This is a guide to help you understand cash advance loans online direct lenders.
Various cash advance loans online
There are many types of loans but they can broadly be categorised as secured or unsecured. Secured loans are those that require a guarantor or some kind of security, in other words collateral. Unsecured loans do not need any collateral.
Home loans and car loans are secured loans because your property is technically not yours unless you pay the whole loan. The bank owns the home or the car in respective scenarios.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
Do You Need Cash Advance Loans Online Direct Lenders?
Business loans can be secured or unsecured depending on what kind of collateral or security you are providing.
Personal loans are often unsecured. Student loans are typically secured. Cash advance loans are almost always unsecured.
Banks and traditional financial institutions would nearly always try to offer you secured loans. They don’t take the risk of unsecured loans as recouping the money should the borrower default on payments becomes very difficult and complicated.
Cash advance loans online
But you can get unsecured loans from private lenders or companies by using the links on this website. Cash advance loans online from direct lenders are unsecured loans that you can get at any time, provided you have just a couple things working in your favour.
Cash advance loans are a derivative of the old school facilities that many banks offered its longstanding clients. Companies offer cash advance loans to employees, which is against the salaries they would be drawing and a small part of the salary is deducted towards repayment of the loan.
Cash advance loans online direct lenders are not the same kind as offered by companies to their employees.
Cash advance loans online direct lenders are like personal loans which are offered as against the proof of income. It is pretty much like a financial facility wherein the moment some funds become available in the account, the bank or the organisation will deduct the borrowed amount along with interest.
Online direct lenders
You can use your proof of employment for cash advance loans online from direct lenders and whatever amount you borrow must be paid when you get your next paycheck. This is also known as payday loan.
There are other types of cash advance loans but payday loan is the most common.
That is primarily because you would be getting a loan in cash in your account immediately against the salary you would draw on your next pay date and then the loan amount would be repaid along with interest.
The companies we use will spread the loan over much longer than one month if you require this flexibility.