Payday Loans


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A payday loan, sometimes referred to as a cash loan, instant loan or cash advance, is a short-term lending option that is available to borrowers in order to ‘bridge the gap’ between requiring funds and their next payday. Therefore a payday loan will be lent for a period of up to 31days and can be borrowed at an amount between £100 and £1000. Because a payday loan is borrowed over a short period of time, the lenders are more concerned with your current financial circumstances rather than how you have re-paid credit in the past. As a result, many payday lenders do not carry out credit checks, so if you do have poor credit rating or if you have been subject to CCJ’s in the past, you can still look to borrow in this way. Over recent years, the popularity of payday loans has grown from strength to strength, noticeably so as obtaining credit through traditional methods (such as through a bank) has become more difficult. The application process for a payday loan and the speed at which funds can be transferred to a customer, has also added to their success. Applying for an unsecured or a secured lending option can take weeks, with numerous forms to complete, credit checks and additional information requests. In comparison, a payday loan application can be completed and submitted online before receiving a decision minutes later. The money can quite literally be within your account by the following working day without the need for you to even leave your house. This shows just how flexible and accessible payday loans really are.

What is the payday loan process?

 
  • Complete the quick online application form,
  • Submit the form when you are happy that you have included all of the correct information,
  • On rare occasions we will not be able to confirm the details that you have provided and we will ask that you forward some simple documentation,
  • Wait a few minutes to find out whether or not you have been approved,
  • If you have been approved you will be redirected to the lenders site and you will receive email confirmation,
  • All you will need to do is electronically sign the online loan agreement.
If you have applied for your loan on a weekday before 3pm, then you should receive your funds on the very same day. If you make the application after 3pm on a weekday or over the weekend, then you should receive the funds on the next working day. Once you reach the agreed repayment date, you will not be required to action anything. The funds will be automatically taken out of your account for you, in order to repay what you owe. This makes the payday loan process as simple and as easy as possible!

What are the requirements?

Each payday lender has their own set of conditional requirements in order to either approve or decline a potential customer. However, they do also follow a set of minimum criteria that every client must meet. Customers have to be aged 18 years or older in order to make the application and they must be in work earning at least £750 per month. This means that they will be considered as being able to repay the loan. Customers will also be required to provide proof of ID and have an active bank account that can receive direct debits. So it really is as simple as that - we did say that it would be easy!