subject: Can You Get A Loan With A Bad Credit Rating? [print this page] Pay day loans have exploded in popularity recently and it is easy to understand why. As conventional credit sources became harder to access as a result of the recession, and as individuals progressively witnessed a shortfall in their revenue and outgoings, this kind of quick, easy-access borrowing has become majorly attractive.
One of the biggest benefits of payday loans is the point that they are accessible to nearly everyone. All you have to do is be able to commit to paying back the loan and all associated charges and interest charges on the specified day. Even people with a poor history of credit can access funding from pay day loans - and repaying it on time could even assist them to boost their credit report.
If you have your own business, you can still use pay day loans, just as any other customer would. Nonetheless, the essential thing is to ask whether this kind of loan is ideal for your needs, or whether there may be a much more suitable selection available.
Here is a guide to pay day loans, how they function and what you should consider just before using them:
What exactly is a payday loan?
Payday loans are a kind of short-term lending. Typically, money is lent for a period of up to Thirty days. This is where the name comes from - they are often regarded as a way of tiding money over until your next wage or other income settlement.
Who can get a payday loan?
The requirements for payday lending are straight-forward and easy. All most firms require is that you are over 18, a UK citizen, have a valid bank account and debit card and are employed. You may be required to provide proof of employment - at the very least, you should be able to provide the name of the company, a contact phone number and what your weekly or monthly earnings are.
When you have your own business or are in any other way self-employed, you can still access pay day financing, provided you could prove you get a regular revenue from your job.
