To remain financially liquid, one’s cash on hand (or in bank) should be enough to cover all cash disbursements. In some instances, delaying the cash outflow at the same time expediting cash inflows are in order to maintain a healthy, positive balance. This is how cash management is done in companies, and to a large extent, the same principle applies to budgeting and cash management in the individual level. Admittedly, companies have relatively more control over their inflows and outflows. This is unlike most individuals, who pay rent every beginning of the month and receive their salaries on fixed dates. But what if bills and expenses come at the wrong time, and the unfortunate individual does not have the necessary cash buffer to cover these? If the amount required is just in the vicinity of £1,000, major banks will not entertain you. The solution to your financial dilemma is quick cash from a payday loan provider.
How do you go about securing the quick cash you need? Are you qualified? And what are the usual requirements?
First you have to find a payday loan company and inquire about their quick cash facility. Usually this is a same day loan, which means that you will be given the loan proceeds within the day that you submitted your financing application. This is on the assumption that you are qualified, of course. Inquire about the interest rates, repayment terms and all applicable fees. You have to know what you’re getting yourself into. Then ask about their documentation requirements. Usually, all that will be required of you would be an ID with picture plus evidence of your monthly income, which could be your pay slip or income voucher. There are companies that allow financing application online. This is faster and more convenient. Upon submitting the requirements and should you pass the criteria, the loan amount will be made available to you within 24 hours.
Oftentimes, the criteria for approval are not stringent. You have to be a local resident and at least 18 years old. You have to have a regular job and earning a certain minimum amount per month. (In most cases the benchmark is £1,000 monthly.) And you’re supposed to have an active bank account.
Once you receive your quick cash loan proceed, make immediate plans for its repayment. Your initial query regarding the interest rate will already forewarn you regarding the very high cost of money imputed on your loan. So make sure that it’s paid ASAP.