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             09 June, 2023

Category:  Articles » Finances » Loans


Payday Advance Loans - Should I Be Worried About My Data?

         Views: 1738
2010-04-08 08:06:51     
Article by Mark Jang

What is a Payday Loan?

A Payday Advance is a type of loan that gives the borrower the opportunity to borrow money over a short-time frame and to do so quickly. Providing they meet the relatively less stringent criteria set down by the overwhelming majority of Payday Loan Companies, most Payday Loan Applications are approved within 24 hours, and more often than not the borrower will receive the money the same working day. Payday Advance Loans can be used for nigh any purpose, from purchasing a new computer to paying of an essential medical expense - whatever you choose to do with your Payday Advance Loan is up to you.

What happens to my data when I apply for a Payday Loan?

Depending on whether you apply through a company registered under the Data Protection Act, your data should be stored and utilised securely by the company to which you made the application. When you apply for a Payday Advance a credit check is performed against your name to assess your eligibility for a Payday Advance Loan. If you pass this check, and providing you meet the basic criteria to qualify for a Payday Loan, your application is likely to be accepted.

A credit check basically consists of the Cash Advance Company consulting with various third party organisations to analyse your credit record and safeguard the application against fraud. The Payday Advance Company will consult with Fraud Prevention Agencies (and Credit Reference Agencies. Whenever a Cash Advance Company searches a CRA for information on an applicant it leaves a marker on your credit record, and this marker can be seen by other lending agencies, including Payday Lenders.

The information provided by CRAs and FPAs includes both public and private information, private information being that which is shared between lending companies and authorities.

How do I apply for a Cash Advance?

Applying for a Cash Advance Loan is relatively simple. In days gone by you would have to fax documents and provide all sorts of identification in order to verify your identity. Nowadays, applying and being accepted for a Payday Loan is as simple as filling in an online form.

Specialized in: Payday - Loans - Worried
URL: http://www.monthendmoney.org.uk
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