When you apply for a payday loan it can seem quick, but not all lenders have the same application process. Here is what to expect when applying. We look at how to get an instant payday loan.
To help you find the right payday loan, think about:
– How Much You Need to Borrow: To avoid paying more interest than you need to.
– How Long you Want to Borrow For: This is the time you have to pay the money back.
You can find out how much a payday loan will cost you by visiting a lender’s website, but check you are eligible before you apply.
Payday Lenders could let you borrow money even if you have a bad credit record, like from a missed payment on a credit card a year ago. To apply for a payday loan, you need to be:
– At least 18 years old
– Working at least 16 hours a week
– The account holder of the bank account you want your payday loan paid into
However, you will not be eligible if you:
– Have had a CCJ in last 12 months
– Are on a debt management plan
– Have been declared bankrupt in the last 12 months
If you give incorrect information about your credit history, it will show up during the credit check process and your application could be rejected.
Payday lenders are usually found online and let you start your application from their homepage. If not, there is usually a visible apply button you can click on.
When you apply, you have to confirm:
– The amount you want to borrow
– How long you want to pay it back over
At this stage, you see the loan amount, how much interest you pay over the term and how much you have to pay back each month.
Once you have chosen the payday loan you want, you need to give your personal details to create an account with the lender, including:
– Name
– Date of Birth
– Email Address
– Telephone Number
– Address
– Number of Dependents
You then need to choose a password so the lender can save your details securely. This means you can log in to your account at any time to keep track of your payments or borrow more in the future, without needing to give your information again.
Finally, give the bank details of the account you want the payday loan money paid into and where you want your monthly payments taken from. You may have to give one or both of the following:
– Your current account sort code and account number
– The long 16-digit number on the front of your debit or credit card
The lender sends the loan money to your bank account, usually within 24 hours. Most payday lenders transfer the loan money to your account within 15 minutes of approval, with some offering this service over the weekend too. If you start too struggle financially and think you may not be able to keep up with your payments, contact your lender straight away to explain your situation. Find out how to manage your payments here.
Ask the lender why they rejected your application. Check your credit record for any issues that you may have failed to mention in your application. Do not apply for another loan until you find and fix the issue.