Payday Loans are a fairly recent addition to the short-term loan products available in the UK. Depite this they have been readily adopted as a solution to personal cash-flow problems. One of the main reasons for this is that the payday loans application process is very straight forward. In order to make a successful application for a payday loan, the applicant must simply meet the following criteria:
Employment Status
The applicant must be in current employment, whether part-time or full-time, and must be able to provide copies of their 3 most recent payslips
Identity
The applicant must be able to prove their identity by submitting copies of their passport, driving licence or birth certificate etc.
Address
The applicant must also be able to prove that their home address is valid by providing copies of utility bills or other such official letter sent to them at their home address.
Bank Account
The applicant must also provide details of their bank account.
The above documents must be submitted with the application form. Many UK loan companies now have on-line payday loan application facilities where documents can be uploaded via the web. Alternatively, documents can be sent by fax, post or submitted in person at a lending store.
No credit check is required for a payday loan which further simplifies the application process and means that lenders are able to provide instant decisions as to whether a loan application has been approved.
It is therefore relatively easy to qualify for a payday loan and takes very little time to obtain a cash advance on your salary whether you apply on-line or in-store.
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