Instant approval loans are a viable option and solution to short term money problems that may arise whenever a monthly income is temporarily suspended or when a sudden cash emergency pops up. The funds are meant to offer short term coverage in the case of unforeseen expenses, utility bills, car bills, or other sudden financial crisis.
Depending on your credit and typical earning rate, the amount that can be loaned in this format is generally between £80 to £1,500. Therefore, the advances are only meant to cover small cash emergencies although they are usually approved in just a few hours, often allowing a person access to the funds on the same day they are requested.
Before taking out such a loan however, it is important to understand that the repayment term can vary from one to thirty days which should be clearly understood upfront as the interest rates attached to these loans can be high. The finance rates in general are usually high since credit scores are not always considered and interest rates can also be high especially if repayment is delayed.
In order to be applicable for such a loan, the applicant must be a UK resident and citizen that is legally of adult age. They also must have a bank account that has been open for at least three months and be able to prove steady employment with a regular income. Many times the loans can be granted online allowing instant access to funds as soon as they are requested.