Individuals sometimes face fund problems for their various requirements like paying off the shopping bills, telephone bills, electricity bills and other expenses. For this, they need cash from external sources like friends, neighbours and banks. Borrowing money from the friends and relatives is not advisable. If you do not return back money to them on promised time, then your relationship will be spoiled. For this reason, many individuals take short term advance from the financial institutions like banks. Payday loans of 3 month period are the short-term finance plans of the financial institutions available to the salaried persons.
Payday loans of 3 month are valid for 90 days. Therefore, the borrowers get sufficient time for returning back the loan amounts to the lenders. There are certain criterion for availing of this borrowing plan. An individual must be permanent citizen of UK or has acquired citizenship of UK for this purpose. S/he must be at least 18 years old and possess valid bank account. The individual should be employed in a permanent position for at least 6 months period. The monthly income of the individual should be less than
1000 pounds. Processing of loan applications and fund transfers are done online by the companies. Therefore, individual can get cash instantly. The fund is transferred into the account of the borrower within 48 hours of approval of loan by the bank.
The amount under this borrowing plan to be sanctioned to the borrowers ranges from 100 to 1500 pounds. With the borrowed money, you can refinance your short term debts and buy new home appliances. The other advantages of this loan plan is that, the individuals facing bankruptcy, County court judgments (CCJs), loan defaults cases etc. are also eligible to borrow funds. Lending company does not ask an individual for security against this loan. The interests applicable under this advance plan is however, higher.
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