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Criteria to get a Payday Loan

Just like any other loan in the market, for Payday Loans as well you have to fulfill lending criteria. On this page, we will discuss the Criteria to get a Payday Loan. There can be many lenders that would be ready to lend money to you as long as you have a good credit score. Is that it or there’s more to it. Let’s find out.

  1. You should be over the age of 18 years old to apply for a Payday loan.
  2. Be in full time or Part-time employment.
  3. People on benefits can also apply as long as they can prove a regular income.
  4. You should be a UK resident.
  5. You should have a valid bank account
  6. You should have a Visa or Master card linked to your bank account.
  7. No Bankruptcy filed in the last 3 years.
Payday loans

Having the above criteria fulfilled alone does not guarantee that you will be paid a loan out. There are other factors that influence the final decision of lending. Some are discussed below

  • Credit Score: Credit score is very hard to improve and quite easy to lose. Whenever a lender decides to lend you a loan or rejects an application, its most probably based on your credit score or sometimes referred to in the UK as Credit History.
  • Loan Count: Its the number of loans you already have taken out and are paying for. If the loan count is too high the lenders might not want to lend you further.
  • Affordability: You should be able to afford to pay the loan back. This is very simple as the lenders are looking to get their money back and make a little profit in the shape of interest rate they charge you. So if they check your affordability and you can not pay the principal amount back they will never surely lend you. Affordability is counted as the factor of your income and expenditure basis.

Types of Quick Loan

For free and impartial advice on money-related issues, please visit Money Advice Service.

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