The UK payday loan market is worth almost £2 billion at present and this figure looks set to rise. The fact that the loans are so easily accessible at a time where employment is falling and expenses are rising fuels their popularity.
Market research into cash till payday loans have identified that up to 60 per cent of payday borrowers use the money to pay for household essentials. This is things like rent, mortgages, food, utility bills and childcare costs.
With banks and building societies more reluctant than ever to lend post-Lehman brothers collapse, consumers have no other choice than to turn to payday lenders.
Thankfully, the process of applying for a payday loan via a lender is much simpler and quicker than via a bank or building society. If you are considering this type of borrowing method, you need to ensure you have the following things to hand before you start your application:
Are you over 18 years of age?
You must have proof of your age and that you are over 18
Are you in employment?
You must have proof that you have a regular income / salary going into your bank account to ensure you can meet your future repayment obligations.
Do you have a bank account with a valid debit card?
You will need to prove you have a UK current bank account with a valid debit card in order to receive payment and make repayments.
Do you have access to an email account?
If you don’t, its really easy to obtain a free yahoo, Hotmail or google-mail email account
Do you have a landline, mobile and work telephone number?
You will need to provide your phone number