Payday loans are quite popular in the UK these days. Besides, they are unsecured, small loans that people choose to take out in times of need for things like car repairs, medical expenses, and other things.
People choose payday loans in emergency situations because they don’t have to wait for days or weeks to find out the outcome of their application.
Another great advantage of choosing payday loans is, you do not have to visit the lender’s office physically to know the status of your application.
Most lenders these days are sending email confirmations to their clients. If at all your application is approved, the loan amount will be credited into your account in no time. You can use payday loans for both personal and business purposes.
Having trouble deciding on a lender to apply for this loan? LoanPig is one of the best lenders in the UK, for many years. The main advantage of approaching such a lender is, they provide the loans comparatively at a lower interest rate.
Having a poor credit score? Don’t worry! LoanPig provides loans even for individuals with poor credit scores. If you don’t meet their eligibility criteria, they will share your details with other lenders.
This way, your time won’t get wasted. In fact, you don’t have to search for another lender. Visit their website to apply for their instant payday loans.
Who can apply for a payday loan?
- Only candidates with age 18 and above can apply for a payday loan. If you are under 18, you better avoid applying for a payday loan because rejection of a loan application can ruin your credit rating very badly.
You can always check the official website of various lenders in your location to know about the age limit.
- You must be a resident of the UK currently.
- You must show your debit card and bank account proofs.
- You need to submit your address proof, income proof, etc.
One common mistake that many people do is, they don’t read the terms and conditions carefully before their application for a payday loan. Reading the terms and conditions is extremely crucial because it contains all the important information related to late payment fees, repayment options, ROI, etc.
Once you accept their terms and conditions, you cannot escape from paying those charges.
Can people with bad credit get a payday loan?
Yes, there are some lenders who provide bad credit payday loans for people with bad credit histories.
When an individual doesn’t fulfill the loan payback responsibilities, their credit history would be hampered. Therefore, it is much preferable to assess a person’s capacity to fulfil those responsibilities before deciding to lend them money. Because of this, all lenders are required to conduct basic affordability checks.
Your general household expenses, including food, rent, energy bills, and travel, will be listed for the lenders. A loan could be manageable only if you have enough money left after paying for all your expenses.
Avoid taking a loan, if you cannot repay back. Otherwise, you might land up in trouble in future.