Payday loans are usually meant for obtaining small amount of loan for certain emergency needs. Such loans are not meant for celebrating a party or for making a pleasure tour. Therefore, you must consider payday loan when genuinely you need certain amount to meet your requirement.
The residents of UK can contact LoanPig, who offers short term loans and by visiting their website you can get all details about them. They can also offer payday loans and they are FCA approved too. In case, they fail to provide you loan then they will introduce you to few other lenders to get you a loan.
Also, while you apply for such loan, it is also important that you have a good credit report. Usually, credit report becomes poor if you have history of not making timely payment of your dues. If you have taken loan before, but repaid back well in time then you prove yourself to be a responsible borrower and the same will also be reflected in your credit report too.
Also, it is necessary that the borrower of such loan must be registered in the voting list too, so that lender will know that you are a resident of UK and also know your actual address. This will also improve your credit worthiness.
How to improve your chance of getting payday loan approved?
There are many lenders are available for offering your payday loan and also their criteria for approval may be quite different from each other. However in general, if you want to improve your chance of getting your payday loan approved, following are few tricks that you must be aware of.
- Meet basic criteria for loan
You must meet the all basic criteria for loan as follows:
- Must be above 18 years
- Must have source of income
- Must be resident of UK
- Must have bank account in any bank in UK.
- Meet criteria of affordability
You must have sufficient income to afford the loan after meeting all your necessary expenses like house rent, food, credit, travel and other expenses. Your income should not exceed your earning.
- Show yourself as responsible borrower
If the lender finds that you are a compulsive borrower and never payback in time all your dues then he will feel shaky to approve your loan. Your credit score too will reflect this behaviour.
So, try to show that you are responsible with your finance.
- Fill up inline forms correctly
Try to fill up correct details about your address and name of your employers and all other details. If the lender identifies any wrong or misleading information then your loan application is likely to be rejected.
- Clear your outstanding loan first
If you already have any loan running on your name which you have to repay, then lender may get little sceptical to approve your loan even for a smaller amount of money. Therefore, you must make sure that no outstanding loan is present on your name.
Hope the above information will serve useful purpose for all prospective applicants of payday loans.