A payday loan is a small short term
loan you can use to cover expenditure until your next payday. You can apply
online and the decision to loan you the money is made almost straight away. In
most cases the whole application can be completed online and the money loaned
can be credited into your bank account on the same day as you make your
application.
A payday loan is an unsecured loan,
so it is not dependent on collateral, such as you owning a house or car etc.
Generally when you make your first
application you can borrow any amount up to £300, depending on your take home
pay. You are more likely to be approved the less you want to borrow, so it is
advisable to borrow only what you need. Once you have successfully repaid loans
with one particular company they may then offer to lend you anything up to
about £750 in subsequent loans.
Payday loans can provide a useful
solution for short term cash flow problems.
Who can apply for a Payday loan?
In order to be eligible for a payday
loan you must be over 18 years old and in employment with a take home wage of
at least £750 per month. You must also have a bank account with a valid debit
card.
Even if you have bad credit history
you should still be able to obtain a payday loan as long as you fulfil the
above criteria.
How do you get a Payday loan?
The majority of payday loans are
available online, so there is no delay with faxing or posting of documents. The
application process is quick and easy to complete. You will be asked for your
name, address, details about your monthly income and employment, when your next
payday is, along with the amount you wish to borrow and your bank account
details.
Once you have submitted your
application you should hear back from the payday loan provider within minutes.
They will email you with their decision to the email address you have
registered with your application.
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