Who Can Apply For Payday Loans?

Payday loans are a form of credit that is gaining in popularity recently, at least in part because of the difficult economic circumstances we find ourselves in. More people than ever are finding that they're short of cash, and payday loans can provide a fast, convenient source of emergency funds, albeit one that is pretty costly.

These loans are also popular because they're one of the most widely available types of credit on the market, with acceptance criteria far looser than most other types of legitimate finance. In fact, more or less anyone will find that they can easily apply for and be accepted for a payday loan. There are only 3 real criteria you need to satisfy to be approved.

Firstly, you need to be in regular employment - as the name suggests, to get a payday loan you need to have a regular payday!

Next, you need to have a suitable bank account which features a debit card. This is because the payday lender will use your debit card details to automatically repay your loan, plus pay the charges, when your next payday arrives and your wage is in your account.

Finally, although credit rating isn't really an issue (in fact, most lenders won't even conduct a credit check), people with a history of fraud or other serious financial misbehaviour may well find that their application will be blocked.

As we can see, the rules governing whether or not your loan application will be accepted are really not that difficult to pass, making payday loans a prime way of getting your hands on fast cash. As mentioned earlier though, these loans are far from cheap and so you'll be paying some hefty charges for the speed, convenience, and easy availability. Whether this is a price worth paying will depend on how much you need the money, but don't let the easy availability of fast cash blind you to the costs involved, and consider the positives and negatives carefully before committing yourself.