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The purpose of a UK cash advance is to advance you funds that you can repay as soon as you receive a paycheck These cash advances are loans and as such they have an interest rate attached to them that is typically expressed as a specific flat fee with a due date If you repay the cash advance prior to the due date the cost of the loan will be less Different lenders have different practices when it comes to giving out this type of loan but they typically require you to write a post-dated personal check for the amount that you borrow plus the interest amount
The basic requirements set by lenders ensures that if you do not come in to repay the cash advance loan with cash on or before the due date the lender can simply cash your check The reason why you write a check for a UK cash advance is so the lender can have some security if you do not come and repay your loan Most cash advance loans do not rely upon a credit check meaning that the lender is trusting that you will repay the loan as agreed
In order to get some peace of mind in return for their trusting you the post-dated personal check acts as a sort of collateral If you are trapped in a situation where you need money fast but are days away from your payday a UK cash advance loan can be a wise avenue to pursue It will allow you to get the monetary help that you need without causing you long-term debt problems because you simply have to repay the loan by the agreed upon due date and you will be just fine
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