What is a payday loan?
A payday loan is a loan that is designed to be a cash advance to tide you over until payday for whatever financial costs may arise in a given situation, commonly referred to as a “cash advance” a payday loan is to help you with urgent costs that you don’t currently have the funds for, basically speaking it’s a financial stop gap.
Where is best to get a payday loan/ cash advance?
The most popular place to get a payday loan traditionally was on the high street, many people will remember the outlets where you can apply for them on the high street and in busy built up areas.
However, recently payday loans are becoming a lot more popular online; with many people now promoting websites that seek to give each customer the payday finance that they are looking for, whilst showing them different rates of interest for different amounts of cash to be borrowed over different periods of time.
Online payday loan providers are becoming a lot more popular in today’s society because more and more people need these types of loans because of the current financial climate, but another thing that people need to have in mind is eligibility.
How do I know if I am eligible for a payday loan?
A persons’ eligibility depends on a few different factors, age being one of them, the person must be above the age of 18 years old, also the person must be employed and have a sufficient monthly salary to pay back the finance that they have borrowed.
Will I need to provide Identification?
The applicant (in most cases ) will need to provide identification to prove that they are the person that they say they are before receiving their payday loan, this is important because if the loan was issued to the wrong person by mistake then this would be a very serious problem for the financial institutions.
How Much Can I borrow?
You can usually borrow anything between £50-£1000 when applying for a UK payday loan, but in every case of a loan being issued you are well advised to ensure first that you can actually afford the loan that you are applying for because of the financial hardship that it can cause if you borrow money that you cannot pay back.