Although applying for a 24 hour loan is very simple compared to a regular loan application, you may still have some questions on your mind. Here we have compiled a few questions and answers that will hopefully help you through this payday loan process.
Once I apply for a payday loan and pay it back, can I reapply?
Yes, there are no limits to the number of payday loans that you can apply for but you usually cannot have more than one at the same time. You will have to pay one back before reapply for another one. If you do find that you have to reapply a few times, you might want to consult our financial experts to explore other options which might be better suited to your needs.
How much can I borrow with a payday loan?
The amount that you can borrow at any given time depends on a few factors. First of all you income is the biggest determining factor. You cannot borrow more than the value of your next paycheque and most payday lenders even have a cap within that. Payday loans can range from 100-1000 pounds depending on the income level and other determinants.
If I have poor credit can I still qualify for a payday loan?
If you have had a rough credit history and it has impacted on your overall credit scores, a payday loan is still an option for you. Payday loans are actually a good option for people with credit history challenges and even a way to start rebuilding a good credit score. Making the repayments on time of course is critical.
How do I receive the loan funds?
Once the application has been completed and you have been approved, then you will receive a payment directly into your regular bank account. It usually does not take more than a few hours online.
What documents will I need and do I need to fax them?
If you are applying online then you may need to fax certain documents. Some documents can be scanned and emailed as well. You will require your most recent paystub, or proof of income, your most recent bank statement, a void blank cheque, and a copy of valid identification.
So if a payday loan is the best option for you, then please contact us and we will help you sort through the process and answer any more questions for you. Our helpful experts are fully trained and able to assist you with all your payday loan needs.
