What are Cash Loans & Who Are They Ideal For?
Cash loans in the UK are a type of loan agreement between a lender and a borrower for a cash advance. At Fast Loan UK, we can offer fast cash same day loans where possible. In most cases with cash loans online, the lender will charge interest on the initial loan value which the borrower will need to pay back on an agreed date. Generally, cash loans in the UK are unsecured, meaning the lender has no security to back the loan and presents a higher risk. This is unlike with a secured loan or other types of money loan which is secured against a borrower’s house or car, for example. Lenders of fast cash loans will, therefore, need to ensure that you have the means to repay the loan without causing you and themselves from long term financial hardship. Cash loans online can be more expensive than some other forms of borrowing, but they are great for people who don't want to take out an overdraft with an ongoing fee, for example, and those who don't have credit card availability. Fast cash loans are also ideal for those who don't want to go through a laborious application process to get their credit limit increased. When you need cash fast, these types of cash loans can be the ideal solution.
Cash Loans Online: Are They the Right Loan Product for Me?
The key benefit of our cash loans is that they’re useful if someone has had an unexpected cost or expense that they need to pay for before their next salary date. If you’re in the situation where you need fast cash loans today, for example, your car suffers a breakdown unexpectedly and you don’t have the available cash to pay for it to be fixed, we can help you. Or maybe you need cash loans now to resolve a different emergency, such as a broken boiler or a faulty appliance such as a dishwasher or washing machine. The inconvenience you can suffer by lack of cash flow can mean you may not be able to get to work or live your normal life. This is where instant cash loans are helpful, providing you with access to quick funds so that you can get back on track with everyday living.
Fast cash loans online are also a great way of paying for any one-off expenses. We love to speak with customers who are planning their summer holidays by seeking instalment cash loans from us, spreading repayments over several months. This is where choosing cash loans today can provide a hassle-free way of getting your summer holiday booked just in time for the school holidays. There are many reasons our customers choose to get cash loans now.
However, it’s worth remembering that you should only borrow the amount that you need, as this will ensure you do not fall into further financial difficulties and prolong a short-term problem into a longer-term one. The more you borrow of course, the more you will have to pay back in interest. You should always fully understand the terms that you want to apply for when you need cash fast, taking the time to fully check you can afford the cash loans you want. As responsible lenders, we are fully committed to ensuring that you and all our customers are in the best circumstances possible to apply for fast cash loans online.
How do I Apply for Cash Loans Today?
All you have to do to apply for cash loans online with us is fill in our online application form. This is then received by us in real-time so that we can assess your application for credit quickly. We’ll then run credit and affordability checks in the background so that we can decide whether the loan is suitable for your circumstances. In some cases, many lenders, including us at Fast Loan UK, may give any new customers a call to confirm a few details. This is the normal protocol when someone we haven’t lent to before proceeds with an application for cash loans UK. We find this is extremely helpful as it may speed up the loan application process in addition to keeping you informed of the progress. It also enables us to start building personal, trusting relationships, as we always want our customers to feel comfortable communicating with us.
Once we have all the correct details from you and we’re satisfied you can afford to repay the loan back, we will then issue you with a cash loans UK contract. This contract will need to be digitally signed by you before we can release funds into your account.
Once the loan amount has been paid into your bank account, an automatic payment system will be agreed from your bank account on scheduled repayment dates. We do this by using a Continuous Payment Authority (CPA). Quite often, these can be monthly repayments, but we provide our customers with the flexibility to choose weekly payments as well.
Don’t worry if this all sounds a little complex, as the process itself is simple to navigate. Additionally, you will have a dedicated Customer Care Manager here at Fast Loan UK keep you informed every step of the way. We have made this process as simple as possible as we take care of all the hard work in the background. We aim to provide instant loans online to new customers within 25 minutes and just 10 minutes for existing ones. You can find out more information by reading about how it works.
Cash Loans FAQs
How Can I Be Sure I Can Afford the Loan Repayments for Cash Loans UK?
At Fast Loan UK, put simply, we make sure of it. We do not lend to you unless we feel you currently receive enough income to cover all your bills leaving you with enough funds to cover the repayments and have money to spare. We want to ensure that you have the available disposable income to comfortably pay and maintain the fast cash loans you want. We don’t want our cash loans online to become a burden on you or any of our customers. Assuming these requirements are met, we will also ensure you understand the full cost of undertaking the loan.
How Flexible Can I Be When Applying for Cash Loans Today?
Our cash loans online have been designed to be as flexible around a customer’s unique set of circumstances as we can offer. Therefore, customers of Fast Loan UK can choose to pay back weekly, fortnightly, monthly or in just one payment if they can afford to do so. This is how we can keep our cash loans UK flexible and affordable for everyone. Typically, these types of cash loans from conventional lenders are also a much cheaper alternative than a bank account with overdraft fees, for example, which can equate to extremely high APR rates. If you want to find out more, you can get impartial information on borrowing including loan amounts, monthly repayments, and interest rates, by contacting the Money Advice Service. Our Customer Care Managers can also be easily contacted if you wish to speak to them directly about our cash loans today.
Can my Credit Rating Be Adversely Affected by Fast Cash Loans?
This all depends on how you decide to use cash loans and what your current financial circumstances are. When any lender provides a line of credit to a borrower, the information will be shared with Credit Reference Agencies (CRA's). If the borrower makes all their payments on time and settles their loans, then this will help boost the borrowers' credit score.
How often you use these types of cash loans will also affect your credit rating, in the short term at the very least. If a lender can see that you have been taking multiple payday loans, for example, from several different lenders, then it indicates that you’re unable to manage your outgoings. We would, therefore, advise that you only take out cash loans now if it’s a necessity, and you only use one lender. Applying for multiple lenders or multiple loan products in a short space of time will harm your credit rating, causing you to have more difficulty obtaining credit in the future.
It’s important to remember that there are 3 main CRA’s (Experian, Equifax and TransUnion). They will all have slightly different information, so it’s best to check them all if you are assessing your current credit score. This is because lenders are not obliged by law to share all their data with all the different CRA's.
Apply Now for a Cash Loan Today. If you have any further queries, please contact us directly to speak to a member of our friendly team.