What is it that instant cash loan providers here in the UK are actually looking to achieve? The obvious answer is to make a small profit on what they lend, in the hope that their customers will honour the short term advance over the agreed payback period.
There is, however, another very real reason why these facilities are growing in volume and popularity, even to the extent that they can advertise their product on prime time television. And that is to help the UK public raise its profile and repair its credit rating.
This is why the process has been made so easy, even for people who have poor credit history, the facility is there if you search for the right instant cash loan to suit your purpose diligently, and for the right reasons.
An unexpected night on the town at the end of the month when you’re short is perhaps not the best reason for taking out a short-term loan, but if you know you can budget for it the following month, why not? It’s probably not a good idea to tell those you’re lending the money from your justification for going into debt; choose something that will draw more sympathy from the instant cash loan provider, like an unexpected trip to the dentist, a boiler breakdown or mechanical failure. Not that you need the dosh for Stella Artois.
Seriously, those other reasons mentioned are genuine occurrences that can catch you unaware. If you’re like millions of other UK citizens, living to the extreme limit of your overdraft every month, and an urgent bill does crop up at the end of the month that you know by using your debit card you’ll be over your agreed limit, what do you do?
Pay with your card anyway, hope the payment goes through and yet leave yourself with no cash for the rest of the month, racking up £5/day unarranged overdraft fee? Or do you apply online for an instant cash loan, instead, so that you can pay the bill and still have a few quid to get you through to the next payday?
With no credit history that you could call sound, you may be tempted not to bother, but there are lenders out there who will come to your financial rescue.
Providing you can prove your income and that there’s enough in there to pay it back, you can have an instant cash loan in your bank account within 15 minutes, in some cases, if it is approved online. Sometimes, you do need the cash that quickly, and it’s good to know that there are services that can satisfy your current financial shortfall.
As long as you budget correctly, taking out an instant cash loan – you could even do it in your break, it takes that little time to apply – it can make a lot of sense, not only for your credit rating but for your peace of mind, too.