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FAQ

GENERAL

How does I Need Cash work?

We want to make getting a cash loan a straightforward, easy-to-follow process and visible results. Our service is 100% online and we process your application in moments while you are waiting. We are open 24/7 to apply for a loan.

In this website, there is our cash loan application form. Our form asks the fewest questions needed. This helps our panel of lenders get enough information to make a decision. This can occupy up to 3 minutes whilst you are waiting and ask that you do not refresh the page.

When our lenders decide to give you a payday loan, unsecured loan, or cash advance, you will go to the decision page. We hope this is a loan offer and the loans work for you.

It shows you how to get the funds in your bank account. Usually, this happens the same day. However, in some cases, it can occupy up to 3 working days.

How do I qualify for a loan

Here at I Need Cash, we work with a wide variety of lenders to ensure we can help a high percentage of our customers. However, the main qualifications for a loan are:

  • Aged over 18
  • UK resident for a least 3 years
  • Employed
  • You can afford the repayments

What is a payday loan

A payday loan provides a short-term cash advance that borrowers should repay over the next 1 to 12 monthly instalments. You usually need to pay back small loans between £100 and £1,000 on your payday. You may also repay them over the next few paydays. The amount you can borrow will depend on how much your monthly salary and monthly outgoings.

What is an unsecured loan

For both individuals who rent their home or own their home, you can get a cash advance loan. This loan amount can be between £1,000 and £25,000.

You can pay back this loan in over 1 to 5 years, or 12 to 60 months. This is an unsecured loan because borrowers do not secure it against any assets for repayment. A wide range of lenders can help in providing unsecured loans.

The types of loans we help with

We want to help as much as we can with credit brokering various loans. This is why we help find loans from as little as £100 up to over £100,000. Loans over £5,000 are vastly different types of loans, which have various repayment rates and terms.

A small loan, also known as a payday loan, can range from £100 – £1,200.  Lenders can spread the repayments over 1 to 12 months. Borrowers can repay unsecured loans of £1,000 – £5,000 in 1 – 5 years.  Homeowners can spread larger loans over £3,000 over 25 years.

What information do you need to use the I Need Cash service?

To use the I Need Cash service, information required depends on how much you wish to borrow. The different types of loans, requite different information. As a minimum they all require your personal contact details, full address, income and expenditure.

Is ‘I Need Cash’ a safe & secure website?

Yes, we provide a secure website and service.

 Will there be a credit search?

For most types of credit there will be a credit search at some point. For small loans / unsecured loans this will take place at the time of submitting your application on this website. Credit checks for a car loan or secured homeowner loan may happen after the lender talks to you directly.

Managing Money

When considering taking out a loan, you first must look at your ability to repay the loan. To do this, calculate your total monthly expenditure each month.

The total amount remaining after you pay the bills is your disposable income. This must be far greater than the potential loan repayments. If you find that the loan repayments will be more than the income you have left each month, then you will be unable to afford the loan.

Debts must come first

If you are thinking about getting a loan but have debts, ensure you can afford the repayments. This should happen before you take on more credit. Obtaining additional credit could place you in a more difficult financial situation. You must first consider all the options available to you.

What is an APR?

APR stands for Annual Percentage Rate. A way to estimate the cost of borrowing money over a year exists. A percentage of the amount borrowed includes interest and other charges, such as annual fees. 

Difference between Lenders and Brokers

A lender is the company that directly gives you the loan. A Broker works on your behalf to find a lender that can provide the loan you are looking for. They do this by working with a wide range of lenders, as we do at I Need Cash.

Who can apply for a personal loan?

The criteria is quite open to apply for a loan, the main thing is to ensure you can afford the repayments.

Our main criteria to apply for a loan is:

  • You must be age over 18
  • Employed
  • Have been a UK citizen for a minimum of 3 years
  • Have a UK Bank Account

For further information, please see our Eligibility page

How do I get the money?

After you submit your loan application, our panel of lenders will process your information. If you match their criteria and are happy with the terms, they will pay the loan into your bank account. This can take moments for some lenders, particularly payday loans. For larger loans, it could take 1-3 days for it to arrive in your bank account.

What if I have bad credit?

Your credit rating can affect your ability to borrow cash. However, we work with a wide range of lenders.

So long as you can afford the repayments and match our main criteria to apply for a loan, let us try to help.

Can I get a loan if I am not a UK resident?

To obtain a UK loan, you must have been a UK resident for a minimum of 3 years.

How can I get the best loan rate?

When we are looking for a loan on your behalf, we always look at the lenders that provide the best loan rates first. 

Can I repay my loan early?

Most loans can offer early repayment terms. Speak to your lender to discuss paying the loan early, including the cost of early repayment. In these terms it will disclose options for repaying the loan early.

What paperwork will I need for my loan application?

Each lender could require different paper work. For most lenders, you will need your most recent employment pay slips, along with bank statements. In some cases the lender may use open banking to view your bank statements.

Applying for an unsecured personal loan

Once you’ve identified the best unsecured personal loan for your needs, it’s time to proceed with the application process. Here are the typical steps involved:

  1. Gather Required Documents: Lenders will typically require documentation such as proof of income, employment verification, and identification documents. Having these documents ready can streamline the application process.
  2. Complete the Application: Most lenders offer online or in-person application processes. Provide accurate and complete information to avoid delays or potential rejection.
  3. Submit to Credit Check: Lenders will check your credit. They do this to see if you qualify for the loan.
  4. Review and Accept Loan Terms: Take a close look at the loan terms. Check the interest rates, repayment schedule, and any fees or charges. If you’re satisfied with the terms, accept the loan offer.
  5. Receive Funds: After you accept the loan terms, the lender will send the money using your chosen method. This could be direct deposit, a check, or a cashier’s check.
  6. Set Up Repayment Plan: Establish a repayment plan that aligns with your budget and financial obligations. Many lenders offer automatic payment options for convenience.

It’s essential to provide accurate and truthful information throughout the application process to avoid any potential issues or delays. Additionally, prepare to answer any questions or provide additional documentation if the lender requests it.

CASH LOANS

What can you use a short-term loan for?

You can decide how to use a shortterm loan, but you should only use it as a temporary financial fix. For example your car may need a repair and require a 500 loan to pay for the repairs. Lenders design these shortterm loans for this sort of issue.

 We recommend that you do not take out a small loan to fund a social event.

What is a short term loan

A small, short-term loan is an unsecured loan that is typically backed by a future source of income, often times a pay check. People refer to these loans as payday loans. Borrowers should only use these payday loans when they truly need them, such as in emergency financial situations. They are not a solution to long-term debt problems.

What is a bad credit loan

This term refers to a loan given to someone with bad credit and a low credit report score.  Because of the high risk involved, these types of loans traditionally have higher interest rates. By doing this, it allows someone with bad credit access to emergency credit.

When must I repay the unsecured loan?

When you sign the unsecured loan agreement, it will include a repayment schedule. Include the amount you will repay and the date when you will make the repayments. If you are having trouble making a payment, contact the lender right away.

What happens if I am unable to repay the short term loan / unsecured loan?

If you take out any type of loan, like a payday loan or car loan, contact the lender if you can’t pay. By doing this, they can work with you on providing support.

Guarantor Loans

Some lenders that provide loans for I Need Cash are Guarantor Loans. This means that someone else, like a friend, co-worker, or family member, will promise to pay back the loan. 

Cash Advance Loans

These are loans also known as Payday Loans. This is a small loan, often less than £1,000, that borrowers repay in less than 12 months.

No Credit Check loans

All our short term / payday loans / unsecured loans undergo credit checks from the lenders. None of the lenders we work with provide ‘no credit check loans’.

 I need Same Day Cash

We want to try to help provide you with a cash advance when you need it. As soon as you submit your application for a cash loan, we should have a decision in a moment. Several lenders we work with can send the cash advance to your bank account the same day. However, some may consume up to 24 hours or more. 

HOMEOWNER LOANS

 What is a Homeowner Loan

This is a loan secured against your home, when you are a homeowner. These loans can base themselves on the equity available in your home, with repayments lasting up to 25+ years. 

Is there a different between a Secured Loan and Homeowner Loan

No, they are the same loan.  A homeowner loan is a secured loan, as it is a loan secured against your home.

How much can a Homeowner borrow as a loan

This will depend on the lender whom you are accepted with and how much is outstanding on your mortgage. You can borrow up to the value of your property (LTV). For example, if you have 50% outstanding on your mortgage, lenders may allow you to borrow 50% LTV.

Can I lose my home

Yes. As the loan is secured against your home, if you do not maintain the repayments you put your home at risk. When looking in to getting a secured loan, we encourage you to assess all the risks.

Can I get a Homeowner loan with bad credit?

This will be down to your individual circumstances, potentially yes.

Consolidation Loan

Many homeowner loans are used to consolidate other debts. So long as the repayment of the single loan is less than the current total of all the individual debt repayments.

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