If you are new to fast cash payday loans but feel that they may be useful to you at some stage then it is good to understand the ins and outs of how they work and who can have them.
1. Who can get a fast cash payday loan?
To qualify for a fast cash payday loan you must be over 18 years of age. You also must be able to prove that you are in full time employment, with your wages being paid into your bank account. On top of this you need to have a debit card on this account.
2. What if I am self employed can I get a fast cash payday loan?
If you are self employed you can get one once you have a cheque book and a cheque guarantee card.
3. What can I use this type of loan for?
There are no restrictions as in actual fact this is your money as a cash advance. It it completely different to for example a mortgage whereby your house has been for with the loan and you must pay a certain amount back each month towards your house mortgage.
4. Is there a limit to how much money I can borrow?
The loan is based upon your monthly wage and therefore it will be limited within a certain range bearing in mind it is like a cash advance only on your wage. The types of averageare often between 100-400 pounds on your first loan.
5. Can I get a second loan?
As an existing customer most companies will offer you the facility to extend your loan and also to have pre-authorised accounts sometimes up to as much as 1000 pounds. If you have cleared your first loan and wish to have a second one this should be no problem assuming your working situation has not altered.
6. Does it take long to get my money once the loan is approved?
You can often have your money in as little as 2 hours once you have received approval.
7. How do I get my money?
The cash advance will be electronically trasmitted and are cleared into your own bank account within minutes, therefore the whole process should only take a couple of hours.
8. What about if I have a CCJ?
Actually for people who have a CCJ these type of loans are especially suitable. Your loan application is being evaluated in a different way, meaning that once you meet the basic requirments you have a very good chance of qualifying for one even if you have a CCJ. The main criterai is that the lender feels that you will be able to repay on your next wage day.
9. What if I need another loan will I have to go through the application process again?
If you are an existing customer of a lending company this is unlikely. They may require supporting documentation which is up to date to whos that your circumstances have not changed in such a way that you may not be able to pay back the money.