What Are Cash Loans?
When you have an unforeseen financial emergency and need an instant cash advance, most of us will only need to borrow a small amount.
Cash emergencies come in all shapes and sizes. It could be an unexpected car repair, a new washing machine, or maybe you need emergency repairs to your home.
If you apply for a standard personal loan with the bank, the bank will normally set a minimum loan amount of Â£ 1,000. The process can often take longer, which can be a problem if you need the cash quickly.
What can I use my loan for?
A loan of money can normally be used for any purpose. People borrow money for all kinds of reasons, including:
- Car repairs
- New vehicle
- Household items
- Home Improvements
- Unexpected invoices
You can apply for a loan for any purpose as long as you borrow responsibly and know you can make your scheduled payments on time. Quick cash loans can be helpful in helping you keep your finances in order. Especially when you have a short term cash flow problem.
Used correctly and responsibly, cash loans can come in handy when needed.
Where can I get a loan of money up to Â£ 1000?
If you are looking for cash today, there are several options available to you. These included;
- Borrow from friends or family
- Dedicated websites (lenders and brokers)
- High Street Loan Providers
- Main street banks
Friends or family
Borrowing money from friends or family can be especially useful if you need a small sum.
If you need to borrow less than Â£ 100, this might be the quickest and most convenient option.
However, if you decide to borrow money from your family or friends and don’t pay the money back, it could put a strain on your relationships and you could find yourself in an awkward position.
If you think there is a possibility that you may not be able to return the money back, or that you need a larger amount, it might be worth considering other options.
Online Money Loans
For many people, borrowing from friends and family is not an option. Going to a physical store may also not be ideal due to the time and money involved.
If you have a real cash flow emergency and have Internet access, an online loan is probably the fastest way. Short term loan amounts typically range from Â£ 100 to Â£ 1,000, although some providers offer higher loan values.
You can choose to request money directly from a lender or through an online broker such as CashLady.
Advantages of Online Cash Loans:
- Easy online application
- Quick decision
- Fast money transfer
Loan requests by phone
If you don’t have internet access or prefer to speak to someone in person, most UK lenders have a call center that can walk you through your application and complete it for you over the phone.
Applying for a money loan over the phone means you can ask questions about anything you’re unsure of. You can also be reassured to hear a human voice.
If your loan application is successful, you may be able to receive same-day funds directly to your bank account*
High Street Loans
Main Street short term liquidity providers are less common on Main Street these days, but there are still many lenders serving clients from physical locations.
Many pawn shops offer unsecured loans alongside their main pawn shops. This means that you can choose to secure a loan against something of value you own or simply take out a cash loan.
H&T is one of the best known street operators.
Everyday Loans has branches across the UK where you can visit stores to get a loan. However, you will need to make an appointment online.
Benefits of a cash loan:
With a large loan, you will need to visit the physical store and complete your in-store paperwork. If you are approved on the same day, you can receive cash on the same day. It might help if you have an urgent financial commitment.
Disadvantages of a large loan
Because you have to physically go to the store, it may not be convenient. If you live outside of the city itself, you will need to factor in the time and money it takes to get there.
If the lender requires additional documents or proof of income, you may need to go home to collect them before you return.
It could mean waiting longer than necessary for the cash loan you need.
If you have an urgent financial emergency, you might not have the luxury of waiting another day.
How Fast Are Instant Cash Loans?
People who search online for “instant cash loans” or “today’s loans” are normally in dire need of cash.
If your bank accepts faster payments, your loan could be transferred within minutes of approval.
It’s important to remember that while the online money loan application process is usually quick and easy, it doesn’t mean that a decision is always immediate.
Much will depend on the information you submitted and whether you have passed the affordability checks.
While you may be provisionally accepted for an online loan, other checks are common and could mean that the money you need is not transferred on the same day.
How to ensure the success of your cash loan application
Online loan applications are a convenient way to apply for emergency money. But you need to make sure that the information you submit is honest and accurate.
Any incorrect information could slow down the progress of the subscription. In some cases, your cash loan request is automatically refused (if for example your address is entered incorrectly)
If you provide false information on your loan application and are approved for a loan on that basis, you could be held responsible for a fraud investigation / prosecution.
Make sure you don’t have any outstanding cash loans with someone else, or any significant credit card debt – each of these can be a deciding factor when a lender decides to issue a loan instant cash.
Any financial commitment or obligation can and will be taken into account.
Before applying for any type of personal loan, you need to make sure that you can comfortably pay the monthly commitments.
This means that you need to look at all of your monthly expenses and compare that number to your regular monthly income.
If you have this information, why not use CashLady’s Affordability Calculator to help you before completing an online application.
What if you are refused?
Finally, if you think your application for a short-term loan was unfairly denied, speak directly to your lender and see if they can explain the reasons to you. This can mean that there is incorrect information on your credit report, which requires some attention.
The success of your application depends on many factors. For example, the loan amount you choose could determine which lender matches your request. If your loan amount is too large, some lenders may not loan you that amount for the first time.
If your credit report contains incorrect information, deleting it could help you meet your future loan needs.
Can I Get a Cash Loan With Bad Credit?
Many people with bad credit qualify for a cash loan. The process of getting a loan with bad credit is pretty much the same as with any other type of loan. Your request details are the same, but you may find that certain products or interest rates are not available to you.
Are Bad Credit Cash Loans Expensive?
Many bad credit loan products have high interest rates, but all lenders regulated and licensed by the Financial Conduct Authority (FCA) must meet maximum daily interest rates of 0.8% per day. This means that you cannot pay more than Â£ 24 per month for Â£ 100 borrowed.
Before committing to any type of loan, make sure you understand how much you will need to repay and over what period. If you are not sure, ask questions or seek help.
Are all providers of cash loans authorized and regulated by the Financial Conduct Authority?
The Financial Conduct Authority regulates all credit providers operating legally in the UK. This includes the pawnshop and home equity loans. If you borrow money from friends, family, or illegal loan sharks, you will not be protected by FCA.
Companies licensed and regulated by the FCA have been carefully vetted and operate to the highest standards.
CashLady will only work with loan providers approved and regulated by the FCA.
We can help you find a loan that’s right for you and provide you with a simple, straightforward application process designed to give you quick and convenient access to the online cash loan market.