. A situation with cash can arise for any one at any time. But these days, there are several options available for people to come out of this tight spot. Where at one hand we have the long term and short term loans for different purposes, there are also the short term payday loans in UK that one can make use of in a tricky situation. Payday loans are loans taken of a small amount which is usually short term and is secured against the customer"s next paycheck. These cash advances can also be secured against the credit card. The terms and conditions of the required securities, the minimum and the maximum amount that can be loaned and the time duration of the loan usually varies from one bank to another. Normally the bank has to have a record of your previous paychecks and the proof of you being employed.
Fast pay day loans are very popular the UK and why not? As they provide an easy and fast option for a cash shortage. If you find yourself cash-less in the end days of the month, you just have to approach your bank for an instant payday loan. Normally getting these loans is very easy and not many written formalities are required. There are some banks that also provide the cash advances on the basis of an SMS or an email from the customer. Some jurisdictions limit the amount of the annual percentage rate (APR) - the rate at which the customer is supposed to pay the interest in order to prevent usury. For the lenders on the other hand, payday loans have a high rate of risk. They have a default rate of 10-20%.
One can easily get a payday advance of 100- 1500 for a period of 15-30 days (usually till the date the next paycheck of the customer comes). The general rules and regulations to get a payday advance includes: the person applying should be a permanent citizen of the UK, they should have a valid bank account, they should be above 18 years of age, they should have a regular source of income and their income should be above 1000. The person applying for the fast payday loan should know that these loans have a higher than normal rate of interest. But at the same time they do not reflect badly on the person"s financial records. Thus they have proven to be the fastest and the safest option for small financial hiccups.
