Everyone needs money for his or her purposes at some point in time. However, as the majority of the population belongs to the working class, they entirely depend on their monthly pay cheque and do not have enough money to satisfy their personal needs. For this, Small Personal Loans are used.
Small Personal Loans provide money to those who need to satisfy their personal needs. These are short-term finances and the money has to be paid back when one receives his/her pay cheque.
Lenders offer a loan with a short repayment period to take care of those expenses. It is a simple process. Lenders offer amounts ranging from 100 – 1500 with a repayment period of 1 to 30 days generally. The repaid amount will also have to carry a small interest sum.
1. Features of this advance:
2. Application is approved instantaneously and the money is received immediately.
3. People with a bad credit history can also apply for these finances.
4. By paying the money back on time, one can improve their credit ratings as well as stay out of debt.
5. Due to the short repayment term, the interest rates are comparatively higher.
6. If the loan is not paid off on time, credit scores get adversely affected and the lender charges a penalty as well.
The eligibility criteria are as follows:
1. The applicant must be a permanent citizen of USA/U.K.
2. The applicant must be 18 years of age.
3. He must have an active bank account.
4. He must be employed and must have a monthly income of not less than 1000.
The application forms for this advance are available online. This makes the process even simpler and faster. One can fill these forms at the comfort of ones home or office and does not have to submit any documents along with the form. For those in desperate need of cash, this facilitates them even more.