Can I Get a Short-Term Loan in the UK?
Every year, thousands of British people benefit from taking out short-term loans to help them get through financial difficulties. Also known as payday loans, these short-term solutions to monetary problems can be easily accessed by people in the UK. If you're wondering whether you're eligible for a payday loan, here are some of the things you need.
1. Your age
In order to qualify for a short-term loan, you'll need to be at least 18 years of age. While you can start working before you reach adulthood, you can't get your hands on any type of loan. It's worth noting that you can't get an overdraft, mortgage or credit card until you're at least 18 years old too.
2. Your job
The term 'payday loan' indicates that you need to have a payday in order to repay the money. Unfortunately, you are unlikely to get a short-term loan if you don't have a job. You need to be able to prove that you're working and expecting your next pay cheque in the near future.
3. Your credit score
You'll be pleased to know that your credit score is not taken into account at all when you apply for a short-term loan. This is ideal for those who struggle to borrow money due to a poor credit rating. No matter how bad your credit is at the moment, it won't be screened. This means that you can get the cash you need and sort out your financial woes before falling into Greatr difficulty.
4. Your bank account
Finally, you need a bank account in order to take out a payday loan. When you apply for the loan, the money will be sent to your bank account once the application has been processed. Without a bank account, you won't be able to accept the money.