders can help the borrower find appropriate lender who offers good loan terms. A borrower should compare various loan quotes to get the best instant loan.
Instant loan is the most convenient way to bridge your cash needs between paydays. Instant loans are available to borrowers without a credit check. A borrower needs to have his or her checking account in good standing and a properly planned repayment method to amortise the instant loan. A borrower should also check his or her loan affordability to make sure that he/she will be able to make the loan repayment in full and on time.
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