When you require money urgently and the loan you had applied for is taking forever to be approved, then you need to change it to the same day cash loan. Same day loans are for those individuals who require money urgently ,and, is to be used the same day to settle whatever financial problem they find themselves in. Salaried people in the United Kingdom are especially suited to these loan products. The loans works a bridge between your immediate financial needs and the upcoming pay day.
The unique thing about the loan product is the speed in which the loan is approved. You apply for the loan, and within the same day the lender has verified, approved and transferred the loan amount into your account the same day, that is in a duration of 24 hours, you have your money. The loans are applied online by filling in the lenders loan application form and if you meet the lender's minimum requirements the loan is definitely availed to you within the same day or in less than twenty hours.
Before the loan is availed to the borrower, they must fulfill the below requirements and conditions. All lenders in the United Kingdom have laid down the said requirements and conditions. These are;
1. The applicant age must be 18 years or above.
2. The borrower must have a regular residential address in which they have resided for the past 3 months or 90 days for that matter.
3. The loan applicant must have a regular source of income and a valid checking account which is not less than six months old.
Once you have fulfilled the above terms, the loan is directly wire transferred to your account within the same day. The borrower can use the loan amount for any purpose they see fit, for instance, payment of bills, settling medical expenses etc- it is not limited to anything in particular. The amount availed by the lender usually ranges from 100 to something like 1500 and when the next paycheck come, the loan money is automatically deducted from your account. The repayment period is 14-31 days after loan approval. Borrowers who have poor credit records are also eligible as their monthly salary acts as the guarantee for the loan repayment. How ever the rate of interest charged for this group of people is slightly higher than for ordinary borrower. The reason for this is the risk involved in advancing them with some extra loan burden.
The rate of interest charged on the same day cash loan is normally higher than for the ordinarily loans. The factor contributing to this is there unsecured nature. The lender pegs your salary as the collateral which is risky incase the borrower defaults or is sacked in their regular job. But one can still get a better loan deal if they did some thorough online research before settling on one lender. The competition for customer is very stiff and you are sure to get a better deal if you did your home work well.