It is not out of place to find borrowers wanting to find out a little more about fast cash loans before signing up to request a loan. This is the key reason fast cash loan operators provide frequently asked questions page to guide users. If you are wondering what the borrowers are searching for or how the application process works, the frequently asked questions (FAQ) about fast cash loans are provided answers to in this article.
Fast Cash Loan FAQ
1. How Much Can I Access At a Time?
Loans of this type are meant to take care of emergencies. They are soft loans between a few hundred to a thousand pounds. You?ll find many fast cash loan operators in the UK offering a ?100 as the least and a maximum of ?1, 000. Some can give out as much as ?5, 000.
2. Will a Fast Cash Loan Affect Subscriber?s Credit?
If you keep to the payment terms and deadline, your credit score should not be affected. Fast cash loan lenders do not report any transaction you have with them to credit offices, so going for a fast cash loan will not improve your credit score or decrease it. Peradventure you default on your fee, your account is likely to be reported to a debt collector; that may affect your credit score.
3. Do Fast Cash Loan Sites Check Subscriber?s Credit?
In contrast to traditional banks, fast cash loan providers do not need you to show that you can repay the loan on time. However, some will review your credit rating; this will help them to decide the nature of interest rate or the amount you will repay. Even those who claim to not bother about your credit score may do this but it is not used strictly against the prospective customer.
4. Can You be Denied a Fast Cash Loan by the lender?
Yes. You can be denied a fast cash loan if you don?t meet the least requirement to access such loans. First, you must be meet the age requirement which is 18 years and over. You should be a permanent resident of the United Kingdom. You must also have a functional UK bank account, a phone number and a valid email address. Since it is estimated that about two million UK residents don?t have a bank account, some fast cash loan operators go a step further by taking the cash to the doorsteps of the subscriber. Know that even if you come through a third party partner, you can still be denied.
5. How Can Subscribers Know Whether a Fast Cash Loan Lender Is Legitimate?
Financial service companies are subject to stringent regulations and are expected to register with the relevant authorities in every state where they operate. The Financial Conduct Authority (FCA) takes care of this in the UK. While researching to find out, it?s best to read reviews before you do business with any specific lender. If the company is registered by the government and regulated by authorities in the financial institution; that should be enough to show they are legit.
6. What Is Needed to Apply for any Fast Cash Loan?
One of the good things about fast cash loans is to keep paperwork to a minimum. Most of the fast cash loan services are online. Your email and some personal details will be required including an email address and bank account information. Evidence of income, that is, you must be employed and earn a substantial amount monthly to qualify
7. How fast will it take?
From our experience, you are the main factor in how fast you get financing. The majority of fast cash lenders respond quickly, most times, within 24 hours. Bear in mind that it may take some more time for the process to be completed if you go through a third-party agent instead of applying directly. In most cases, the process is usually faster after your first request is approved and successfully sent to you.
8. What if I choose to pay early?
This should be a good one for you. It will boost your chances of getting approval in the future quickly if apply again. In most cases, you?ll still have to pay back with the fixed rate of the loan. Some fast cash loan operators may encourage you with a lower rate if you are prompt with your repayment. However, make sure to go through the terms of the loan because it said in some quarters that some service providers do charge for people who pay back earlier than expected! Read the fine print.
9. How Will I Get the Funds?
Borrowers are paid the loan most times by direct deposit into their bank account. Of the process is successful and you get approved, the funds will be deposited in the bank account you provided, usually by online transfer.
10. What If I default in Repayment?
First, defaulting repayment will harm your financial reputation. You may not have the privilege to access more loans in the future. Secondly, there is a cash payment penalty for defaulting repayment. After the expiry date of loan repayment, you may be given some days to try to clear your repayment together with the penalty. If you persistently fail to respond as expected, the lender may seek the services of collection agencies to recover the funds from you.
It is advised that you should contact the service provider before the repayment due date to let them know of your inability to meet up with the repayment date. Ask for an extension. If you have some money, you can make some payment such as the finance fee on the due date promising to pay the borrowed amount at a fixed date.
Frequently asked questions are designed to help users of service find help quickly. It saves the customer service unit of having to attend to repeated questions that can be solved by subscribers. For fast cash loans, individual platforms provide specific frequently asked questions that are specific to the type of service they offer.