If you are dependent on your limited monthly salary for meeting planned and unplanned expenditures, than surely you may find it harder to meet urgency. Keeping this in mind however lenders have carved out instant payday loans especially for putting money in the hands of the borrower instantly. The key feature of instant payday loans is that it is approved instantly within hours of applying for the loan. The loan amount is electronically deposited in the borrower’s bank account the same day.
Instant payday loans are unsecured loans approved for only two weeks. The borrower pays back the loan when he or she gets next paycheqe. The lender approves a smaller amount ranging from ₤100 to ₤1500 depending on monthly salary of the borrower. This amount is given without taking any security from the borrower. Some lenders however may take a post dated cheque from the borrower. The cheque includes loan amount and the lender’s fee on it.
Lenders only want to make sure that the borrower gets a fixed monthly salary and do not enquire much on other personal circumstances of the borrower. This is one reason that instant payday loans are approved instantly for bad credit people also and that too without any credit checks. So, all salaried people who happened to have late payments, payment defaults or county court judgments in their names are also given the loan instantly.
One slight disadvantage of instant payday loan is its high fee. Lenders charge very high fee on every ₤100 of loan. However you can avail the loan at low fee as well if you have compared lenders extensively as each lender has different fee.
Make sure that you have an active checking account in a bank which is one of the requirements in taking instant payday loans. You should also be a regular employee getting a fixed monthly salary. Pay off the loan in time for avoiding enhanced fees of the lender.