The name says it all since you go to these loan agencies to borrow money and after a few questions they provide you with cash for a short time till your next pay packet. Keep in mind the amount you can borrow will depend on the amount of money you will be bringing home and when you get paid. There are other requirements as well that you need to keep in mind.
Providing proof of income will be the first requirement. You can show bank statements, forms, or even a paycheck to show them what you are bringing home. There are certain thresholds within each company that will help decide how much you can borrow and whether or not you have the ability to pay it back on time.
In order to get any kind of loan you normally have to make something like £200-250 a week. Some places accept less, but not too many. Even with making £250 a week you will only be able to borrow £100. So take the time to check beforehand so you don't waste a load of your time for nothing. Do research on the different companies out there that provide such a service.
Though you will not need to undergo a credit check, you will need to provide your name, national insurence number, and a few references that can be checked. In addition to this, you will probably need to present at least two forms of identification.
The identification will likely be your national insurence number, a utility bill and some form of photo id these can all be scanned and sent online. If you have any other form you might be able to use it, but these are the three that are generally used. Once you show these and answer a few basic questions, you should be well on your way to receiving your payday loan.
You will also have to set up a repayment schedule as well. Don't be surprised if they ask you to pay back the money on your next pay date. Your options are usually weekly or bi-weekly. They have to know your payment schedule, and don't try to trick them because it will be verified from your employer. Individuals who are able to pay this back on time will be able to request and receive more loans in the future if you need them.
Providing proof of income will be the first requirement. You can show bank statements, forms, or even a paycheck to show them what you are bringing home. There are certain thresholds within each company that will help decide how much you can borrow and whether or not you have the ability to pay it back on time.
In order to get any kind of loan you normally have to make something like £200-250 a week. Some places accept less, but not too many. Even with making £250 a week you will only be able to borrow £100. So take the time to check beforehand so you don't waste a load of your time for nothing. Do research on the different companies out there that provide such a service.
Though you will not need to undergo a credit check, you will need to provide your name, national insurence number, and a few references that can be checked. In addition to this, you will probably need to present at least two forms of identification.
The identification will likely be your national insurence number, a utility bill and some form of photo id these can all be scanned and sent online. If you have any other form you might be able to use it, but these are the three that are generally used. Once you show these and answer a few basic questions, you should be well on your way to receiving your payday loan.
You will also have to set up a repayment schedule as well. Don't be surprised if they ask you to pay back the money on your next pay date. Your options are usually weekly or bi-weekly. They have to know your payment schedule, and don't try to trick them because it will be verified from your employer. Individuals who are able to pay this back on time will be able to request and receive more loans in the future if you need them.
One last note payday loans should only be used as a last resort and you should think very carefully about it. They can have high interest rates and be hard to pay off. Take it easy people and look after your money.
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