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At some point, we all run into an unexpected emergency that may put us in a sticky situation. Luckily there are options available to those who need a quick loan, and those who have bad credit. Cash advance loans are a viable option for those looking for funds quickly. The money is transferred the same day they get approved.
Cash advance loans are small, short-term loans that are similar to payday loans in that they are a smooth way to get cash quickly, with fewer requirements than a typical quick loan. These loans typically have short payment terms. They are usually used for emergency situations when you are short on cash. The amount which you can borrow is usually anywhere from £50-£1000. Some UK lenders may offer cash advances up to £5,000.
A cash advance can also be an advance of cash from an existing credit card, that you can withdraw from an ATM or at a bank. This amount is generally a set amount of the borrower's credit limit and usually tops out below £1000. This option is usually less expensive than the loan option and more flexible as there is not a set limit of what you can take out, as long as it's below your cash advance limit.
A merchant cash advance is an amount of money paid to a lender by businesses, as a percentage of card sales made via a card terminal, instead of a set monthly amount. A merchant cash advance is not taken from the borrower's bank account. A merchant cash advance can make sense if you are running a small UK business that takes card sales. This way, you only pay as you get paid (by card takings). Lenders, in this case, 'secure' lending with your card terminal. If your business doesn't have a lot of assets to secure lending on, this type of loan could be the perfect match for you. All you need is a terminal with proven card sales going through each month. The drawback, of course, you are taking a loan on the premise of future card takings. This could be risky, as the future can be unpredictable. You may not actually have the card takings you expect and end up in a problematic situation.
Advance loans are short-term. You usually pay them back within three months or less. Your loan amount and repayment terms vary based on what you can afford to pay each month. Most cash advance loans are meant to be paid in as little as a single month. Many lenders can tailor to your specific needs, making repayment terms as long as 36 months. However, these loans come with high-interest rates, and the longer your repayment term is, the more you will have to pay.
The short answers is: Yes, you can. Getting a loan with bad credit can be a tricky ordeal, but cash advance loans meet the needs of many types of borrowers. Including those with less than stellar credit. The requirements of getting a cash advance loan are similar to those when getting a payday loan. The lender will base your eligibility on your ability to pay back the loan - called affordability. They will look at your income and financial details rather than your credit score.
Because of the numerous amount of lenders and different eligibility requirements available today, there are multiple options for bad credit. Short-term, quick loans are going to be your best bet if you need cash but have bad credit. These include payday loans and cash advance loans. With payday loans, you usually receive the money on the same day. These are ideal for borrowers with bad credit. They determine your eligibility on your income and other financial factors, instead of your credit score.
If you are in need of a long term loan, another option is a guaranteed loan. This allows a guarantor to sign on the loan and take on the risk of the loan in the event that you default on the loan, giving the lender security.
For each of these cases, usually, you need to have a UK bank account, especially if you are applying for money online.
Having a payday loan or cash advance loan while applying for a mortgage doesn’t inherently disqualify you from being approved, but it can hinder the decision. It is usually not a good idea to take on new debt when trying to get a mortgage, as lenders see this as a risk. Mortgage lenders also weigh your debt to income ratio heavily when looking at your qualifications. Typically this should be 35% or lower if wanting to get approved. Because of the high cost and short payment terms of cash advance loans, this can make your DTI seem high.
Ideally, if you’re financially able to take on a mortgage, you should not be in a position to need a payday loan. Sometimes it is unavoidable when you need fast cash for an emergency. It is probably best that you pay off any short term loans before considering getting a mortgage.
The UK has dozens of lenders you can choose from when looking for a short-term loan for quick cash. Because of today's technology, the internet is a great resource for finding fast, short-term cash advance loans. You can get payday loans and cash advance loans from the comfort of your home, using online applications through direct lenders or loan brokers. Using loan brokers is a great option to find lenders that are likely to approve your loan request, without searching around and damaging your credit score. At Loanza, we work with the best direct lenders in the UK (all authorised and regulated by the fca of course), so you don't need to waste hours researching. Click on the big orange button now, and get started!
With any kind of loan application, including cash advance loans, you need to make sure your lender or broker is legitimate and trustworthy. They have to be authorised and regulated by the financial conduct authority fca. Check the interest rate they offer, and also the representative example. To be absolutely sure, you can search the UK lender or broker's trading name on the financial conduct authority website. The address of the registered office should be disclosed by the direct lenders and brokers as well. Lenders registered in England and Wales and/or Scotland should be safe since you need a cash advance in the UK.
If you apply via Loanza, you can be certain that we connect you to a reliable, safe lender. You can take out all the guesswork and research and save time. All you need to do is click the big orange button to start.
Like we just said above, you can start by clicking the big "apply now" button on this page. That will take you to our easy-to-fill, fast online form. It shouldn't take more than 2 minutes. Make sure you are truthful and as accurate as possible with the information you provide. We'll ask you (because all lenders want to know) your personal and contact details, your home details, employment or income source details, your monthly expenditure and your bank details (not to charge you, only to know where to send your loan to!). You'll also be asked to create a password (you can skip this if you want, but we'd recommend doing so!).
Once you completed and submitted the form, we will search our wide network of lenders and try to connect you to your best match who's most likely to fund your loan request. Then - without any obligation, though - you can finish your loan request on the direct lender's website. This usually includes an e-signature where you agree to the loan terms and conditions. Be sure to carefully read and understand these before you sign!
Then, if all is well, you'll be receiving your cash advance the same day, usually within an hour, but it can be as fast as 15 minutes from application.
After, you start your loans term, and you start paying your monthly repayments you agreed to. Usually, this happens via direct debit, but it will depend on your lender. Try to avoid late repayment. Once you cleared the total repayable amounts, your obligation to the lender finishes.
If you ever in need of funding again, come back to Loanza! The reason we ask for a password from you is to create an account for you. In this account, we save all your information, so next time you want to search our lender panel, you don't need to fill the form again. All you have to do is log in (we can remember you, so you don't even have to do that if you'd let us.) and click 3 buttons to start your search! You can easily update your details in your account if anything changes, though.
Cash advance loans UK are a good option for those that have bad credit and/or need cash quickly to cover an emergency expense. They are also very convenient, as applications can be approved online. Cash advance loans can be a lifesaver in an emergency where funds are short.
However, you need to be careful to use cash advances only for emergencies, such as rent, a car payment, or repair costs, and should not be used for frivolous purchases.
Otherwise, if cash advances are used without caution, just as payday loans, they can turn into a very bad situation if you miss a payment. While it may be tempting to apply for the maximum amount that a lender is providing, you should only apply for what you actually need for the expense. You should also make sure that you can easily afford the repayment terms before agreeing to the loan.