What is the Process of Obtaining a Payday Loan?

by Martin Bows SEO Consultant

We all suffer from cash flow problems from time to time. Sometimes, given such circumstances, the only way of solving the issue is to obtain a loan.

Two different types of loan that may suitable to such circumstances:

A Payday Loan
A traditional loan from a payday lender

If the problem is only short term, and you want to be able to repay the loan as soon as possible, then payday loans UK make the most reasonable choice. However, they are relatively new to the market, and some of you may not understand the process of obtaining such a loan. If this is the case, then you have come to the right place because here, we will describe the process you need to take to obtain a payday loan.

How to Apply for a Payday Loan

Applying for a payday loan is easy.

Firstly, you need to find an appropriate payday loan lender. There are many available, the only advice we have is to make sure that you use a lender that is an accredited member of the Consumer Credit Association (CCA), as this is the regulating authority for borrowing in the UK.
Once you have found a reliable lender then simply go to their website. The majority of lenders will have an online application form. Just click the ‘Apply Now’ button, or their equivalent, and then complete the form online.

That really is all there is to it. The lender will then give you a decision within, at most, a couple of minutes (- most are even faster, and will give an instant decision).

What Information Do you Need to Supply on the Application Form?

You are required to proffer a few personal details in order for the lender to make a decision about the loan. It is illegal to provide false information, so be sure to answer questions to the best of your knowledge.

The types of questions they will ask varies from lender to lender, but in general, they will ask the following:

Your name, address and date of birth
Your employment details, including the nature of your employment (full time/part time) and the name of the company for which you work
Your personal current account sort code and account number (this is usually the account into which they will deposit the loan, and also the account from which they will take the repayment)
Details of your debit card

Once the Application Process is Complete

Once you have completed the application process, and you have been accepted for a loan, the lender will then guide you through the final steps of the loan, including the loan agreement and repayment schedule.

Next, just sit back and wait for the money to reach your account. This can take between a couple of hours and 48-hours depending on the lender.

If you would like to apply for payday loans UK, or you would like to find out further information about this type of loan, then please visit http://www.handycash.co.uk/.