It is often the case that specific loans are only suitable for certain types of people or perhaps only even offered to certain people. However, loans do differ in whether they are restrictive and in what way. Therefore, it can be quite confusing knowing which loans you might be able to use or not use and it is a good idea to have an idea of this. This is because you never know when you will need a loan and unless you have a good understanding of them beforehand you could end up making a poor decision with regards to which loan to choose. With payday loans things are quite simple. There are just a few rules that people need to adhere to –
- Over the age of 18
- UK resident
- UK bank account
- Regular income
This means that almost everyone will be able to use a payday loan. However, it is a good idea to also be aware of some of the main features of the loan because that will enable you to judge whether you will find that it will be suitable for you. Of course, whether it is suitable will depend on the circumstances you are in when you need a loan, but it is good to be aware of the main features and then you will be able to keep this in mind when you are next looking for a loan.
- Quick to arrange
- Accepts those with poor credit scores
- Repaid quickly
It is worth noting that there are some payday lenders which will provide you with the money that you need within a few hours of you sending off your application. This means that they are really handy if you have an emergency and you need money really quickly. There are also some that are available all of the time, so even if you need to apply outside of normal working hours, you will be able to do so. This can also be extremely handy, if you need money at night or at a weekend. They also do not look to hard at your credit score. Instead of deciding whether they trust you based on this, they will just lend you a small amount of money and then if you repay that successfully they will offer you more. This does mean that you may not be able to borrow much initially but it does mean that you will be able to at least get some money, which you may not be able to do from anyone else. You will repay the loan really quickly as you have to set up a direct debit to repay the loan in full on the next day that you are paid. This means that you will only be in debt for a few weeks or perhaps even a few days so you will not have to worry about being in debt for very long.
So, you will be able to see that there are some quite different features which are associated with payday loans compared with other loans. There will be variations depending on the specific lender, but it is good to have an idea of these. Then you will know whether it will be a good option for you when you are looking around for a loan. It is very likely that anyone will be accepted but it is important that they understand the loan and make sure that it is suitable for them. Then they will know that they will have a good borrowing experience and get good value for money from the loan.