Can Anyone Use Cash Loans?
Often with loans there are certain criteria for those that are allowed to use them. This means that you may wonder whether you are likely to qualify for them. There are some general rules in the UK, that you have to be over the age of 18 and be a UK resident that everyone must adhere to. However, lenders also tend to have their own rules as well, some of which can be difficult for some people to fulfil.
UK Bank Account
There are many loans which will require that you have a UK bank account. This is not a problem for most people as most of us do have one. However, there are some people who do not have an account and it really restricts what they can do. It might be the case that they cannot get one or that they are not keen on having one for some reason or another. It can be tricky to first open one as you need identification and if you have just moved into the country or do not pay any bills so have nothing with proof of address on then it can be difficult.
Pass a Credit Check
Most lenders will do a credit check and only take on borrowers with a good credit score. This means that it is often the case that there will be a certain amount of potential borrowers that will not be accepted for a loan. This is something that will mean that they will not be seen by lenders as trusted borrowers that will be able to repay the loan on time. Lenders will look at what financial problems have occurred in the past as well as how capable the person seems to be of being able to make regular payments. They could look at other things too but they will all have slightly different criteria so it can be pretty to tricky to know exactly what they are all looking for. However, if you cannot pass a credit check then you will be limited to which loans you can choose form and a cash loan might be an option for you. They lenders may not be so concerned about your credit report as long as they feel you will be capable of repaying the loan.
Have a Job
There are many lenders that will want you to have a job before they will let you have a loan. This means that anyone who is retired or unemployed will struggle to get one. Self-employed people might also struggle to get a job as well. However, with a cash loan you may be able to get one even if you do not have a job. You will need an income though and you may need to provide evidence of that income and that you will be able to afford the repayments along with everything else that you also have to pay for.
So, you may find that a cash loan could be really useful to you if you find yourself in the situation where you do not fulfil the criteria for other loans. There are less rules with this sort of loan and that can be really handy for you to know this in case you are in a situation where you need a loan and you are struggling with the rules that you have to follow for various lenders. Therefore do not count it out, as you never know if your situation might change and you might need to use one, it is just useful to know that the option is there just in case.