CashNet USA

Instant payday loans are short term, cash loans. These are unsecured loans, meaning that these loans do not need any security, unlike typical loans. These loans have a number of interesting characteristics. Typically, these small loans range from £100- £1,000. They are short term loans. Their term may range from a week to 30 days and it generally coincides with the next payday, even though the actual term is specified by the lender when they approve the loan for disbursal.

Even though instant payday loans are short term loans and are meant to be paid up before the next payday, there is an option to roll over the loan for the next month. In case borrowers have not been successful in paying off the entire loan in the period specified due to a change in their circumstances, lenders allow them to extend the term to the next payday. This means the term is doubled. However, reputed lenders generally do not permit rollovers more than once or twice. This is because these loans are high risk loans for the lender and extending their term defeats the very purpose for which these loans were designed.