Here are 10 of the most common questions people like to know when applying for a cash advance.
- What is a payday loan, and what can it be used for?
- Do I qualify for a payday loan?
- How much can I borrow?
- How much do I pay back?
- What documents will I need to provide?
- How long does it take to get the loan?
- How do I pay the money back?
- Do I need to own a home?
- Can I apply for more than one payday loan?
- Can I still get a payday loan if I have a poor credit history?
What is a payday loan, and what can I used it for?
A payday Loans is a small Loan that you can get on the same day you apply that will help you reach payday. These loans can be used for a wide range of purposes such covering unexpected costs or going on holiday. The most common use is probably for emergency bills.
Do I qualify for a payday loan?
Normally all you need is a regular income and a bank account. Some payday loan providers may also require that you have a chequebook. You must also be over 18 years of age.
How much can I borrow?
Normally you can borrow between £80 to £1000 or up to around $1500 but this may vary slightly depending on the suppliers.
How much do I pay back?
This varies between suppliers but as a realistic example, if you borrowed £500 you could expect to pay back around £625.
What documents will I need to provide?
This should be detailed on the providers website but you will normally require your last pay slip, proof of your address and bank statements.
How long does it take to get the loan?
This varies according to the supplier but some suppliers secure your loan on the same day you apply, whilst others may provide it the day after you apply.
How do I pay the money back?
Paying the money back is normally done using a debit card. You can also use a cheque.
Do I need to own a home?
No you do not need to own a home. As long as you can provide details of your address, your homeowner status should not matter.
Can I apply for more than one payday loan?
No, you can only attain one payday loan at a time. It is important that you pay off your current payday loans before taking out another one in order to avoid large repayments.
Can I still get a payday loan if I have a poor credit history?
As long as you can prove that you will be able to payback the loan and its interest, you will still be able to acquire a payday loan.