Understanding Cash Advances for Cash Flow Problems
Suffering from cash flow problems?
If you’ve found yourself faced with an unexpected bill just before payday, then you may be wondering the best way to supplement your monthly income. Instead of opting to put your expenses on your credit card or your overdraft on your bank account, you could consider a cash advance.
Cash advances are designed to ensure that you are able to bridge the gap until your next payday, in order to pay things such as bills and monthly expenses. At Multi Month Loans, we help find cash advance loans from £100 to £5,000.
What is a Cash Advance loan?
A cash advance is a short term loan which can be applied for and borrowed quickly in an emergency. Cash advance loans are repaid, usually upon the applicants next payday, for relatively small amounts, equal to a month’s salary.
How does a Cash Advance work?
A cash advance loan works just as a payday loan would. You can apply for these types of loans online, within 15 minutes. Once you have submitted your application, a lender will review your application and carry out the appropriate checks to see whether you are eligible to borrow credit.
What can I use a Cash Advance loan for?
As the loan amount is generally for smaller amounts, less or equal to a month’s salary, they are designed to be used in cash flow emergencies for things such as, but not limited to;
- Home and appliance repairs
- Appliance replacements and car repairs
- Utility bills and living costs
- Rent and mortgage payments
How much can I borrow?
We help applicants to find the best deals with low-interest rates on short term finance, such as cash advances and quick loans. With us, you can apply to borrow £100 to £5,000 over periods starting from as little as a month to 2 years (24 months).
How long can I borrow for?
At Multi Month Loans our loans can last as little as a month, to 24, depending on the amount you wish to borrow and your circumstances. So whether you decide to borrow for periods of 6 months or 12 months, or repay on your next payday, it’s up to you.
Usually, cash advance loans are repaid upon the applicant’s next payday and should not be used for long term periods.
What are the advantages of Cash Advances?
There are many benefits of cash advances; they include;
- Quick in an emergency: receive your loan approval decision in less than 15 minutes*.
- Flexible monthly repayments: repay your loan in 1 to 24 months.
- Borrow £100 - £5,000: cover the costs of your emergency.
What are the disadvantages?
While these loans are great for helping you in a short term cash flow emergency, they should not be used for long periods. You should always ensure that you only borrow what you need to cover the costs of what you need, to make sure you are able to repay the loan amount in addition to any fees or interest as stated by the lender.
Borrowing more money than you can afford to repay back could cause financial hardship in the future, and it is any responsible lender or broker’s responsibility to safeguard your best interests.
For more information on how to deal with debt, you can visit the Money Advice Service.
Frequently Asked Questions FAQS
How do I apply for a Cash Advance in the UK?
To apply for a cash advance with us; you will be required to fill out an application form with the following information;
- Personal details
- Financial information
- Employment and income details
Once your application has been processed and you have approved, you will need to agree to the terms and conditions issued by the lender. When this is agreed your loan will be processed and can be transferred to you in as little as 24 hours.
Am I eligible?
Different lenders will have different lending criteria which you will need to meet in order to be eligible to take out a cash advance loan. At Multi Month Loans, we require that all of our applicants are;
- 18 years of age or older
- Earning at least £750 a month
- UK resident for the past 3 years
- Valid UK bank account holder
Why choose Multi Month Loans?
We specialise in helping applicants to find cash advances to help them until their next payday. If you’re looking to borrow a cash advance for £100 to £5,000, from periods starting from a month, see how we can help.