There are many loan types and they all have certain criteria that you have to fulfil in order to qualify for them. Some are much easier to be accepted for than others. It is worth thinking about whether you will be accepted before you apply. This is not only because it can be a waste of time applying if you do not get offered the money that you need and it can feel demoralizing but it also looks bad on your credit report. It will document every rejection that you get. Some lenders will see a rejection and will immediately reject you as a result of that without even looking at your credit report further. You, therefore, need to be completely sure that you will be accepted before you apply. Some lenders will tell you which can be handy, but it is also useful knowing what their criteria are. With payday loans, there are not that many, which can be a relief to a lot of people. Although they may vary between lenders they tend to only require the following.
To borrow the money you will need to be over the age of 18. This is not surprising as under 18’s are considered to be children and also most are not earners. Hopefully, most people below this age would not need to borrow money anyway.
In order to take out a payday loan in the UK, you need to be a UK resident. If you are not then you may be able to borrow money from the country that you are resident in. It is likely that you will be a UK resident if you hold a UK bank account anyway (although a few people may have UK bank accounts and live elsewhere). You will need a UK bank account as well.
UK Bank Account
You will need to hold a UK bank account. This is because the money that you borrow will be paid into the account and you will need to make the repayment(s) from this account as well. Without an account, the lender will not be able to set up the direct debit that will ensure that they get their repayment on the day that they need it. They will want to do this as it will increase the chance that they will get the money that is owed to them on time.
Most people in the UK, that need to borrow money will fit these few criteria. These are very few compared to most loans. A lot of lenders will expect you to have a good credit rating before they lend you money as well. This means that you will need to be able to show that you can be trusted to repay the loan. Lenders do vary in what they look for, but many will look to see if you have a good record for repaying loans in full and on time and whether you are making other payments that are expected of you as well. The lenders may also look for proof of a permanent income, so that it can be tricky for those are self-employed, contracting or freelancing to get money This can mean that some people will therefore not be able to get these loans. This is where a payday loan can be useful as they do not look at the credit report as a means of judging the applicants. It is therefore extremely likely that you will qualify for a payday loan as there are very few criteria that you will have to fulfil in order to do so.