The current financial situation looking bleak for many in the UK it is now more and more common that people are struggling to make it through to the end of the month or till their next pay check. Winter fuel bills have been higher than ever and the winter longer and colder, meaning people have found it more and more difficult to keep up to date on payments. Many have opted for same day loans, purely as a means to an end and a way to survive till pay day.
Quick cash loans are an extremely expensive method of borrowing only very small amounts of money, yet they have become increasingly popular in recent times. Available in stores on the high street or online, the application process really could not be any simpler. As your next pay check is used as the collateral against the loan, no credit checks or faxes will be required.
Applying for same day loans therefore only takes minutes and the funds that you so desperately need can be in your bank in just hours. Whether you apply in store where you will get the chance to chat with a financial adviser, or whether you submit an online application with some sites and the requisites for a small amount of cash, usually a maximum of £500 will be the same. As long as you are habitually resident in the UK and have a steady income that is paid into a current or savings account, your application should be successful.
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When applying for your cash advance you will need to disclose your personal details as well as those of the bank where you receive your pay check and providing you do not already have outstanding short term loans you should be instantly accepted for the cash advance. The amount you can borrow will be calculated by looking at your monthly income and what other credit facilities you already have pending; if you have very little free credit then you may be able to borrow a small amount such as £100.
When applying for your cash advance, it is so easy to submit your application without actually thinking about the consequences. With APR of around 2000% on many such facilities it really is an extremely expensive way to pay a bill before payday. Before you submit your application you should therefore work out just how much you will have to repay and when and what fees and charges you would incur if you defaulted on your repayment schedule.
With all this in mind, your application for your same day loans will be processed in minutes and your funds will be ready in your account in just hours. But, before applying for such services you really need to think of any other ways you could get your hands on the cash you so require. If you need the cash to pay a bill then often the interest incurred for paying the bill late will be less than that which you would pay on a payday loan. Therefore, always act with caution when using such facilities and most importantly make sure you will be able to pay back the loan on time.