Payday loans in the UK are well known for its immediate use at any given time. Loan advances such as this, help those who are in financial difficulties and need a cash injection to cope financially till their next payday. Payday loans must be used in emergency scenarios only, for example, the washing machine breaks down or boiler repairs. Many cases are witnessed where you may have a sudden bill to pay that is not of its usual amount.
Loan Criteria & Application process
To apply, you have to be 18 years old or older, have a valid UK bank account and have a minimum of £600 monthly income. Apply online so there is no need to fax in documents and no paperwork.
Once your loan application is submitted, many direct lenders can facilitate your application within 2 hours and some make take longer depending on the time of the day or month.
Most people tend to ask the main question, which is, can you be eligible for a loan if you have bad credit. The answer is, yes. Bad credit payday loans and good credit history are both acceptable. Compared to other financial institutions such as high-street banks or high-street lenders, bad credit is not accepted. However, with most direct payday loan lenders, they keep their underwriter focus point to affordability instead of credit scores or credit history.
There are thousands of payday lenders in the United Kingdom. Most of these lenders lend from £50 to £5,000 and offer a wide range of repayment terms, from 1 month to up to 12 months. These are unsecured loans which means no assets are tied to the contract. So if the loan is not repaid on time, your assets are safe and cannot be repossessed.
Other forms for credit
There are other forms of credit to choose from other than payday loans that may help you such as Credit cards, bank overdrafts, property equity as so on. However, these lines of credit is not as punctual as short-term loans in terms of its speed and cash clearance times. Short-term loans can have funds delivered straight to you bank within hours from application.