A cricket ball from the park smashed the 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 nowhere in sight. Unforeseen circumstances and pressing state of affairs like these require money - not in months or weeks, but within a day or if possible within a few hours. A large section of the populace in UK can identify with this situation, because they too have a minuscule or near empty bank balance and a paycheck-to-paycheck lifestyle. A quick cash loan is fast, easy and cure-all remedy for any financial crisis precipitated by a sudden and unexpected urgency. The emergency can be like the one mentioned above or a credit card bill or a medical problem or it could be anything that demands some extra cash.
Quick cash loan is specially designed to fulfill such exigencies. It doesn't require any paperwork; credit checks or faxing of documents and the cash is deposited in the borrower's checking account within a day or two. A quick cash loan doesn't have any application fees. Many lenders are now offering quick cash loans through Internet. The entire process from filling up of the application to approval of the quick cash loan is done online. Once the lenders are satisfied, the funds are put into borrower's checking account via a wire transfer; absolutely no hassles- just quick fast cash. If you earn at least £1000 per month you can get a quick cash loan of £500 deposited into your checking account within 24 hours.
The essential requirement for getting a Quick cash loans is that the borrower should be employed. Many lenders offer quick cash loans only 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 receiving a consistent income for at least a few months. A three-month-old checking account is also one of the requirements to get a quick cash loan. In addition to these, the lenders will verify the borrowers identity. The lenders often overlook poor credit history and bad credit ratings, because quick cash loans are based on the employment status of the borrower.
The interest rates on quick cash loans are on the higher side. The typical APR for a quick cash loan can be between 9% and 30%. However, lenders nowadays are increasingly charging fees instead of the interest on quick cash loans. On an amount of £100 this fees can range from £15 to £30. Quick cash loans are available for small amounts- usually under £1000. The quick cash loan has to be repaid within 15 to 30 days. The repayment process is either an automatic deduction of the loan amount from the checking account of the borrower, or a check in favor of the lender. The repayment date of these loans generally coincides with the paycheck date. If a borrower is not able to repay on the specified date he has to bear the penalties. The lenders add up the loan fee or the interest rates each time the loan is rolled over to a new repayment date.
A proactive borrower can cut any delay in the approval of a quick cash loan. Before applying, if a borrower has his employment, identification and checking account details ready, he can get the loan very quickly. Many lenders take just five minutes to process the application. The entire process - concurring perfectly with the sensitivities of the borrower, justifies its name - quick cash loan.