Last updated on November 18th, 2018 at 01:52 pm
Are you looking for payday loans UK from an authorized lender? Payday loan lenders in UK provide loans directly to the borrower. Many people choose to borrow money from a lender in the UK to enhance data protection. Different payday loan lenders have different Payday loan requirements.
What is a Payday Loan?
Payday Loan is a short-term loan that serves as a quick help in the sudden financial loss. Payday Loan benefits you in case of emergency. If you are facing a long-term financial loss, the payday loan is not a wise choice. You can use the payday loan to fulfil your immediate money needs only.
Payday Loan is offered by a number of direct and third-party lenders. Different lenders have different payday loan requirements in the UK. If you want to avail Payday Loan then first choose the best lender that suits your needs.
You can claim a payday loan from any of the UK direct Lender but make sure your credit history is clear and you must have a direct UK account.
How to choose between lenders in the UK?
If you are confused between different loan providers in the UK? Here’s a guide you should look for when comparing loans.
- A direct lender
- FCA authorisation
- A secure website
- A comparatively low APR and interest rate
- A registered address in the UK
- Good customer service
There are some of the requirements every lender consider before giving loan amount to anyone, under security checks. After completing them, you are free to take same day loan approval.
Payday Loan Requirements
Requirements are considered as some security measures taken by lenders to secure their given loan amount. You will have to fulfil these requirements to avail payday loan services.
Applying for a payday loan you should:
- Have a good credit history
- Have Regular job
- Have monthly minimum income no less than £333.50
- Be aged 18
- Be UK resident and employee
- Have a valid bank account
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Let’s have a deeper look at these requirements.
There are thousands of people apply for payday loan daily with different lenders. Thousands of people having thousands of credit histories. The most important requirement of every direct lender is your credit history that must be clear. It is the thing that convinces a direct lender to choose you to lend payday loan. Credit history usually shows your worth to fulfil policies in future. If your history is clear, the lender will easily approve your application and lend your required amount of loan within settle time limit. Still, there are some no credit check payday loan lenders in UK.
On the other hand, if your credit history is not satisfactory and shows bad status, then it would be difficult for any of the payday lenders to lend you a loan. To take out a payday loan without any difficulty making your credit history fine and clear, such that fulfil payday loan lenders requirements.
After Credit history, what matters most is your work status. Work status is basically an indirect measure to estimate your worth. Your repaying capacity is shown by your work status. The more your worth or monthly income would be, the more you will have chances of approval. Your minimum monthly income must not be less than £333.50
While adding your work information, be true with the lender because it will directly affect in future. Sometimes people add wrong work status for the sake to approve application instantly, but they don’t know how lenders treat with different customers.
18 Years of Age
Applicant must be 18 or over 18 years as while borrowing the payday loan, you will be entering in a legal agreement and this process needs legal interference. You will have to be mature enough to agree upon repayment contract and other terms and conditions according to lenders’ requirements.
Permanent UK Citizen
Applicant must be a permanent UK citizen, otherwise, he will not be eligible for the payday loan. Most of the UK lenders require permanent citizenship. The people outside the UK have a different applying process.
Current Active Account
Payday loan lenders require a current active account of the applicant because they instantly transfer loan amount in your bank account after approval. This is to avoid complexity. If you have an active bank account, you’ll receive the required loan amount within seconds. This security measure is especially taken to make your repayment schedule easy and fast. You will make repayments on time each month and avoid extra default charges.
No doubt, life is a continues journey where one can face various ups and downs. Sometimes people face sudden financial loss and seeking for some support to maintain their routine. And this is not a bad thing as well. Old & New Payday loan lenders always warmly welcome their customers to avail and enjoy their loan services, but customers also have the responsibility to repay the loan amount on time including interest rates.
Different payday loan lenders have different eligibility criteria. But keep in mind, good payday loan lenders always require much and offer more. Those who are offering payday loan with bad credit may have limited offers. But a good payday loan lender also checks your credit history.