What types of loans are available for individuals who need quick cash for an emergency?
The most common types of loans for individuals who need immediate funds for an emergency are short term loans and payday loans. When individuals take out a short term loan they pay back the loan, along with the specified amount of interest, in small installments until the balance due is paid in full. When individuals choose a payday loan, they pay the lender the full amount that was borrowed, along with the interest fees, when they receive their paycheck from work.
A payday loan must be paid off sooner than a short term loan, but individuals will pay less money because the interest rates are lower. Individuals can speak with a lending representative to discuss their options and decide which type of loan is a better fit for them financially.
Are there any requirements for individuals to get a short term or payday loan?
Since these lenders are quickly handing out cash for individuals who have an emergency, there are certain conditions that must be met beforehand. Individuals must be at least 18 years of age or older and they must have a full or part time job. The total wages per month that an individual makes is also taken into consideration when applying for a short term loan.
The lending agency will also obtain a report that outlines the credit history of each individual that's applying for a loan. These reports contain important financial information for individuals including their repayment record, their current finances and how much they presently owe to other lenders.
Is there a minimum or maximum amount of money that individuals can borrow?
Each short term loan lending agency has a specific minimum and maximum amount that they'll loan to an individual. People who have taken out loans in the past and paid them back on time may be eligible for a higher maximum loan limit.
Individuals who need quick cash for any type of emergency can contact MoneyBoat UK and apply for a payday or short term loan.