The downfall in the economy has hit us all pretty bad and a lot of us are trying our best to deal with the financial trouble. People are finding it hard to make ends meet. In such a situation, a lot of them resort to taking cash loans just to cope with the problem. But most people do not have enough knowledge about the process. There are some questions that always linger in people’s minds when it comes to taking cash loans in Welwyn Garden City. Here are some of those questions that most people seem to have about cash loans:
1. What are cash loans?
Cash loans are also known as payday loans or cash advances. Though there may be a slight difference between these loans, they are all similar in most ways. The primary thing common about these is that they are all unsecured, short-term, small loans that don’t need to be paid until the borrower’s next payday. Individuals get these loans to pay their bills or deal with an unexpected financial crisis.
2. Who can get these loans?
Lenders have specific terms pertaining to the lending of these loans. However, getting these loans is a lot easier than regular loans. The requirements will vary from lender to lender. Some of the basic requirements are:
The borrower must have a fixed income
They must make a particular sum per month
They must be 18 years of age
They must have a savings or checking account
3. Will the process take long?
The process of getting these loans is relatively simple. The money will be deposited in your savings or checking accounts. This way your loan application can be approved within hours of applying.
4. Would you need collateral to receive the loan?
No extra collateral would be needed for this loan. Your job and paycheque would suffice. If you live in Hemel Hempstead and have been able to obtain a cash loan, you must know the process of cheque cashing as well.