A cash advance is a type of short term loan used to cover a borrower’s emergency expenses until his or her next payday. If approved, the loan is provided upfront in one lump sum and then repaid on the borrower’s next payday or over monthly instalments, giving the borrower more time to settle their account.
From unexpected car repairs and broken boilers, a cash advance is a way to get the finance you need and get out of a tight spot. Although we do our best to plan our finances and save for a rainy day, we never know when an unexpected emergency is going to occur and when we will need additional money.
We have all experienced cases where we wish our pay cheque would come a week or two earlier. But when we find ourselves financially stretched, this is where a cash advance on your salary can come in handy.
With a cash advance, if approved you can get the funds you need before you get paid from work and then repay the loan and interest in accordance with the repayment terms in your credit agreement. Repayment dates are usually linked to your payday when you have more money in your account.
Cash Advances from Uncle Buck
Uncle Buck is an established lender which has been trading since 2004. We are authorised to provide high-cost short term credit loans such as cash advance loans in the UK. Customers can apply online for a loan up to £1,000 using a desktop, mobile and tablet and the application form is available 24 hours a day, 7 days a week.
We require potential applicants to fill in a few details about themselves including residence, income, employment, expenditure and bank account information.
Your application will be run through a series of checks to determine your eligibility for a loan including credit and affordability assessments. Our technology and automated decisioning process will be able to tell you if you have been provisionally accepted within seconds of completing the application. Whilst we may need to carry out further checks on some occasions, successful applicants will typically be sent their funds within 15 minutes once they have been approved.
We transmit funds every hour between 6am and 8pm every day, meaning that your cash advance can be delivered very quickly and into your debit account following approval. We offer unsecured loans meaning that you do not have to put down any security or assets to be eligible. We simply assess your credibility based on factors like your employment status, income, expenditure, credit rating and overall ability to repay.
Benefits of a Cash Advance Loan
- Funds available on the same day of applying if approved
- Money transferred to your debit account
- No fees for applying
- Choose the amount you wish to borrow up to £1,000
- Select repayment term and dates according to your pay frequency
- Put your mind at ease
How Our Repayments Work for Cash Advances
At Uncle Buck, our cash advance loans are repaid over flexible monthly instalments. Rather than a standard payday loan which requires you to repay in full at the end of the month, our instalment loans give you some breathing space to spread the repayment cost over time although you will pay more overall.
Representative Example: Borrow £300 over 4 months with three repayments of £118.20 and a final repayment of £113.67 totalling £468.27. The interest rate is 292% pa (fixed). Representative 1249.2% APR.
Your loan repayments are typically made using your debit account as this is where you will likely receive your salary payment from work.
Our collections are carried out using a process known as continuous payment authority. This starts by us asking for your debit card details during the application process which are then used to automatically collect repayments from your account on your scheduled repayment dates. So, there is no need for you to login, call up or make a manual repayment each month as we do this for you, taking away the stress.
Things to Consider
Choose how much you wish to borrow: Uncle Buck allows customers to apply to borrow up to £1,000. Whilst it might seem popular to apply for the maximum amount, you realistically need to consider how much you need to cover your emergency and still be able to pay your loan and interest on time. First time borrowing for customers is limited to £500 but once you have repaid on time and we can see that your financial position is improving, you have the option to apply for a higher amount up to £1,000.
Select your repayment term and dates: During the application process, we ask you to select a repayment term and when you get paid as repayment dates are linked to your pay day. Most people in the UK get paid on the last working day or the last Friday of the month although this can vary between employers.
To ensure a smooth process and prevent any missed payment charges, we ask you to confirm the payment dates you have selected during the application process so you know that funds will be available. If you sometimes get paid late from work, it is important to notify us as soon as possible to avoid any additional charges being added if the payment fails.
Consider how you are going to repay: Prior to applying, it is essential that you consider potential and future income and outgoings in determining how you are going to repay your loan.
Failing to repay can lead to additional fees being charged and a negative impact to your credit rating which may compromise your ability to access finance in the future. We allow a grace period of 3 days before applying a missed payment fee and will always treat customers in financial difficulty both sympathetically and positively, but long-term non-repayment can have a detrimental impact to your credit rating as we report payment information to credit reference agencies.