Cash till payday loans have been available on the financial market ever since they were first introduced in 2006. Their premise has not changed over the years and they are still widely promoted as being short term sources of income to assist ordinary people with financial emergencies. They pride themselves on being very easily accessible via the internet 24 hours a day and seven days a week and also accessible to a wide market thanks to their lenient qualification criteria. However, although this criterion is pretty flexible, it does mean that applicants must meet certain criteria in order to qualify for the loan, therefore let’s look at this in depth to determine if payday loans are available to people who get paid weekly.
The first thing to note is that there are thousands of cash till payday loan available on the market. This means that each of these companies will have different qualifying criteria for their payday loans. Therefore in order to give yourself the best possible chance at being accepted for a loan, especially if you get paid weekly, then the best advice is to apply for a payday loan via a broker.
The most generic criteria that cash till payday loan companies require to be met is that the applicant must be aged 18 years old or older, a UK citizen with a UK bank account and earn £750 per month or more. This must be evidenced by displaying a company payslip detailing the salary payments which are deposited into the UK bank account each month. Therefore if you are paid on a weekly basis, as long as you meet these criteria you should be eligible for a cash till payday loan.
The reason that cash till payday loan companies may be reluctant to lend to an applicant who receives a weekly salary is because they prefer the security that a monthly salary offers in that the deposit of money will be higher and available on the day of payday which would be adequate to be able to repay the payday loan. Weekly salaries means that only smaller amounts of money will be available at any one time and might not be enough to cover the payday loan.
Payday loans are available to people who receive a weekly salary, however they are in smaller supply than those available to people who receive a monthly salary. Therefore to ensure that you give yourself the best chance at being accepted for a payday loan if you do receive a weekly salary, the best thing to do is to apply for the loan via a payday loan broker.