An emergency that requires money often leaves individuals frantic because they don’t know where they’ll get the cash. One popular solution is to contact a company that provides short-term loans in the United Kingdom. Read the frequently asked questions below to learn how individuals can quickly get access to emergency funds by using Moneyboat.
What exactly is a short-term loan and what are the benefits over a payday loan?
When individuals borrow money through a payday loan, they must pay the loan and interest fees back when they receive their next paycheck. This can put a strain on a person’s finances and they may have to borrow more money just to make ends meet.
Individuals who apply for a short-term loan have up to six months to repay their loan, plus the interest charges, in full. Since individuals have several months to pay back the loan, they have the extra time they need to budget for this unanticipated expense. The major benefit of a short-term loan is that individuals have more time to pay the loan back.
Additional benefits include an increased loan amount for returning customers, a flat percentage interest rate with no additional fees and early loan payoff without incurring extra fees. Many times, individuals will receive their loan approval within minutes and they’ll receive their money the same day they apply. Individuals can apply online or through their mobile device by visiting the lender’s website.
What are the criteria for obtaining a short-term loan?
Individuals in the United Kingdom who apply for a short-term loan must be at least 18 years old and they must have a steady job. Individuals must also reside in the United Kingdom, and they must have an active checking account and a debit card for the account. Additionally, individuals must pass a credit check and an affordability check, which calculates their monthly expenditures in relation to their monthly paycheck.
Learn more information about short-term loans and how they can help when cash is needed for an emergency. After filling out the loan application, individuals can find out if they’re approved within a few hours.