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How to Get a Payday Loan (for First Timers)

Have you been budget shorted or totally broke in these days? Did your living room ceiling just fell off because it was been infested by termites and you have no funds for repair? Did you just lose your money unexpectedly from somewhere and have a pending bill to pay? This thing actually happens to us some time in our lives: that we need money in terms to cover up problems. You can’t borrow cash from people you know because their budget is intact too, so it’s like you have no more options that you feel like it’s your end. But someone suggested that you should get a short-term loan in order to cover up your financial issue at the moment, but you have no idea how to do it.

We can gladly help you about that! In this article, we will discuss how to apply for a payday loan and what to watch out before you do it.

But first, here are some basic information about unsecured loans:

What is a Payday Loan?

A payday loan is a short-term lending where a person can borrow cash with an equivalent interest rate of repayment. The borrower typically fills up a form that needs to have his/her details including the date he/she wishes to get the said cash, the amount that he wishes to borrow and some bank account information. After being evaluated and approved the loaned fund is to be sent to an agreed date between the lender and the borrower, whether in the bank account of the borrower or get it personally to the lending office. This is also known as the cash advance loans or salary loans.

How Much can You Borrow on a Payday Loan and how much is the Interest Rate?

Lenders offer cash for as low as £150 up to £2000 depending on the lending company that you chose to apply. The interest depends on how you will repay the amount you’ve borrowed over time. Usually, the shorter the time of repayment, the higher their interest rate. The rate usually in the range of 10% – 30% of the amount of the loan that you’ll get.

How will I repay the funds that I’ve loaned?

Often most, lenders deduct the payment in your pay checks every payday, hence the name payday loan. but you can also do a voluntary payment where they will notify you about your repayment date and you can just repay it in every kind of money transfer available (remittance centre or bank deposit etc.) but this is risky, because if you neglect your repayment you will get a penalty fee that will add up to your total repayment, which will add up to your expenses also.

So now that you already have an idea regarding payday loans, here’s a step-by-step procedure. There are two main kinds of application today, by the way. These are the personal and online application.

For online application:

Check for a payday loan site on the web available near your area. Before applying, you must check for their authenticity first by checking proof of authenticity like business permit numbers or department of finance license on their website. Also, check for some feedbacks and comments regarding the said site to determine customer satisfaction quality.

Go to their site and follow their instructions. Some sites have already a form in their homepage for you to fill up. Just fill up the following boxes with your details and follow their procedures.

After filing your request online, you should wait for their response, either by email address or SMS to your mobile number to see if you are approved or not.

If you’re approved the cash will be delivered to your bank account in less than 1 hour upon approval.

For in-person application:

Before going to their office, you must ready the initial requirements that the lending company will ask you: valid ID’s, proof of bank account like a debit card, certificate of employment etc.

Go to their office and then file an application form. Fill up the form with legit information to avoid denial of the application.
Wait for an agent to interview you regarding your application. You must answer them concisely and only the truth.
Upon the interview, wait for their response if you are approved or not. If approved the loan repayment will be discussed and when both of parties agreed, you can get your cash within a short time.

Things to watch out for

Payday loans have higher interest fees compare to other loans available through the UK. Before applying, you must think about this first, because it may cause you further problems if you are not aware from this. If you think you can afford to repay the loan, then you can proceed.

Beware of frauds and scammers. A lot of scammers is scattered online, you must be mindful and check if they are legit or not. If the lending company ask you to send initial cash, don’t proceed. Because this is likely to be a fraud lender.

5 most recent personal loan reviews

Review of Swift Sterling

A process that was made as simple and hassle free as possible. Friendly, helpful staff and the money was paid out as soon as all checks were carried out and they did not take long at all. A good opportunity to borrow money and build your credit score. Thank you Swift Sterling Loans from a happy customer :-)

Review posted by Shehzad Alum, Bridgwater

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Hitachi Finance

Recently turned 18 and wanted to apply for a loan to build my credit score which they agreed was fine. So applied for loan on 3/03/2017 and they rang me and my guarantor the next day at 8am! (Early but fine:) ) to confirm each others details and the loan was paid into my guarantors bank 11am that day 4/04/2017. Very good service and their customer service team are very efficient! Would recommend to use these guys for a loan.

Review posted by Jordan Mabbutt, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Pogo Loans

The whole process was easy and hassle free. The website is easy to use, the information is clearly laid out and easy to understand. When speaking with a Pogo person they were always polite and helpful. And of course, the loan came through on the day they said, I was totally stress free.

Review posted by Nick White, Mold

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from Trust Pilot for authenticity.