Payday Loans have become very popular over recent years, as a quick and easy way of borrowing a short term cash loan up to the value of £1,000. With emphasis on the fact that a payday loan is aimed at people who require a cash loan quickly, most lenders have made the process of obtaining a payday loan very straight forward. In addition, the fact that applying for a payday loan is quick and easy, most lenders do not credit check applicants and there is very little restrictions when compared to applying for a standard unsecured loan.
Who can apply for a Payday Loan
If you are a UK resident over 18 years of age, then you can apply for a payday loan. The other criteria you will need to meet is as follows:
- You must be in employment
- You must have your salary paid into your bank account
- You must have a debit card with your bank account
- You must take home a salary of at least £500 a month
If you can answer yes to the above, then you should qualify for a payday loan.
How much can I borrow?
A payday loan is designed for short term borrowing, therefore traditionally the maximum amount you could borrow is dependent on your personal income. Depending on the payday loan lender used, most lend between £400 up to £1,000.
*Those applicants who pay back their payday loan on time and without any problem, can be given the opportunity to borrow up to £1,500 on subsequent payday loan applications.
Are there really no credit checks?
Yes this is true, whilst a lender may need to check your credit history to verify your identity and the address you have provided, traditional credit checks that other lenders conduct are not used when assessing an applicant for a payday loan.
I have bad credit history, can I still apply for a Payday Loan?
Absolutley, people with bad or poor credit history should not be deterred from applying for a payday loan. Many payday loan lenders are able to assist people with good, poor or bad credit history. Remember there are no credit checks with payday loans, so there is a good chance that whilst you may have a bad credit history, this will not affect your payday loan application.
How quickly can I get my Payday Loan?
Payday Loans are designed to assist applicants with quick cash, so therefore the whole process from start to finish has been designed to be as straight forward as possible. From completion of the online payday loan application to receiving your cash loan in your bank account can take as little as 24 hours – although there have been cases where applicants apply in the morning and receive the cash loan that same afternoon.
How do I apply for a Payday Loan?
Applying for a payday loan is quick and easy and takes little over 1 minute to complete. Simply visit the payday loan application form and complete the details requested.
