What Exactly Are Payday Loans Anyway?
In short, payday loans are short-term loans that help you to get cash when you need it. These loans are generally repayable in a short period of time, generally on the date of your next payday. The short-term nature of the loan means that you can get cash quickly, especially when you have an emergency between pay periods.
How Can You Use a Payday Loan?
Payday loans can be used however you like. They can be used for anything from medical bills to home repair, and there are generally no questions asked about the purpose of the loan.
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Who Qualifies?
Anyone over the age of eighteen and employed full-time qualifies for a payday loan. You must also have a bank account for deposit, with either checks in your name or a debit card linked to the account.
How Long Does It Take To Get A Loan?
Depending on the company, it may take as little as a few hours for the loan to be made. The industry standard is around two hours, with some companies taking even less time to process the loan.
How Much Can I Borrow?
The amount that you can borrow actually varies greatly. It is generally dependent on both your borrowing status and your pay scale. The average first time disbursement is usually under £400, but some existing borrowers may be able to borrow as much as £1000.
Will a Credit Check Be Run?
Most companies do not run credit checks, as your credit score is not generally taken into account when determining whether or not you can get a loan. Employment status and whether or not you actually have a bank account is far more important to these companies that the general status of your credit.
What About Those With A CCJ?
Those with CCJs are eligible for this type of loan. Remember, the most important thing is that you have the ability to fulfil your payment on the next payday - almost nothing else can get in the way of getting the loan. If you can prove that you will get paid enough to make your payment, the loan is virtually guaranteed.
How is the Loan Received?
If you are approved, the money will be electronically transferred to your bank account quite quickly. The transfer process is usually a matter of minutes, making the period of time between application and receipt of funds clock in at around two hours in most cases.
Do I Have to Apply Every Time I Want A Loan?
If you continue to use the same company for loans, you will generally not have to apply again. You might need to prove that you are still employed, though, to make sure that you are still eligible to receive the same amount. Make sure to always bring your paperwork with you, just in case.
Can Self-Employed Individuals Get These Loans?
Yes. You will need to have a cheque book, though, as well as a cheque guarantee card to satisfy most lenders, though.
Can the Money Be Repaid Over Time?
Yes. While it is preferred that the funds be repaid all at once, you do usually have the option of repaying funds over time by only paying the interest on the loan.
What If I Cannot Repay the Money?
Generally speaking, most payday loan companies will want to know if you are having difficulties repaying your loan. You should have the chance to negotiate some sort of settlement, but be warned - if you are not able to do this, the company may be forced to go into collection procedures.
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