These are short term advances that are availed by people when they are in need of money instantly. This credit is to be returned in a stipulated time period and it can be paid off when one receives the next pay check. The amount that can be borrowed ranges from 80 to 1500. The credit has to be returned within a period of 1 to 30 days.
These finances are approved very quickly and they provide instant cash which is very beneficial for the borrower. It also caters to the needs of people with a bad credit history and they can improve their financial standing by paying the money back on time. The repayment tenure is for a short term.
The advanced amount has to be repaid within a short period of time. Thus the rate of interest is comparatively high. The lender decides the amount to be lent depending upon the borrowers credibility and financial standing
If the advanced amount is not returned on the due date, the borrowers credit history is affected.
To be eligible for such finances, the borrower must meet the following conditions;
He must be a citizen of UK.
He must be 18 years of age.
He must have stable employment, earning more than 1000 per month.
He must have an active bank account.
Same day loans can be applied for online. This is a very convenient method and requires minimal effort and time. The application forms are simple to fill and the borrower has to provide a few necessary details only. There is no need of documentation or faxing. After submission and verification of the form, the amount is transferred to the account within 24 hours.