Cash advance loans are actually kinds of payday loans and the payment of loan is made against the paychecks of the immediate next month. In this way, cash advance loans have some features of the loans available in the secured form.
Nevertheless, cash advance loans have more things common with short loans and short term loans. The lender offers an amount in the range between 100 and 1000. This means that small amount of loans is available. The borrower is to pay back the loan amount within 14 to 31 days only whereas the rates of interest are relatively high.
The loan-seeker should note that he must be sincere in paying back the borrowed amount without fail. He must not approach the lender to extend the repayment period. He should not apply for another kind of loans before clearing the present outstanding. He will be in great trouble in such cases, as the lender will charge fines and penalties.
There are some advantages in cash advance loans:
a) Credit record of the applicant is not checked by the lender.
b) The borrowers need not fax his documents relating to personal details.
c) The loan-seeker can submit online application. Submission of online application is comfortable and easier.
d) The loan amount is sent to the bank account of the applicant immediately after the lender approves the loan application.
The borrowers are to be eligible for cash advance loans:
a) They must be citizens of United Kingdom.
b) They must have completed 18 years of age.
c) They must have valid and active bank account.
d) It is important that they must earn about 1000 in every month. They must be working in any legal house at least for the last six months.
The salaried people end up their finance within the first two weeks of the month. They find it difficult to meet the emergency demands which surface in several forms. They are to clear the medical bills. They cannot leave the school fees of their children unpaid. There are electric bills and telephone bills which must be paid. Cash advance loans are very helpful for the people.