Guide to your payday loan online application

The cash available, cost of the advance and the applicant criteria vary from one payday loan online provider to another. The advice given here is not meant to be exhaustive, however it does act as a reasonable guide to payday loan online providers in general. For a more comprehensive view of individual providers you can visit their websites or alternatively use an appropriate comparison tool.

How do I apply?

You can apply for a payday loan online from the privacy of your own home. The application will take you through all the information you need to provide, stage by stage. It takes a few minutes to fill in and usually just a couple more to find out whether you are successful. Stay online because you will be sent an e-mail link for you to digitally sign the contract. After this the money can be transferred to your bank account. If nothing appears in your e-mail within two or three minutes, check your spam folder.

Who can apply?

Most providers accept applications from age 18. Most require that you are in full-time employment; some will consider the self-employed provided that you have a regular income. Applicants with a poor credit history are perfectly acceptable to payday loan online providers because they look to your ability to repay not what has or has not happened in the past. Many but not all providers require you to be a home-owner. Those accepting non homeowners will request proof of address.

What information must I provide?

The bulk of providers require some personal details: name, date of birth, current address, national insurance number. Also employment details: whether you are weekly or monthly paid, your employer's name, your income. Finally transaction details: your bank account number and sort code to enable the transfer of cash to you and your debit card number for the repayment of the loan.

How much can I borrow?

Again this varies between providers but generally you will be able to borrow between £80 and £1000.

How much will this loan cost me?

The going market rate tends to be about a £25 fee for every £100 borrowed. There are no interest rates involved or hidden costs. Normally you will face a one off payment only.

When will I have to repay my payday advance?

Your next payday is usually the agreed date.

What if I cannot make my repayment day?

Some payday loan online providers will allow you to rollover your payment to your following income due date. Generally you are likely to be requested for payment of the current fee while you may rollover the sum borrowed for an additional fee to be incurred next payday. Some providers offer repayment schedules so that you can repay a little at a time, although this is likely to incur further interest or other charges. Always inform your provider three working days before the repayment will be due if you might need to rollover.

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