Person Behind Payday Loan
The person behind approving and lending money is knownas payday loan's direct lender. He will directly provide you with the money you want to borrow.When you take loan from payday lender you are entering an agreement with him.Once you enter the agreement it means that you are agreeing with all the requirements such as when you will be repaying, the dates and terms, interest you will be payingand also will be giving any information they demand for,so that they can approve yourapplication.There are two ways that a person can approach to apply for loan, first is that you can directly approach a payday lender or another option is that you can search and compare between different lenders and decide which is the best deal.You canget in contact with loan broker website or comparison sites which will help you in comparing big payday loans provided by many companies in UK at one place which will make it very easy to find best deal for you.
Some common information will be demanded by payday lenders, but they will never askfor credit information that will harm your credit rating. Sometimes they will make a decision depending on personal information of people. If you have a bad credit history when checked by lenderit will lead to digging more into your history to make sure that you will be able to repay the loan or not cause any trouble while doing so.
There is no restriction on what you are applying the loan for and neither is it asked by the lender about this. Some of the common reasons people take loan for are house improvement, weddings, special occasions, car repairs, paying existing loan
Information Usually Asked
Date Of Birth-
The minimum age a person must have crossed is 18 to apply for loans.
This is asked so that people will not fraud the payday lender and making sure that people are not taking any loan on someone else's name. Address is also checked to see if it matches the address you have provided in the personal bank.
Monthly Salary AndHistory Of Employment-
By knowing yourmonthly income they will be able to decide what amount you will be able to repay and whether you can afford to repay the loan.If they see any potential problem and that you are struggling to repay your monthly loan or will be pushed into more financial difficulty, the company will decide not to approve the loan.
Band Account Information-Since applying for this loan is online, money needs to be transferred directly to your personal bank account when your application will be approved.
If incase you have a bad credit history, some companies accept both good as well as bad credit history applications and there are chances that itwill be accepted as well, but it is important to note that interest rate and repaying terms and conditions will be higher and vary respectivelyas there is increased risk if they accept such applications.
Sometimes such applications might get rejected, or the company might provide other financial product that will suit the bad credit history.