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How do I get a payday loan in the UK?

Even if you have an adverse credit history, you can get a payday loan in the UK. Provided that you can meet the basic eligibility criteria, you can get cash now. The money will be sent to your bank account on the same business day and you'll repay the debt 30 days later. You can borrow money for any purpose. Read on this article to know more on how to get a payday loan in the UK.

Criteria for a payday loan

Age requirements
You can get a payday loan in the UK provided that you're at least 18 years old. Citizenship
You must be a UK citizen, not someone who is on vacation or has a temporary work visa. Identification
You'll need to provide a payday lender with two forms of ID. You must have a source of photo identification, such as a driving licence or passport, and proof of address. A bank statement, council tax or utility bill will suffice for address verification. Bank account
You'll need your own bank account because the money cannot be transferred to the name of a third party. If you don't already have a bank account, regardless of your credit history, you can open a basic bank account. Credit status
You can get a payday loan online if you have poor credit. Most lenders do use teletracking, which is a system used by adverse credit lenders to see if you've defaulted on previous pay advances. You won't be subjected to credit scoring.

Cost of a payday cash advance loan

Cost of fast loans
You can get a payday loan in the UK if you're able to meet the above eligibility criteria, but the cost of borrowing is high. Payday loan lending is a risky business because lenders are dealing with customers who have been declined elsewhere. You should expect to pay about 25% interest on a 30-day loan. For example, if you borrow £500, you'll need to repay approximately £625. Compare prices
Although rates tend to be very similar, it's worthwhile consulting a few different lenders. You may want your payday now, but don't rush into your decision. If you take a bit of time to trawl the market for the best deal, this will pay dividends for the next month. Difficulty making repayment
If you don't have enough money to repay your cash loan now, talk to the lender. You may be able to pay off the interest and defer repayment of the principal for a further calendar month.

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