A Payday Advance Loan
A payday advance is a credit facility one can apply for easily online. The cash amount you borrow that is approved has to be paid on your payday or at least within 45 days. You are bound to an agreement with the lender. It is a cash system to help with temporary cash flow problems for a realistic sum of money. As a new customer the amount one can borrow is limited, but as you use the service frequently the cash limits are increased. Your loan will initially be approved in principle and then one will have to read the documentation that is required, the pre contract and contract information. If it is an online agreement one will have to sign using an e signature.
As your application is approved for a payday advance the money should be deposited within your account on the same day or the next morning for late applications. If you prefer you can also call the pay day advance call centre for the provider you choose and log a telephone application. There is an eligibility criteria that the agent will go through with you. Depending on the country of application you are required to be at least over 18 in the UK the legal age is 21 or over for such a product. The applicant will have to earn over 1000 pounds per month and have their salary paid directly into ones bank account. A debit card for the account is also required for the transaction to be completed. Check this out.
An assessment of affordability will be conducted for the payday advance loan. There are also a number of charges that you will be liable to pay. There might be a flat rate of interest on the amount you borrow, a transfer or transmission fee is also payable as well as late fees if the payment is not made on the agreed date or prior. Responsible lending is an aspect of the service, as loans will only be offered to those who can genuinely pay back the loan within the period stated.
Your credit rating is an important part of the application. It will influence the outcome of your application. The credit reference agencies hold information which is historic and current, payment trends are taken into consideration.The lender has their individual requirements and there might be some flexibility when considering your application, but there is a strict criteria that the provider has to adhere to.
The electoral register is used during the process of applying for a payday advance loan to confirm ones identity and residence. You can view your credit file online before you go ahead with the application to ensure that the information they hold is correct, address etc. A good credit rating will ensure that the application for a loan will be quickly approved and you will have the cash that you need. Always endeavour to pay the loan off quite promptly as this will affect your payment history that is listed on the credit rating information.
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