In this modern world, money is gaining its importance. We require it in every aspect of life. It helps us to meet out all our needs in time. But the situation never remains same. Sometimes some unavoidable needs may pop up in between the month. These are so vital that we can not ignore them. But arranging cash for them in the mid of month is really very difficult. To solve our problem, we need a short term loan or in other words 1 month loan.
1 month loan is basically a monetary help to those persons who have already exhausted their complete salary and are still in mid of the month. These people need an instant and easy loan for them. These loans are most suitable for them. These are approved for a very short span of time. It is usually up to four weeks. The cash granted through this method is in between 100 pounds and 1500 pounds. In certain cases, this cash may go beyond this level too. It mainly depends upon the financial creditability of the borrower.
These loans are offered without any security. Borrowers need not worry about the risk of loosing the asset they have pledged. So even if you do not have any asset to pledge with the moneylender then also you can avail this service. But this feature also has a limitation. The rate of interest applicable on such loans is generally higher than the normal rates being charged by other loans. It is because of the risk the lender is bearing in granting you loan without any security. But as the loan is offered for a very short span of time, this hardly has any impact on the overall loan payment.