Payday Loan is offered by a number of direct and third-party lenders. Different lenders have different lending requirements. First, choose the best lender that suits your needs.
How to Choose Lender
You should look for
- A direct lender
- FCA authorisation
- A secure website
- A comparatively low APR and interest rate
- A registered British address
- Good Customer Service
There are some of the requirements every lender consider before giving a loan amount to anyone. After completing them, you are free to take 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 of 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 a UK resident and employee
- Have a valid bank account
There are thousands of people apply on a daily basis. Thousands of people having thousands of credit histories. The most important requirement of every lender is credit history that must be clear.
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 the time.
On the other hand, if your credit history is not satisfactory and shows bad status, then it would be difficult to get approved. To take out a payday loan without any difficulty start making your credit history fine and clear.
What matters most is your work status. Work status is basically an indirect measure to estimate your worth. Your repaying capacity is shown by this. The more your 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, 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
They also require a currently 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.