No two payday lenders are exactly alike – some lenders will set different criteria when it comes to applying for a payday loan. However, there are a number of criteria that are common between lenders and there is information that you can provide that will make your application more likely to gain approved status. It’s important when filling in your payday loan application to be as thorough as possible an avoid missing out any information – it’s doubly important to be honest when submitting your application.
The majority of lenders will offer instant or same day depositing of funds, if a borrower wants to take advantage of this service then they will need to ensure that their application meets the necessary standard set by the payday lending company in question. Should a borrower miss any information out then further identification or information may be required which can unnecessarily slow down the application and result in slower depositing of the loan in the borrower’s account.
It’s conceivable to submit two identical applications to two different Payday Loan Companies and receive an entirely different result. Some lenders will perform an automated credit check on an application and some will lend based on the information provided – either way, the process will be significantly faster if the borrower provides a full, detailed and honest application. All payday lenders require that the applicant be over the age of eighteen years old, in full time employment, have a UK bank account and debit card and be permanently based in the UK.
Some lenders will demand additional information, including proof of identification and other lenders will only accept applications from people who do not have a bank overdraft. What’s more, some lenders also set a minimum month income threshold – this level is usually set in the region of £750 but can vary between payday lenders.
