How does one apply for a payday loan?

Payday lenders can assist in money emergencies and many people choose to apply for payday loans through them in order to get the money that is needed to pay for unexpected bills, vet fees, car repairs and other emergency situations. These kinds of circumstances can be incredibly stressful and can leave people feeling very worried about how they will cope financially, but assistance could be found through a payday lender.

There are many different payday lenders that could be applied to, although the rules and guidelines that these different payday companies provide are often very similar. In essence, a payday lender is a company that a person could look to in money emergencies when emergency funds are required. These companies can usually lend between £50 and £1,000, although these amounts may vary with some companies.

The application process for payday loans is usually very straightforward. A person needs only to visit the payday lender’s website and complete a short online form these days, as a lot of payday companies have become internet based. In the past an applicant would have needed to print out the application form, complete it by hand and then fax it back to the payday lender, which could take considerably longer.

The online application form for a payday loan usually asks for the applicant’s name, date of birth, address, employment information, salary specifications and other such details. In order to verify the applicant’s identity a three year address history may be required, and the payday lender will also complete a credit and identity check.

This will be done to make sure that the applicant will be able to repay the full cost of the loan on their next payday, as state the rules of most payday lenders. The applicant’s past credit history will be checked to see if they would be a suitable candidate, if they match the lenders criteria they will be approved for a loan.

If the person is approved for a payday loan they will be contacted via email. The payday lender will include a link to an online application form in this email, which the applicant must carefully read and then sign if they are happy with the lender’s terms and conditions. They will then be emailed to the person and will inform them of when they can expect their loan to arrive in their bank account, which should be within 24 – 48 hours. On the loan repayment date the payday lender automatically debits the person’s account, meaning they won’t need to worry about visiting their bank.