Life is not stable and you can face a sudden financial crisis at any time. During such a crisis, driving an instant financial help from the typical banks and lenders is not feasible, as they have their own set of lending rules, and the process takes at least a week. Instant payday loans act as a great rescuer and help you to recover from all financial woes on the same day. There are numerous myths around the payday funds that need to be clear. Here, we present 7 must know facts about the cash advance funds:
Fact 1: A Direct Lender Can Offer Not Just a Payday Lender
Customers think that these funds can be borrowed from the payday lenders only. However, the fact is that you can apply and avail payday loans from any direct lender provided he is online and legitimate. Numerous FCA online direct lenders offer an instant financial help to the needy people in the UK. You just need to choose the best one!
Fact 2: Salary Slips are NOT Required
There is a misconception that to borrow these funds the applicant needs to submit last 3 salary slips. Forget the salary slips, even your address proof is not required to apply for these loans. Documentation is not needed at all. You just have to fill your basic particulars in the online form.
Fact 3: These Funds are Not Secured against any Assets
One wonders why the lender offers instant cash to the bad credit people when there is high-risk involved. Another surprise is that you don’t need to submit your asset to secure these payday funds. No guarantor and no collateral are required. You pay no extra charges to get a cash advance within 2 hours.
Fact 4: Unemployed People Can Also Apply
There is a myth that only the salaried people can apply. However, the fact is that unemployed, defaulters, CCJs, bad credit customers all are equally eligible to get these funds. Payday loans for unemployed are especially designed for people who have lost their jobs and struggling with various financial problems.
Fact 5: Online Direct Lenders Give Approval in Minutes Only
Online direct lending companies are very quick in giving the approvals. If you meet their basic criteria, then you can get the guaranteed approval in maximum 10 minutes. No credit report or no document is required to get the approval. Within 3 hours of the approval, you will get the required money.
Fact 6: Even Large Amount Can be Borrowed
Unlike banks, online direct lending companies offer £500 to £10000 without asking any queries. Even some of them are ready to grant higher amount based upon your need. You can utilise the borrowed funds to meet the immediate needs and future financial liabilities.
Fact 7: Installments and Lump Sums are Allowed
By hearing the word instant payday loans, people think that they have to repay the availed funds by the next salary day in lump sums. Yes, lump sums are one of the repayment modes, but nowadays, installment options are also available and you can pay back the availed money in easy bi-monthly or monthly instalments.
Numerous deals on these funds are available online. A right lender can bring back your financial life on the right track. Get the cheapest offer now!