The Basics of Cash Loans
Do you ever find yourself in a position when you’re short on cash – usually when you need money more than ever?
This is a common problem for a lot of consumers across the UK. Many of us start the month in a great position, with all the money that we need to pay for our bills and expenses. However, as the month carries on, and unexpected expenses pile up, we hit a point where there’s simply no more emergency cash left over to deal with sudden costs.
When your budget is tight, and you don’t have much of an emergency cash account to rely on, a broken boiler or a problem with your car can leave you in dire straits. More often than not, you’ll be left wondering whether you should opt for an expensive bank overdraft or try to increase your credit card limit just to make ends meet.
How much would you like to borrow?
Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
However, there could be a better way.
“Cash loans” are quick and fast-paced lending options that are designed to give lenders the money they need to overcome their financial emergencies quickly. Unlike other borrowing opportunities that can be exhausting, laborious, and costly, fast-paced loans are all about simplicity. When you need immediate funds to deal with complicated issues in your life, a quick loan could be just what you’re looking for.
Why Consider Cash Loans?
When you’re dealing with a financial emergency, your options are often extremely limited. After all, loans for poor credit typically take a lot of time to apply for, and they often come with limitations on the amount that you can borrow. With a personal loan, you may be forced to borrow £2000, when all you really want is £100 to pay for a boiler repair.
Alternatively, increasing your credit card limit or digging deeper into an overdraft can be a very expensive and dangerous way to borrow when the going gets tough.
Fortunately, as most consumers know, credit comes in many different varieties, from personal instalment loans, to mortgages and car finance. Some of these loans are intended for very specific borrowing strategies. For instance, if you want to borrow a large amount of money over a long period of time to pay for a house, then you would get a mortgage – not a personal loan.
Similarly, if you want to borrow a small amount of money to pay for an emergency expense very quickly, then you would choose a cash or payday loan instead. These loans offer small and immediate sums of money when extra income is necessary before your next payday. The loan is specifically intended to support your immediate needs – and it will often only be for a small amount of money. It’s uncommon to see a lender offering a cash lending option for more than £1000.
How Can You Apply for Quick Cash Borrowing?
Though the term “cash lending” might imply that you need to actually go and pick up a pile of cash from a bank in person – that’s rarely the case in today’s digital landscape.
In a traditional borrowing environment, you’d need to start your request for money with a trip to the bank. However, with a company like Boutell, you can start researching your quick loan options without ever leaving home. All you need to do is fill out a form explaining what kind of money you want to borrow, and the sort of lender you need, and we can do the rest of the hard work for you. What’s more, we can even protect your credit score by making sure that none of the lenders we take your information to do a hard credit check before you’ve decided to take out a loan with them.
The world of online borrowing has made applying for credit quicker and simpler than ever. However, you’ll still be able to access the money that you need almost instantly if you have to deal with an emergency first. Once you’ve finished your application, you can usually find out whether you’ll be accepted for a loan within as little as an hour. Once you’ve chosen the loan provider that you want to borrow from, and a full credit check has been completed, then you can have your cash in your bank account by the next day.
Because fast-paced loans are designed to support people who need to borrow money quickly and easily, the process is often very straight forward. You’ll be able to find out whether you can borrow money just by offering a few basic details about yourself. For instance, your lender will need to know that you’re a resident of the United Kingdom and that you’re over the age of 18. Most lenders will also need some basic information about your regular income, and whether you’re employed in a stable job.
As with all loans in the current UK landscape, you will need a credit check to get the loan that you apply for. The difference with these quick-paced cash loans with no credit check is that usually, the credit score doesn’t matter as much as you’d think. You can still borrow money if you don’t have the best credit history, provided that you do have a regular income that you can use to repay the money that you take.
Why Choose This Kind of Lending?
The reason that there are so many different kinds of lending available to UK consumers, is that different people need to borrow different amounts of money for certain things. Conventional financing in the form of personal loans might offer some relatively flexible lending options for people who want to invest in home renovations or big-ticket items. However, these kinds of loans aren’t intended for emergency situations when you need to access cash as fast as possible.
For those who need to borrow money in an emergency, cash loans can come with a host of helpful benefits, including:
- No delays: When you’re dealing with a significant financial emergency, like a broken boiler, you won’t have time to wait until your next payday for relief. The longer you wait, the worse the problem gets. That’s why fast-paced lending opportunities like payday loans exist to give you access to the money you need as quickly as possible.
- Streamlined applications: Getting the money that you need fast also means being able to finish an application without jumping through countless hoops or talking to people over the phone. Most online providers will be able to give you the cash you need with just one form to fill out – which takes a lot of stress off your shoulders.
- Flexible lending: Lenders that offer short-term loans are willing to give you the small amount of cash you need instantly, for whatever you might need. This means that you don’t have to worry about explaining your reasons to someone. You can use your loan for anything that you see fit, provided that you’re approved to borrow.
- Quick repayment: For some people, the demand to pay back the money that they borrow within a month or less might seem like a negative. However, when you pay back the cash that you owe quickly, you’re under less stress to change the way that you budget for the long-term. You can also rest assured that you’ll be out of debt before your financial situation changes too drastically.
- Various amounts: Unlike with personal loans, you won’t have a minimum borrowing requirement to deal with. You can borrow as little money as you like and pay it back instantly when you get your next lot of wages.
Who Can Apply for Quick Cash Lending?
In the past, getting cash immediately when you needed it most wasn’t always easy. This was particularly true for people who didn’t have the best credit rating. Loans for 12 months and other traditional lending opportunities weren’t forgiving of people who didn’t have a great history with their finances. Now that payday lending and quick loans exist however, it’s much easier to get the money you need as quickly as possible.
When you’re working with a broker like Boutell, all you need to do to get started is fill out the basic online form to start your application. We do the hard work of searching through loan providers on your behalf, looking for the company that can give you the best deal and the lowest prices. Keep in mind that you might need to go through an affordability check to make sure that you can afford to repay the loan fully in the time frame that you are allowed.
Additionally, remember that all loan providers, even payday lenders will be required to conduct a full credit check once you agree to borrow money with them. This means that you will get the best deals on your loan if you have a good credit rating, but you could still be able to borrow money if you don’t have a good credit score too.
When Boutell presents your list of available cash lenders to you, it’s up to you to decide which one you want to borrow from based on what you know about the lender, and the amount of cash they can offer.