Why get a loan?

Why take out a cash loan

If you need instant cash to tide you over until your next payday, a quick cash loan could be for you. These loans are designed to provide immediate access to cash that is then paid back within a relatively short time period.

Why people take out cash loans

There are several reasons why people take out a quick UK cash loan from payday loan companies. The following people may benefit from cash loans:

• Those who need instant access to cash for unexpected emergencies such as household or car expenses. These could be expenses such as a broken washing machine, higher than expected bill, or a car service

• Those who find being paid monthly inconvenient, with money becoming tight towards the end of the month. Payday loans provide instant access to money at any time of the month, allowing consumers to budget with more ease

• Those with low credit scores and who cannot obtain loans from their banks or alternative lenders

Why consumers prefer cash loans

There are various reasons that make applying for a cash loan simple and straightforward:

• The application process is quick and convenient. It can be done online with no need for lengthy paper applications or expensive telephone calls

• Payday loan companies are usually open for business 24 hours a day, 7 days a week, so you can access money when you need it rather than when the banks are open for business

• Websites usually give clear and transparent information on the amount you can borrow, how much you will pay back and the representative APR

• Following application, a decision is given promptly and your money transferred soon afterwards

• Payday loan companies will usually have telephone support available, if there is anything you are unclear on or need assistance with

Paying back a cash loan

Cash loans are simple to take out and simple to pay back. Companies will usually take the money owed direct from your bank on the date you choose, so there is no need to worry about transferring it back. You simply need to make sure there is enough money in your account to cover the cost of the loan.