What Do I Need to Qualify for a Payday Loan?
When you’re first considering getting a payday loan, you might be new to the whole process. Some people start an account with a lender they really like, so if they find themselves in a financial situation that they need a little extra money for, they can quickly and easily get a loan. However, before you start an account with a payday lender, you have to qualify for your first payday loan.
This leads to the question of what you have to have in order to qualify for this type of loan. Even though your loan payment will come directly from your bank account, all payday lenders need to ensure that you meet certain criteria to qualify for a loan. Once you have found a good payday lender, you will need to have a couple of things to be able to get a short term loan of this kind:
– Are you employed full time in the UK? This is one of the most important things you will need to get a payday loan, so if you’re not, then you might need to consider an alternative. Some payday lenders have a length of time that you will have to have been employed for as well. Most of the time however, the time limit is relatively small, such as 90 days or so.
– Are you 18 years of age or older? This is also essential to getting a payday loan, so if you’re not 18, you’ll need to find another alternative.
– Do you have a bank account? Do you have automatic deposit of your wages? Do you have a debit card to that account? These are essential because this is the way that your loan payment is processed.
– Can your credit report verify this information? Some payday lenders will require that you have a credit check to verify that you are employed, 18 or older and have a bank account with a debit card. You’ll find that this is often the case for fax free payday loans in order to ensure that what you say is true and that you can get the money you need in a timely manner.
You will also need to be sure that you do not borrow more than you can comfortably afford to repay with your next pay check and that you practice responsible borrowing. You should never take a payday loan for ongoing or long-term money needs as they are intended for smaller and short term needs such as paying higher than expected bills or emergency costs that you can’t quite afford to pay.
No fax payday loans can be applied for online and help to speed up the process of getting that month end money you have been looking for much quicker and help to set your mind at ease.
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