Am i eligible? Age restrictions on lending largely comes down to repayments and laws surrounding actions available to minors. What’s more, should a loan not be repaid, the eventual route is to seek legal action against the person borrowing the money. And this is not legally possible in the event that the person is a minor.
You must reside in the country you are borrowing from. This is because of local laws and restrictions, and again, largely comes down to protecting the lender in the event of non-payment. Accessibility to the borrower must be easy and legal, and living abroad would go against this.
You do not necessarily have to employed to obtain a loan, but rather have an income. This could be in the form of disability benefits or pension income. This is essential, as obviously without some form of income, you would not be able to repay your loan. We work with specialist bad credit loan lenders.
The income you receive should be transferred directly into your bank account. This gives the loan provider the comfort that there will be money available for repayments each month. It also shows stability and accountability to the lender.
A debit card is used simply as proof of identity, but also shows that there is means to remove funds from your bank account. This is important for tracability of a customer, and to show the loan provider that repayment can be made.
Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR.