What are the Basic Requirements to Qualify for a Payday Loan?


A payday loan is a short term, low balance, high-interest loan. The funds can be borrowed in a post-dated check that is usually cashed on the borrower’s upcoming payday. Payday loans generally have very limited loan qualification requirements and are designed to be easy and quick.

Basic Requirements

The requirements differ by lender but generally, you will need the following to apply. Be 18 years or older, valid photo ID, open and active bank account, a steady source of income, and a working phone number.

Although, specific requirements may also vary by the lender it is smart to be armed with the following when applying for a payday loan.

Personal information such as

  • valid ID
  • home address
  • valid phone number, and
  • email address.

Income information such as

  • pay cycle frequency
  • income type
  • employee name
  • address & phone
  • net & gross income amounts.

Bank Account Information

Payment options will also vary by lender and how you apply for the loan but you will need one of the following at the minimum.

  • Checking account
  • Institution and routing number

Employment Issues

Unfortunately, most payday lenders may not be able to lend to those whose employment contract is due to terminate before the end of the month or who are currently unemployed. To get approval for a loan, you need to confirm that you will receive a paycheck every month from one source or another. Part of the legal requirement is that you need to confirm your identity and residential address.

Bad Credit Ratings

Individuals with bad credit ratings can apply for payday loans as they are more likely to get accepted than any other forms of credit. The only relevant factor a lender will look at is your present financial situation.

This is because payday loans are short term loans and the loan companies usually base the agreement on the paycheck you receive on a monthly basis rather than the track record of repaying loans. Generally, a high proportion of applicants get accepted – this means many people are eligible for a payday loan.

There is no fee associated with applying for a payday loan so there is no harm in filling out a form to see whether or not you will get accepted. There is every chance you will be, provided you meet the terms described.

How Much Can I Borrow?

Qualifying loan amounts vary and it depends on the payday direct lender and the borrower’s income. It is important to note that most states have laws guiding the maximum amount you can borrow.

There are some states that limit the borrower’s ability to have multiple outstanding payday loans. When thinking of a payday loan, loan requirements should not be the only consideration. It is uncommon for payday loans to exceed 500% or even 1000% in terms of annual percentage rates or APR.

As an expensive alternative, treat Payday Loans with care. Although regulations and business models limit the duration and size of the loans.

If you have any outstanding debts, freeze them today and look at reducing or writing them off before you borrow more. DebtSupportOnline can help, they use a legal service that could wipe your debts clean or make you significantly better off each month, or worse case, help you with an IVA or DMP. Get help now and improve your credit to make borrowing cheaper for you in the future.…

Why Should You Fix Your Budget?

Why Should You Fix Your Budget?

Your finances play such a huge role in your daily life. Without any kind of budget, you’d probably struggle to conduct your general, basic daily tasks. However, until you get a glimpse of the right budget, better money management, or the path to success, you may not realise their importance. Trying to work with a budget that isn’t supporting your financial goals or helping you along the right track can be very stressful. Some people work with it, whereas others try to find the best solution to their problems. If you’re on the fence when deciding what to do, here are a few reasons as to why you should fix your budget.

Better Financial Management

Developing a strong relationship with your budget will lead to improvements in your financial management and offer you increased stability. Having better financial management will enable you to complete your daily tasks without the stress or worry of falling into any uncertain situations. You will be aware of how much you can budget for and spend per day, meaning you can spend freely. Yes, you will be restricted to certain limits. However, once you start and stick to the same routine, it will soon become second nature.

To Avoid Falling Into Debt

Debt is something that many of us struggle with at some point throughout our lives. Therefore, creating a budget to help you avoid falling into debt is essential. If your budgeting and financial management skills are inadequate, your chances of debt are increased. In this case, you may find yourself more inclined to turn to direct lenders and brokers to help fund any emergencies you’re faced with. Despite being extremely helpful as a last resort, payday and short term loans also have their risks

To Prepare You For Emergencies

You never know when you’re going to find yourself in any kind of financial emergency. After all, you never know what’s around the corner or what’s about to happen. Therefore, having an emergency fund will enable you to account for any unexpected debts at any point. Knowing you’re financially prepared for the uncertain will keep you from scrambling and over-stressing if the time ever comes. Putting a small percentage of your monthly or weekly wage aside will help you slowly build up an emergency fund. If you add to this routinely, you’ll soon see an increase in the number, covering you for any incidents you may encounter. 

How Payday Loans Work?

Discover How Payday Loans Work?

If you’re considering taking out a payday loan, it’s important to know what you’re applying for. Understanding how payday loans work is the best way of making the right choice.

What are Payday Loans?

It is a loan designed to be taken out over a short period of time. Typically they are advertised as a means to fund unexpected purchases that arise a few days before the end of the month, when you are strapped for cash and waiting for payday.

How much can you borrow?

Typically up to £1,000, although some lenders may offer loans at higher amounts of maybe £1,500 or even £2,000. Loan periods start at a week and in some cases run-up to 6 to 12 months.

What does the application process involve?

Applying for most payday loans is usually a relatively simple process. Often, borrowers can apply online without having to speak to another human being.

When you apply you’ll need to provide bank details and information about income and expenditure, as well as your personal details. The vast majority of regulated lenders provide an easy to use online calculator. These tools estimate the overall cost of your loan and how much you’ll pay back in each instalment.

Does it have high interest?

When looking at how payday loans work, it is important to understand they are high-interest credit options that are not intended for long-term or repeated use. You’ll pay interest by the day on the money that you’ve borrowed. Some providers charge fees for late repayment. Many responsible lenders have removed these from their agreements. Remember that unexpected costs can arise at any time. Always look ahead and think not just about whether you’ll have the money available.


Payday Loan Facts: The Shocking Truth about Them

Payday loans are in high demand as more people in the UK look to borrow money. However, there are some borrowers that aren’t really sure what they are getting into with these loans. Payday loan facts can be quite shocking and we’re here to tell you the ultimate truth.

Despite what you might believe, you have to be very careful with a payday loan.

Do you want to learn more about these loans and the truth that surrounds them?

Why don’t you read on to find out more?

If you have any outstanding debts, freeze them today and look at reducing or writing them off before you borrow more. DebtSupportOnline can help, they use a legal service that could wipe your debts clean or make you significantly better off each month, or worse case, help you with an IVA or DMP. Get help now and improve your credit to make borrowing cheaper for you in the future.

Be careful how much you borrow

Let’s be honest, you can choose from the best payday loan lenders but if you aren’t careful over how much you borrow, you’re going to default! It’s important to understand that while payday loans usually entail smaller loan amounts, you can still end up defaulting. How is that possible? You can crazily believe you can pay back the loan within a few weeks or just simply take on too much at one time. If you aren’t careful about how you approach a loan you can and will default on it.

That’s not what you need or want and in reality, it will cause far more trouble for you.

Payday Loan Facts: The Shocking Truth about Them

Interest Rates Can Soar if You’re Not Careful

One of the most troubling factors with a payday loan is the overall amount of interest you can pay. It can start out as £24 for every £100 you borrow but that amount can double in little time. If you were to default on payment you can find the interest rates might increase. That is something you have to be very careful of. If you are looking into payday loans you have to make sure the payment terms are reasonable and realistic for you. Interest rates can put an extra strain onto many borrowers so you have to watch out for that.

They Won’t Solve Every Financial Problem

Choosing payday loan lenders can be a great idea and certainly something most people are considering in the UK today. However, what you might not realise is that taking out a loan won’t actually solve your overall financial troubles; they might soothe them for now but they won’t solve anything.

Remember, you have to repay the money you’ve borrowed and usually within the next few weeks. What’s more, if you don’t pay back on time, the amount you owe can increase steadily in little time. It’s a frightening prospect at times. That’s why you have to understand that while payday loans carry benefits, there are also risks.

Understand the Truth about Payday Loans

In reality, a payday loan can be both a good thing when you are in an emergency and have nowhere to turn but also a bad thing depending on your personal situation. You might find that while there are some negatives said about them, the payday loan actually helps you which can be ideal.

Of course, there are two sides to the story and there are times when a payday loan won’t be your ideal solution. If you are going to choose a payday loan, ensure you look at the best payday loan lenders so that you can more likely find a more suitable loan.…

Shop Around For a Payday Loan Lender Online

Searching for good payday loan lenders can be very important. Anyone who is borrowing money needs to get a loan that is suitable for their needs but also a good lender to help ensure your accounts are protected. We’re here to help you shop around for a Payday Loan Lender.

Working with a less than legitimate lender might mean you are put at greater risk than before and that’s not what you want by any means. It’s time to look at finding a good online payday loan lender and it’s far easier than you think.

Look at Direct Lenders with Reasonable Rates of Interest

What is a reasonable rate of interest? Usually, for every £100 you are borrowing, there will be an amount added onto that. So, for example, if you were to borrow £400 but for every £100 borrowed, you were charged £99 that would mean you pay £396 of interest.

That is a very high rate and it might not be the best rate of interest you can find. Instead, it’s best to look for a more reasonable rate. Shopping online and comparing can help you find a good rate of interest from a UK payday loan lender.

Getting a more reasonable rate of interest will make a real difference. For further details, discover how rate and fees can vary. For more rates and fees, you can always shop around for a Payday Loan Lender

If you have any outstanding debts, freeze them today and look at reducing or writing them off before you borrow more. DebtSupportOnline can help, they use a legal service that could wipe your debts clean or make you significantly better off each month, or worse case, help you with an IVA or DMP. Get help now and improve your credit to make borrowing cheaper for you in the future.

Shop for Good Online Payday Loan Lenders to Protect Your Accounts

Always Look at the Website and Do Some Background Research on the Lender

You must look at their website and see what information is provided there. Does the telephone numbers or registered information checkout? How good is the customer service really? How well will your personal information be stored and will it be sold onto companies? These things are the things you must enquire over and learn so that you protect your money and ultimately your personal information. If you don’t know what happens with your personal info you must enquire about that. It doesn’t matter if you choose the best payday loan lenders, if you don’t know about them in detail you put yourself at risk. Be sure to shop around for a Payday Loan Lender that’s right for you.

Be Honest on the Application

While this might not really seem to be relevant when it comes to protecting your accounts when choosing a UK payday loan lender, it’s still an important aspect to consider. When you are filling out your loan application, how honest are you? Are you fudging over some truths or are you being totally honest and upfront with everything? That is important to think about when protecting your accounts because if you lie and are given a loan, things might only get worse. It’s important to be honest on the application so that nothing comes back to bite you later on.

Protect Yourself Online

There are lots of good loan lenders when it comes to payday loans but the trick is to spot the good ones from the bad ones. You have to do what you can to protect yourself even if it means doing the work you can’t be bothered to do. If you don’t do your research or take the time to look at what the lender is offering you. Then it might result in a very poor loan and you could put your accounts at risk. It’s time to be careful when choosing payday loan lenders.…

How to Set Up a Payday Loan Business

Payday loans are increasingly growing in popularity with thousands every month searching for a reliable payday loan. It’s easy to see why there is such great demand as people need short term loans to get them through until their next payday. It might just be one of the best avenues to explore when it comes to business because there is such a need for these loans. Can a payday loan business be viable and if so, how can you set up a payday loan business?

You Need a Good Business Plan Set Out

First and foremost, you are going to need to sit down and come up with a solid business plan. Whether you are going this alone or with investors, you are going to require a business plan. This will allow you to set out the entire premise for the business and it’s really something most businesses need when they start out. It isn’t always given enough thought however and it’s causing some trouble. When it comes to business plans you have to set out budgets, money, costs and overheads as well as every other aspect of the business. Being a UK payday loan lender takes real courage and good thinking.

You Need To Know Licensing Regulations and UK Lending Rules

Being a UK lender is not without its risks. When you are setting up a business you have to register with the British government but also, you need to know what regulations there are over lending. Every country has its own rules over lending and if you’re setting up a payday business, you have to know those things to the last t. It’s also important to know the UK lending rules so that you follow them. If you don’t follow them you run the risk of being shut down. Payday loans are popular but you need to know the basics so that you don’t lose the business. However, if you are from the US and are looking for a loan, read all about how payday loans work over there.

You Need Capital and Backing To Start a Proper Business

If you are looking to set up a payday loan business, as a UK payday loan lender you are going to need some capital to start up the business. Remember people are coming to you to borrow money so you need to have the capital at hand. It’s very important to get the right backing as well so that things can get off to a smooth start. Far too many business owners don’t have sufficient backing or capital and it’s causing them some trouble. This is what you’re going to need if you want to succeed.

Setting up a Payday Loan Business Takes Time

You might not find your payday loan business is an overnight success but with anything in life, it takes time. You need to market well, advertise and start off by being more cautious over who you are lending money to. It doesn’t hurt to run a few basic checks to ensure you don’t invest your money in a bad egg. It’s something too far many people don’t think about when setting up a payday loan business and end up losing everything. You have to be cautious in this field so that you succeed. Payday loans are highly sought after but you still have to be cautious when creating your business.…

How to Know When You Should Use Payday Loan

Do you know when to turn to payday loans? Unfortunately, a lot of borrowers aren’t sure when they need the help of a payday lender and think these loans aren’t suited for them. However, these loans are in greater demand than you think and they can be some of the most useful loans of their type. Of course, not everyone appreciates them and there are some risks involved if you aren’t aware of them as well but, overall, they are a good option for many borrowers today. Do you know when you should be using a payday loan? We’re here to help you understand.

You Need to Borrow a Small Amount of Money within a Few Days

How much money do you actually need to borrow? If you are someone who needs to say a few hundred pounds within the next few days and has the ability to repay within the next month, you might need a payday loan. Payday loans are really unique and while you can roll them onto the next month, it’s not always necessary. For those who just need to borrow a smaller amount for a few weeks or until your next payday, they can be ideal. If you fall into this category you know you need to use a payday loan. for further information, find out more about payday loans

If you have any outstanding debts, freeze them today and look at reducing or writing them off before you borrow more. DebtSupportOnline can help, they use a legal service that could wipe your debts clean or make you significantly better off each month, or worse case, help you with an IVA or DMP. Get help now and improve your credit to make borrowing cheaper for you in the future.

How to Know When You Should Use Payday Loan

You Have Explored All Other Financial Options

Let’s be honest, a payday loan isn’t always the first loan option for borrowers. In truth, they should be the last resort as loans can be very expensive. However, they can be necessary at the best and worst of times. So, have you looked at all other financial options? Have you explored every possible option? Sometimes you might be able to find another answer to solve your problem but if you’ve exhausted all leads then the answer is clear. Finding a UK payday loan lender can be fairly easy and while it’s not always the first idea on your mind it can turn out to be the only viable one in the long term.

You Don’t Need a Long-Term Loan or Aren’t Eligible for a Loan but Need One

Want to borrow a small amount but don’t want a loan on a long-term basis? You might need a payday loan. Payday loans are sometimes needed when you don’t want a long-term loan or are unable to be eligible for any loan even though you really need one. When that is the case, you have to be careful and wary of the short- and long-term aspects of things. When you need a loan but aren’t eligible for one elsewhere, it might be a sign you need a payday loan. It’s something to think about nonetheless.

Help When You Need It

While its true no-one wants a payday loan, they can be necessary and help those who are really in a financial jam. Yes, some people will not like what the loans have to offer and that’s understandable but many will be able to get more value for money from them. It’s wise to take the time to look at payday loans at close detail and ensure they are going to be the ones for you. They aren’t as scary as you think and they can help most individuals as well. A UK payday loan lender can offer a good loan.…