Quick loans are designed for providing money to the salaried people within the same day so that they can spend to combat some family emergencies. They can timely repair a car or pay back a credit card bill. These loans are instantly approved and given to the borrowers in their bank checking account. the loan amount is electronically deposited in your bank checking account within 24 hours.
The salaried people of the UK can borrow these loans against a post-dated cheque to the lender. On the due date of repayment, they can pay the loan in cash to redeem the cheque. But only those people who are getting monthly paycheque for past at least six months and have a bank checking account are eligible to borrow the money.
Quick loans are made to the salaried people in the range of £100 to £1500 for two weeks ahead of next payday that also is fixed as the repayment date of the loan. You can rollover the loan for a month as well after paying the interest charges.
Bad credit tags like payment defaults; late payments and CCJs are not a concern in borrowing the money. The lenders do not ask the applicants about their credit history and never perform any credit checks on them.
However, irrespective of good or bad credit history of the borrowers, quick loans carry a high interest rate. This implies that your interest payment on the smaller loan will be high and it can be burdensome for some borrowers.
Compare the online lenders who are offering quick loans at competitive rates so that you can lower the burden of repayment. Online lenders are known for comparatively lower rates then other loan providers. Make sure that you repay on the due date for avoiding the debt-traps.