There are many kinds of payday loans available today. They come with varieties of payment terms and rates. Earlier there was one kind of payday loan which became very popular, and that is Wonga payday loan. Later in 2018August, it fell into the administration.
To understand payday loans, these are the loans which refer to borrowing a small amount of money, and here major thing is it is adopted with an expectation that investment will be returned in a short period. The term payday loan is used because it is expected to be paid by next payday.
For a person to be qualified for these payday loans, they should meet specific criteria.
- The age of the borrower should be over 18 years
- The borrower should be the permanent resident in the UK
- He should hold a valid bank account in the UK
- That bank account should be able to accept all kinds of debt repayments made directly from any debit card
- The borrower should have a valid phone number and valid email address
- He should have a regular income, and that should be paid into the bank account mentioned
Even though Wonga payday loans were very comfortable and fashionable, there is no need to worry since there are many alternatives available today. For example, one of these alternatives is Clever loans. Even these loans provide solutions for all kinds of requirements. They guarantee that there will not be any credit check without asking borrower’s permission.
Quick loans come with the online application as well. So, the entire approval process will be convenient and online. It is straightforward, and the borrower will find it easy to complete. They can use their tablet, mobile phone, or computer to fill out the application form. They come with clearly displayed figures both in terms of repayment length and the total amount so that it becomes easy for the borrowers to choose.
There is a high level of transparency, which cannot be expected from other significant lenders as well. Here all the loan options which they display are apparent. Even though the borrower is eligible or not, there will be an immediate response.
For making progress in the application process, the applicant needs to provide certain necessary information on financial status and residential status. Along with this, they should also provide some simple details on employment, expenses, and income. After this, the lender will ask for bank details and transfer the loan to that account given.
After the submission of a loan application, lenders will use their tools for presenting loan options they have from the lenders. There will be many loan options, and lenders will present this to applicants. Instant loan quote will be provided, and then the applicant can process with a quote which they like. After that, lenders will start their checks. These loan checks, even though they are quick, they will be thorough, and they will make sure that these checks will meet all of the lending criteria. After the approval, the borrower should inform the borrowing terms. Once everything is confirmed, it just takes 15 minutes to receive the money.