Getting the money you need quickly is a must when facing a financial emergency or situation that cannot wait until your next payday.
Hopefully, those who suddenly find themselves in this position have available credit or savings to help them resolve it, but what happens when they don’t?
The good news is there is plenty of short-term options available that will help to resolve this when your available credit is low. Here’s how you can find and apply for a payday loan with ease.
Find a Trusted Lender:
Before jumping at the first option you find online offering the money you need, it’s best to check you are using a trusted lender for a payday loan.
As there are many options when you start to look, you must choose one that is authorized by the Financial Conduct Authority (FCA). This ensures the lender you choose is working to responsible lending guidelines and will treat you fairly as a customer.
You’ll be able to find their authorization number on their website, or you can search the FCA register to find the lender instead. When you’re in a financial emergency, the last thing you want to do is choose a lender that is not trusted and will charge hidden fees or less desirable terms.
Ensure You Have the Affordability:
Most payday loan lenders will need to see that you can afford the loan amount and terms you want. Whilst your credit score is an important indicator of your financial history, your current affordability will show the lender you can maintain the loan you want and not fall into any financial difficulty.
If you have a poor credit rating, for example, having proven affordability is crucial to show your current financial situation is good and you will have no problems meeting repayments.
Have All Relevant Supporting Documents Available:
Time is of the essence when you are experiencing a financial emergency, but whilst payday loan lenders can offer quick approval and payout, they still need to process your application correctly.
You will find many will require supporting documents to be provided to help approve your loan, so it is best to be prepared before applying. It’s recommended to have your proof of identity and proof of address on hand, such as your driving license or passport.
This may need to be two separate documents so a recent utility bill will also prove your address.
Alongside this, you should be prepared for the lender to request your most recent bank statements, usually the last 3 months.
This enables the lender to assess your income and expenditure to determine if you can afford repayments.
You can check with the lender what documents will be required before applying to make sure you have everything you need. When filling out an application form, you’ll also need to provide details of your finances as well as personal details.
Having all this information ready will help to speed up the application process and avoid any delays with missing supporting documents.
It’s always best to be prepared, so hopefully, even when the unexpected arises and you require a payday loan or similar to help, the above tips will help improve your chances of finding the right lender and product quickly.