Cash loans are also known as cash loans till payday, payday loans, cash advance loans, instant cash advance loans, etc. Basically these loans are obtained when the borrowers are in any emergency and unexpected yet dire need of small cash assistance. These are short term loans and are available in three types which are cheque loans, deferred deposit cheque loans and payday loans. These loans are available without any security against the loan amount.

The loan amount borrowers can expect to get through the cash loans varies from £1000 to £25000. The rate of interest for these loans starts from 6% APR. As we all know cash loans are payday loans. The loan term of these loans is few weeks. These loans are repaid when the salary of the next month is submitted to the borrower’s bank account. The borrower can extend the loan term from 2-4 weeks to 6-7 weeks. But the lender charges extra fees on the interest rate for the extension. The loan term depends on the loan amount and the repaying ability of the borrower.

To avail these loans, the borrower should be above 18 years of age. Non home owners and tenants are eligible for these loans. People suffering from arrears, CCJ, default, missed and late payments are also eligible for such loans. The borrower should be a full time employee. The salary of the applicant should be at least £1200 each month. The borrower should have a valid and active checking bank account. Cash loans are offered by the banks, financial institutes, lending companies and online lenders. Online lenders are faster in approving and processing these loans without any much paper work and hassle.


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