A payday loan is a small short term loan you can use to cover expenditure until your next payday. You can apply online and the decision to loan you the money is made almost straight away. In most cases, the whole application can be completed online and the money loaned can be credited into your bank account on the same day as you make your application.
A payday loan is an unsecured loan, so it is not dependent on collateral, such as you own a house or car, etc.
Generally, when you make your first application you can borrow any amount up to £300, depending on your take-home pay. You are more likely to be approved the less you want to borrow, so it is advisable to borrow only what you need. Once you have successfully repaid loans with one particular company they may then offer to lend you anything up to about £750 in subsequent loans.
Payday loans can provide a useful solution for short term cash flow problems.
Who can apply for a Payday loan?
To be eligible for a payday loan you must be over 18 years old and in employment with a take-home wage of at least £750 per month. You must also have a bank account with a valid debit card.
Even if you have a bad credit history you should still be able to obtain a payday loan as long as you fulfill the above criteria.
We know, Payday loan is the best solution for getting emergency funds. But it can be so risky in some situation. If you have caught in payday trap you can seek help for your payday loan consolidation