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Criteria For Payday Loan Approval

by Jim ONeil on January 6, 2011

in unsecured loans

A payday loan is designed for short-term use when employed individuals find themselves lacking immediate funds. The name “payday” in the title reveals that these loans are designed to be repaid with the upcoming paycheck.

They provide a fast solution for anyone in a financial jam that must be addressed immediately.

Online payday loan companies are able to deposit these cash advances into the borrower’s checking account the day following application approval. Applications are usually completed on a secure Web site and approval is granted within minutes.

Applicants are not required to mail or fax any forms or information.

The amount of the approved loan depends on income levels and legal guidelines. No credit check is required and people can be approved if they have bad or no credit. Once the borrower has received approval of the loan application, he or she can determine the desired loan amount.

In general, the loan amount will be up to £1000, less for a first-time borrower. The money will be deposited electronically into a bank account.

To be approved, the individual must be employed and receive regular income that is paid into a bank account. The individual also must be a citizen of the UK and at least 18 years old. Borrowers also need a bank checking account into which the loan money will be deposited.

The purpose of the loan is irrelevant, as borrowers can use the money for whatever they desire.

Unfortunately, self-employed individuals are not eligible for payday loans offered by many companies. Payday Borrowers with regular income who are approved for a loan must repay the money when the next regular paycheck is received but no longer than 31 days after the loan is awarded.

On the date the loan is due, the entire loan amount plus fees will be deducted from the individual’s checking account.

simon davis

I want 2 apply for a loan now and can’t online using a mates mobile internet please call me on 07708389076

Find me at Orkut: Sumit GUpta

Whoever he is, you will just end up owing him money instead of the other companies. Go to the Citizen's Advice Bureau.

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