More about requirements to meet applying for UK payday loans
UK payday loans are known for their simple requirements, especially if you compare them with the traditional bank credits. However, if you want to be that lucky borrower, who is easily approved for the short-term loan online, you should be aware of all requirements the direct lenders ask you to meet.
Here you are offered to check out which requirements you must be ready to meet to get the positive answer from the payday loan lenders in UK.
Top-5 qualifications every payday loan borrower must meet
1. Every borrower must be 18
There is no such a payday loan lender who will approve the loan application if see that the age is under 18 due to the legislation restrictions. This point is obligatory for every customer and you will get the refusal immediately in case you can’t meet it.
2. Every borrower must have a steady income source
You have high chances to get the necessary amount of money if you are employed and able to prove this with the paycheck. In case you are currently unemployed, you should have some other steady income source, which you get monthly on the regular basis and have the evidence of having it.
3. Every borrower must be a resident or a citizen of UK
Only 18 aged UK residents or citizens have the right to apply for UK payday loans online and be approved. According to the legislation only those who legally live in UK may become the short-term loan borrowers.
4. Every borrower must have a banking account
You may wonder why it is obligatory to have a banking account, however, there is nothing surprising as you are required to share your banking details only with the aim to transfer you money directly into your banking account.
When you make your payday loan UK repayment on the due date the lender will use your banking account to withdraw the borrowed amount plus interest rate automatically.
5. Every borrower must have an e-mail address
Your personal contact information is required for contacting you when there is such a need. First of all, you will get the confirmation letter about your payday loan approval via e-mail. There is no paperwork while you apply for a payday loan online but in rare cases you may be asked to send some documents via e-mail as well. That’s why you should have it to be informed about any important points concerning the payday advance you want to be approved for.
Can poor credit borrowers be approved for the UK payday loans?
It doesn’t matter for the payday loan lenders what kind of credit you have. Either your credit is poor or good, you have equal opportunities to apply for the payday advance online and get the loan confirmation easily if you meet all requirements listed above. In case bad credit is your only disadvantage, then you don’t have reasons to worry about your chances to get the short-term loan called payday advance. You won’t have to explain why your credit score is bad as lenders aren’t interested in your past as it is much more interesting which financial situation you have at the moment. Steady income source and ability to meet the rest of requirements are your guarantee to be approved.