• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Education
  • Career
  • Investment & Money
  • Accounting & Taxation
  • Transportation & Logistics
  • Industries

Business Finance Articles

Your First Financial Choice....

  • Business
  • Commerce
  • Management
  • Insurance
  • Banking Finance
  • Marketing & Advertising
  • Tech

Payday Loan Requirements – Am I Eligible?

Last Updated on October 15, 2020 By Lisa C. Townes Leave a Comment

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.

Table of Contents

  • How to Choose Lender
  • Lending Requirements
    • Credit History
    • Work Status
    • 18 Years of Age
    • Permanent UK Citizen
    • Current Active Account
  • Bottom Line

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.

Lending 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

Credit History

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.

Work Status

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.

Bottom Line

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.

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.

lisa
Lisa C. Townes

Lisa is a passionate travelers. She spends 3 months every year visiting different places worldwide. She has visited almost every famous place in the world. She herself is an affiliate blogger

Filed Under: Banking & Finance Tagged With: Loan Provider, Payday Loans, UK

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I accept the Terms and Conditions and the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

What to look for when moving office?

The office as we know it has changed significantly due … [Read More...] about What to look for when moving office?

What is micro-lending?

“Poverty is unnecessary” Mohammad Yunus. Although … [Read More...] about What is micro-lending?

What Is HMO Licensing and Why Is It Popular With Landlords?

HMO or house of multiple occupancies is essentially a … [Read More...] about What Is HMO Licensing and Why Is It Popular With Landlords?

Is 2021 the year to Improve Business Sustainability?

Businesses are starting to invest in green materials, … [Read More...] about Is 2021 the year to Improve Business Sustainability?

How is the Car Market Expected to Perform in 2021?

2020 was clearly a year to forget for the automotive … [Read More...] about How is the Car Market Expected to Perform in 2021?

6 Ways To Improve Your Business’ Delivery Process

In most cases, when a company receives an order, they … [Read More...] about 6 Ways To Improve Your Business’ Delivery Process

Business School Essay Tips for Successful Studies

Applying for a business school is not a cinch. Every … [Read More...] about Business School Essay Tips for Successful Studies

How has Brexit Impacted the UK Economy?

The historic deal on the UK's future trading and … [Read More...] about How has Brexit Impacted the UK Economy?

Invoice Generator For Freelancers: A How To Guide

Becoming a freelancer is probably one of the most … [Read More...] about Invoice Generator For Freelancers: A How To Guide

Which Video Maker Tools Are Best for Beginners?

One of the new trends in marketing is that people are … [Read More...] about Which Video Maker Tools Are Best for Beginners?

How Can You Save More on Merchant Processing Overcharges

Merchant servicing is one of the branches of financial … [Read More...] about How Can You Save More on Merchant Processing Overcharges

The Importance of SEO Rankings for eCommerce

Appearing in the top few search results is the most … [Read More...] about The Importance of SEO Rankings for eCommerce

How Can You Save More on Merchant Processing Overcharges

Merchant servicing is one of the branches of financial … [Read More...] about How Can You Save More on Merchant Processing Overcharges

3 Ways Business Intelligence Helps Telecommunications

To say telecom enterprises generate massive data on a … [Read More...] about 3 Ways Business Intelligence Helps Telecommunications

Importance of LOGO in Business

Every minute in this globe, business revolutionists are … [Read More...] about Importance of LOGO in Business

Risk vs. Reward: The Wise Way to Invest

Every good investor has a strategy. You wouldn't apply … [Read More...] about Risk vs. Reward: The Wise Way to Invest

Benefits and Drawbacks of HughesNet

It’s so difficult these days to find a stable internet … [Read More...] about Benefits and Drawbacks of HughesNet

Minimum Wage in Virginia

Most companies and corporations are confined to meet … [Read More...] about Minimum Wage in Virginia

Expert Tips in Marketing Your Business

Are you thinking of starting your own Limited Liability … [Read More...] about Expert Tips in Marketing Your Business

ELSS VS PPF: Which Investment Option is Better For You

As both ELSS and PPF schemes help an investor to save … [Read More...] about ELSS VS PPF: Which Investment Option is Better For You

Most Viewed

Advertising Business Growth Business Ideas Business Needs Business Tips Career Advice Career Development Career Guide Career Options COVID-19 Credit Card credit card reviews Debt Management Differences Employee Entrepreneurship HRM Import-Export Importance Investment Loan Provider Loans MCQs Online Marketing Organization Pakistan Partnership Past Papers Payday Loan Payday Loans PPSC Production Pros Cons Quick Money Tips Roles and Duties Startups Strategies Students Help Tips Top10 Types UK UK Banks University USA

Recent Comments

  • Quratulain Merchant on What is micro-lending?
  • Um Yousuf on What is micro-lending?
  • Dr. Rajesh on What is micro-lending?
  • Nighat on PPSC MCQs: Curriculum Development
  • Muhammad Shan on PPSC MCQs: Pakistani Education Policies MCQs
  • IRSHAD AHMED on PPSC MCQs: Curriculum Development
  • Anpan Bismark on PPSC MCQs: Curriculum Development
  • Anpan Bismark on PPSC MCQs: Curriculum Development
  • Aisha on PPSC MCQs: Curriculum Development
  • Hat on Successful Small Business Ideas 2021

Footer

  • About US
  • Contact Us
  • Blog
  • Comment Policy
  • Terms & Conditions
  • Privacy Rights
  • Privacy Policy
  • Follow on Google News
  • Follow on Facebook
  • Follow on Twitter
  • Follow on Medium
  • Entrepreneur Skills
  • Business Cycle
  • Business Ideas
  • Speculator
  • Be Wealthy
  • Psychology in HRM
  • HRM in Business
  • Businessman Qualities
  • Salespeople Types
  • Health & Business
  • Business Success Rules
  • Stress At Work
Copyright © 2018 BFA - DMCA.com Protection Status .