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Rapid Cash Launch New Faxless Payday Loan Service

Posted 16th March 2010.

Rapid Cash have put a big emphasis on making fast "Rapid" decisions and allowing the customer fast access to cash. It is all too common a problem when waiting for payday, employees need extra cash to help with unexpected events such as car repairs, emergency repairs for central heating or maybe for a vacation. The company have ensured that the decision process has been quickened so that the customer can fill in an application form within a minute and have a decision within seconds. No faxing of ID documents, bank statements or utility bills are required. Access to public databases to check customers identity and credit worthiness assessmentand a decision is instantly relayed back to the customer. Electronic credit agreements have been used so that no paper documents need to be faxed to the customer or back to Rapid Cash.

Bad credit is not a hindrance on applying for a payday loan. Rapid Cash do not perform routine credit checks on customers applying for a payday loan. CEO Steve Riley is quoted as saying "most of our customers are looking for a small amount of cash, quickly to tide them over to their next payday. Most of our customers do not have a good credit history with mainstream finance products. That is why Rapid Cash have a good relationship with our customers and we are there to help them when large corporate banks turn a deaf ear."

Working with customers needs and ensuring they are not over indebted ensure Rapid Cash gets it right. Rapid Cash have a track record of providing fast access to cash to those who qualify for a UK payday loan. Most of it’s customers have come back to Rapid Cash as they have appreciated the speed of decisions and the helpfulness for which Rapid Cash is renowned throughout the payday loan market.

The payday loan market has increased over the past 2 years due to the credit crunch and normal access to credit being limited. Loan customers are finding it increasingly difficult to gain access to overdrafts, personal loans and high street credit. Credit card companies are restricting balance transfer transactions and increasing rates on existing card balances. This has put pressure on consumers availibity to cash and that is where the payday loan industry has flourished.

The maximum amount that can be applied for is £500, the minimum is £80. The terms are up to 30 days and the customer is given a choice of either repaying the whole loan or just paying an ineterst fee.