Payday loans are one of the most accessible forms of untraditional credit available on the market, and are increasingly becoming the option for people from any social background. More people than ever in the UK are turning to payday loans to help ease financial worry, pay off debts that they can’t afford, and cover the costs of unexpected payments.
They’re incredibly easy to get hold of, these days. All you need to do is fit a few criteria. This generally includes an age requirement, which is of course 18 years of age – just like all other forms of credit. The other major criteria that you must fit, is that you must have a usable bank account that allows direct debit. Direct debit transfers take place when the money is transferred into your bank account, and when the repayment is made in full. If you don’t want to use direct debit, however, you can arrange for the repayment to be made via a cheque instead.
So what happens if you’re declined from a loan? It isn’t very often that payday loan requests are declined, but if you are declined an application, you might want to know why. One of the biggest reasons is that you don’t have a regular and steady source of income. Not having a steady source of income generally means that you won’t be sure to be able to make the repayment in full, or on time. Payday loan lenders are only looking to lend to people that can be sure to make the full repayment.
Another reason could be that you have entered your details incorrectly on your application form. The application form is what makes the application process so easy for payday loans. There is no reason to fax, no reason to read complicated documents and no reason to go to an office. You simply need to fill in the application form correctly, and providing you meet the few requirements your application will be accepted. One of the biggest mistakes that you could make on your application form is simply leaving blank fields. Without necessary information, your application cannot even be considered. So be careful when you’re filling out these fields, and do be sure that your handwriting is legible if you’re applying through the post. In order to make the application as easy as possible, do everything you can to make it easy to be processed. Good luck with resending your application!