What Payday Loan am I Eligible For?
There are so many different payday loan options online, all with different lending criteria. It often leaves most customers asking themselves “What payday loan am I eligible for?”…
To give you an understanding of your eligibility for payday loan. This blog will briefly you understand the easy process lenders put you through and make their lending decisions.
What is a payday loan?
A payday loan is also known as a short term loan, this is money that you have borrowed from an online lender and paid back on your next payday. The loan usually comes with a set interests rates which are industry standard.
People often use these types of loans for;
- Unexpected bills
- Emergency repairs
- Medical funds
- Clear a debt
Whatever your situation, a payday loan is very useful for the short term.
Key benefits:
- Quick financial fix
- Applications are easy to complete online
- Funds are provided to you quickly
- People with poor credit can apply
- Acceptance rates are high
- Affordability is the key parameter for lending decisions and not solely on your credit score
What makes you eligible for a payday loan?
It’s not as complex as you think with the way lenders qualify their new clients.
The key eligibility points are:
- Are you 18 or over
- Are you a U.K resident
- Do work full-time
- Do you hold a U.K bank account
- Affordability
Lenders will perform a soft credit search on you which will have no impact on your credit file.
This is standard across most payday lenders just to verify your details and prevent fraudulent activity.
Short Term Fix
Before considering a payday loan, you must take into consideration your current financial situation.
You must think about 2 things:
- Analyse whether you need the loan. Do you want to put yourself in a worse situation if you can’t afford the loan?
- Will you pay the loan back? Again, don’t put yourself into further difficulties if you know you’re not going to pay the loan back.
Payday loan companies like our serve a good purpose in providing help when people need it most.
We are transparent and we always have your best interests at the heart.
Applying for a LoanPig Loan
Applying for a LoanPig loan is easy and is done in 3 quick steps:
1: Choose the loan amount you require and the duration
2: Click apply and fill in your details accurately
3: Submit your application
Not just a lender
At LoanPig we provide various guides and tips on how to improve your finances or manage your overall income and expenditure more efficiently.
You can find our blog resources here: Blogs
Warning: Late repayment can cause you serious money problems. For help, go to: Money Advice Service