Why use cash advance loans?

Despite the best financial planning, there are always situations where unexpected bills crop up that ruin your carefully managed monthly budgets.

Typically, these unexpected bills appear before your payday.

Traditionally, families would temporarily drop into their overdrafts, however this is not as cheap an option as it once used to be, with bank overdrafts now even more expensive to borrow, especially if they are unauthorised.

“Cash advance loan applications, once accepted, can provide much needed funds into your bank account within hours”

Rather than wait to deal with the bill until payday and incur increased borrowing costs, you can take advantage of a cash advance loan to tie you over until you receive your monthly salary.

Cash advance loans are designed to do precisely that, provide you with much needed funds so that you can continue to meet your monthly commitments and cover life’s unforeseen bills until your payday.

What is a cash advance loan?

A cash advance loan typically refers to a short-term loan that is quickly funded to your bank account after approval. Usually, the amount borrowers take for a cash advance loan is quite small, merely enough to cover them until their next payday salary. Often, borrowers prefer to repay their cash advance loan in one or two repayments.

 

What are the benefits of a cash advance loan?

There are plenty of benefits to cash advance loans.

Let’s examine a few of them:

  • Instantly reassured that you will be able to meet your monthly repayments and unforeseen circumstances
  • Removes financial stresses, because you have funds available immediately.
  • Depending on the emergency, you can request to borrow different amounts to cover the unforeseen expense.
  • Cash advance loans contain multiple repayment options so that once you borrow, you can ensure that you remain on top of your finances and not sink deeper into debt.

How to apply for cash advance loan?

Peachy is committed to simplicity and transparency.

To apply for a Peachy cash advance loan you’ll need to complete our online application form, providing us with the necessary details for your loan application, including:

  • Personal details
  • Contact details
  • Employment details
  • Financial details

Typically, applications for cash advance loans are received and assessed in minutes. Once accepted, your requested amount will be released and is often available in your preferred bank account within an hour.

To get started, drag the slider on the right-hand side of this webpage to choose the amount you wish to borrow and the time you need to pay it back.

Always ensure that you only select the amount you need and that you can meet the repayment schedule. Borrowing more than you require could lead to further future financial difficulties.

Examples of why cash advance loans are beneficial

Cash advance loans are a great alternative to traditional bank lending in that they are available quickly when life’s little emergencies appear. A cash advance loan should never be considered for a long-term loan nor should they be used for purchasing goods and services that are not considered temporary.

Here are a few examples that Peachy clients have utilised a cash advance loan for:

  • Car breaks down and needs repairing
  • Washing machine breaks and you need a new one or repair the existing one
  • Unexpected bill arrives, for example, increased utility costs in the winter
  • Emergency home repairs, like a leaking roof
  • Boiler breaks down

Peachy advises against using cash advance loans for the following:

  • Pay for a holiday
  • Purchase a new car
  • To do home improvements

Want to borrow a higher loan amount?

Peachy sincerely cares about our customers and values the long-term relationships we build with them.

As a responsible lender, Peachy does not wish for our customers to face financial difficulties, hence we lend amounts suitable to our client’s budgets.

Once Peachy understands that our borrowers continually make their repayments on time and don’t acquire any adverse credit history; whether with us or other lenders, then we are happy to offer higher loan amounts.

By paying on time, and never being late, our trust in you grows and so does the loan amount we are able to offer for subsequent loan applications.

6 top tips to follow when applying for loans and credit

  1. Always think carefully before committing to any form of credit.
  2. Before taking out a loan, make sure you can pay it back on time.
  3. If you have any trouble or issues with your loan, never avoid the issue, seek support from Peachy’s customer support team.
  4. To avoid getting into a cycle of debt, you should always keep up with your repayments.
  5. Not paying back on time will affect your credit rating and your ability to get credit in the future. It may also make obtaining credit more expensive in the future.
  6. Should you need debt advice, rather than apply for a loan, seek guidance first from the MoneyAdviceService. They offer free and impartial advice.

As with any loan, responsible borrowing is essential. You must be able to repay your loan commitments in full and on time. Not doing so will help you build up a cycle of debt, making your financial circumstances even worse.