If an individual falls in need of cash all of a sudden and he is in a position to pay of the wanting cash with his following monthly salary he should opt for a check loan. For this loan has to be paid of within 14 to 30 days right after its procurement. Its amount is also smaller in comparison to other kinds of loans available in the UK. Its amount is normally around 80 to 500. However, the loan amount may very depending upon the capacity of the lender. The borrower’s income or repaying capability may also influence the loan amount.
This loan is also known as payday loan, post dated check loan, payday cash advance, cash advance etc. Although, the maximum repaying day is 30 days, its repayment may be delayed under inevitable circumstance and at the cost of higher rate of interest. Very often, it is found that the borrower writes a post-dated check to the lender which can be utilised by a lender to get the loan lent. The post-dated check very often functions as a warranty and helps convince the lender. The finances thus procured can be utilised to meet day to day expenses like paying grocery bill, medical bill, rent, tuition fee, car maintenance fee, party expenses etc.