A cricket ball from the park smashed the dashboard or windscreen of Richard’s car. His bank balance was nearly empty and the paycheck was still a fortnight away. Richard was in a fix because the thing needed immediate repairs and the funds were no place in sight. Unanticipated circumstances and pressing state of affairs like these require money — not in months or weeks, but within a day or if possible within a period of time. A large section of the people in UK can identify with this situation, because they too have a minuscule or near empty bank balance and a paycheck-to-paycheck lifestyle https://loansbear.com/cash-loans-in-silver-spring-md-20910/. A quick loan is fast, easy and cure-all remedy for any financial crisis precipitated by a sudden and unexpected emergency. The emergency can be like the one mentioned above or a charge card bill or a medical problem or it could be any situation that demands some more money.
Quick loan is specially designed to fulfill such exigencies. It doesn’t require any paperwork; credit checks or faxing of documents and the cash is placed in the borrower’s bank account within a day or two. A quick loan doesn’t have any application fees. Many lenders are now offering quick cash loans through Internet. The entire process from replenishing of the application to approval of the quick loan is done online. Once the lenders are satisfied, the funds are put into borrower’s bank account via a cord transfer; absolutely no hassles- just quick fast cash. If you earn at least £1000 per month you can get a quick loan of £500 placed into your bank account within a day.
The fundamental dependence on getting a Quick cash loans is that the borrower should be employed. Many lenders offer quick cash loans just to those people who have been with the same job for at least five months. The lenders want to ascertain that the applicant has a steady job and is finding a consistent income for at least a few months. A three-month-old bank account is also one of the requirements to get a quick loan. In addition to these, the lenders will verify the borrowers identity. The lenders often overlook poor credit history and bad credit scoring, because quick cash loans use the employment status of the borrower.
The interest rates on quick cash loans are on the higher side. The common APR for a quick loan can be between 9% and 30%. However, lenders nowadays are increasingly charging fees rather than the interest on quick cash loans. On an amount of £100 this fees can range from £15 to £30. Quick cash loans are around for small amounts- usually under £1000. The quick loan has to be given back within 15 to 30 days. The repayment process is either an automatic deduction of the loan amount from the bank account of the borrower, or a check in favor of the financial institution. The repayment date of these loans generally coincides with the paycheck date. If a borrower can’t repay on the specified date he’s to bear the penalties. The lenders add up the loan fee or the interest rates each time the loan is thrown over to a new repayment date.
A aggressive borrower can cut any delay in the approval of a quick loan. Before applying, if a borrower has his employment, identification and bank account details ready, he can get the loan very quickly. Many lenders take just five minutes to process the applying. The entire process — concurring perfectly with the the like of the borrower, justifies its name — quick loan.