are unsecured types of loans which are given to you for a short period of time. The repayment time will last till your next payday arrives. You have to pay it back on the day specified otherwise it will cost you heavily.
As already said, in these unsecured loans no collateral is required to put against the loan. So there is no need of faxing any papers to the lender. These are also known as no fax or no paper work loan in market.
The money is advanced to you as soon as possible. Time taken for the approval is very less here. That's why short term payday loans UK are also known as instant payday or cash advance loans.
Not large but sufficient amount, enough to meet the emergency is advanced to you. It will be in between £200 to £2000. As lender is providing the money within this short notice of time so he may ask for high interest rate against the loan. Interest rate will lie in the range 10% to 20%.
All UK citizens are eligible to apply for these loans. Loan features will greatly depend on your monthly income. You must have a monthly income of at least £2000. You can take these loans from banks or online lenders. Going online will make it possible to get the money within hours.
Andrea Fletcher is an MBA with a Master's in Finance. She has an expertise in writing on topics related to finance. To find short term payday loans, short term bridging loans, log on