Small cash loans are very short term loans that are unsecured in nature, which means that they do not require any collateral to be pledged with the lender for the loan. They can be borrowed for fulfilling purposes like home or car repairs, medical expenses, etc.
Small cash loans can be borrowed for a term of 14-31 days, the repayment date being the next pay day of the borrower. The borrower can borrow an amount of ?100-?1500 through small cash loans. The rate of interest is slightly higher for small cash loans as these are very short term loans. Lower rates, however can be obtained by proper research.
To apply for small cash loans, there are a few requirements that have to be fulfilled which are:
? A minimum age of 18 years
? A regular employment for last 6 months at the same place
? Proof of residence
? A bank account at least 3 months old
With all these requirements fulfilled, small cash loans are approved in less than 24 hours. The approved amount is transferred to the bank account of the borrower and then he can use the money to fulfill his needs.
The repayment of the small cash loans is also done electronically. On the date of repayment, the due amount is automatically deducted from the account. However the borrower can extend the term or pay in installments by paying a small fee to the lender.
Bad credit borrowers can also avail small cash loans. A high rate of interest is charged but that can be easily lowered by researching for various lenders.
Online research can help in finding good deals due to number of lenders offering low rate loans. All these factors help the borrowers in choosing small cash loans and fulfilling their needs.
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