UK Online Cash Advance – The UK consumer has many options available for getting a cash advance in todayâs market.
These range from unsecured personal loans from the mainstream lenders to short term payday loans from the specialist high cost cash advance providers.
A UK online cash advance can be taken out for any amounts between Â£50 and Â£1000 for periods of 3 to 30 days to coincide with a borrowerâs next payday.Â The internet has created a whole new market for people who would not have considered a payday loan before, as they would have relied on the mainstream lenders, e.g. high street banks, for getting an unsecured personal loan.
UK Payday Loan Providers
There are currently many providers of online cash advance payday loans in the UK:
– The old style of door step lending continues today, especially in the low income and poorer areas of the UK, which tend to be for relatively small loans, e.g. Â£50 to Â£250 until their next payday
– The high street pawn brokers and payday lenders, some from the US tapping into the lucrative and unregulated Â Â UK market
– The many online lenders and brokers who have helped to grow the UK market since the financial crisis of 2008.
The main growth will be online, where the borrower can have access to an online cash advance in a very quick time compared to the standard mainstream lenderâs application process, which can involve completing many forms and can take up to 5 days to be processed.Â This is one of the main reasons behind many low risk consumers with either an excellent or a good credit record using the internet to get small loans in a quick time.Â Of course, the regular high risk borrowers with a bad credit record are the main users of short term payday loans available from online lenders, as they donât have access to the mainstream lenders.
UK Cash Advance Criteria
It is important to detail the most important criteria for applying for a short term payday loan.Â The borrower must:
- be 18 or over
- be a UK resident
- be in paid part or full time employment â NOT temporary
- have a UK mainland bank account.
Some lenders accept applications without performing a credit check, but others have this as part of their standard process to decide whether or not to grant a loan.
Female Cash Loans
Most markets expand and then tend to specialise for niche sectors within them.Â This has already started with a recent entrant to the online cash advance market targeting females, especially the young.Â The cashladyÂ broker website has already been criticised by the media and anti payday loan campaigners, especially due to the fact that it has been promoted and effectively âendorsedâ by a celebrity, Kerry Katona, who was a bankrupt and has had her own financial difficulties.Â Others state that sheâs actually the best celebrity to use for endorsing high cost short term payday loans to young women, as sheâs managed to get her finances in order and start repaying her debt.
The future could bring a site that is targeting retired people who are on low pension payments. Letâs hope not!
Gimmedosh.com can get the best and quickest online cash advance into your UK bank account on the same day as the application.Â Sometimes the money can be transferred within one hour. Â Always check that the lender has a consumer credit licence from the OfT