What is a Cash Advance UK?
A cash advance UK provides customers with a short term loan until their next payday and allows them to borrow money for a short period of time to help pay bills and make ends meet. There are thousands of different reasons why people take advantage of a cash advance UK every month, and last year over a million people in the UK used a cash advance UK to borrow money to help them meet their mortgage payments in a particularly difficult month financially.
As the government cuts start to really take hold and the amount of money we have after bills starts to fall for a third year in a row, the use of a cash advance UK looks set to rise again.
How does cash advance UK work?
Cash advance UK has got a lot easier in the last few years with advances in banking technology, and the fact the whole process can be carried out on line in a matter of minutes. A customer looking to take out a cash advance UK will log onto the cash advance website and fill in an application form. They can select how much money they wish to borrow, and will be told how much the loan will cost them over the period of time.
Whilst the advertised interest rates may seem very high, over such a short period of time they are often less expensive than you would imagine, and are usually cheaper than paying overdraft fees to your bank for going over your overdraft.
Your cash advance UK application will then be checked, and if it is accepted the money will be transferred into your bank account straight away. With online bank transfers now taking up to 2 hours you will never have long to wait for your money.
Why would I need a cash advance UK?
A cash advance UK can be used for any number of reasons, but generally we find that people have unexpected bills or things they need to pay for, and need a short term loan to get them through until the next payday. Gas and electricity bills, car repairs and boiler problems are all common reasons why our customers need cash advances.