The depression in financial market for last several years has made the monetary condition very tight for common people. Saving money is now of real challenge due to constant inflation and ever increasing price of everyday commodities. It is really difficult to arrange instant money during crisis. The urgent financial need can be for medical emergency, for settlement of an unpaid bill, college fees for children, sudden breakdown of car, a wedding ceremony to be arranged in short notice or can be for any other reason. Before people could collect money from their closed acquaintances but because of recession everyone is facing financial contingency and is not in position to help their near and dear ones. Personal loans and money borrowed against credit cards were popular option once, but those might take some time and not instantaneous. To solve this problem many money lender companies have come up with different offers of instant loans and this kind of financing is gaining much popularity now a day. Modern pay day loans or instant loans are helpful to get rid of sudden economic burden in following ways.
Easy eligibility criteria
Any British citizen, who is above 18 years old and has a valid and active bank account, is eligible for this loan. The borrower should also be a salaried person in order to be able to pay off the loan.
The money is in cash form so that it can be transferred easily to the borrower’s bank account. Thus, there is no hassle for encashment of the checks. This liquidity of money saves time and the loan can be effective within hours or at best on the same day.
No need for credit check
Any borrower can apply for this loan; even those who have poor credit records are also eligible. Credit history check or background checks are not performed by most of the lender companies, thus making the loan more acceptable and universal.
Online application option
Some companies provide facility of online application for the borrowers. The person who is in need for money can submit online application. On the other hand, the company after completion of minimal required background check approves the loan online and the money is transferred to the bank account in no time. Thus the online procedure is helpful in saving time and energy.
Most of the lender companies do not require any collateral as security. So there is no fear of losing any expensive belonging, be it property, car or jewellery.
Flexibility in repayment
In most cases the loans are to be paid off within weeks when the borrower receives next salary and the payments are generally directly deducted from the salary account. But some companies provide flexibility to the borrowers to pay off in their own suitable terms and tenure. In rare cases, if the borrowers face problem in repayment of any particular instalment, the lenders might consider the situation only for genuine reason.
Renewal or extension of the policy
Some companies allow the borrower to renew the loan or to extend the time tenure. The procedure might be as easy as sending a text-message or an e-mail to the lender, though this is not recommended due to high interest rates and charges.
Wide range of loan amount
The amount of money borrowed can vary according to the borrower’s need and eligibility to pay off and also along with company policy. Generally it varies from as minimum as £100 to maximum £1500. The borrowers are always advised not to take more amount than needed so that the complete repayment in earliest possible time is ensured.
Loans from companies like Cash Advance 247 are the easiest way to rescue a person from the jeopardizing situation of immediate need for money. Though the interest rates for these loans are very high, taking the loans are still beneficial for short period of repayment, as it avoids accumulation of high annual percentage rate (APR). If the terms and conditions are properly scrutinized, instant loans can be life-saving during monetary emergencies.