Cash Loans are Unsecured Short Term Loans

Cash loans are unsecured short term loans. This means cash loans are approved without any security offer from the borrower. So the borrower has no risk in taking the loan. Cash loan is usually approved for fourteen days by which time the borrower gets next paycheque. So, cash loans can be repaid through next paycheque. Lender may take a post dated cheque from the borrower that contains the loan amount and the lender’s fee. If the borrower does not pay back the loan in cash, the lender takes back the loan from the borrower’s bank on submitting the cheque.