Do I Qualify for a Paycheck Advance?

Every paycheck advance lender will have different requirements of their borrowers. For specific information, you should always contact your individual lender. The purpose of this post is not to provide detailed information about payday advance requirements, but rather to provide you with a general idea of whether you will qualify for a paycheck advance. We will discuss the basic qualifications buyers must have in order to secure a payday loan with most lenders.

Qualifying Questions

To determine if you qualify for a paycheck advance, ask yourself the following questions:

1. Do you have citizenship? You must be a legal British citizen to get a payday advance.
2. Are you at least 18 years old?
3. Do you meet the lender’s income requirement? The average lender will require that you make around 700 pounds per month.
4. Are you employed? You must be employed or have another source of steady income.
5. Do you have a checking or savings account? Typically, online lenders require their borrowers to have an active bank account with the direct deposit feature enabled.

How You’ll Know

If you’re unsure whether you qualify for a paycheck advance, you can always find a lender that offers a free online application and give it a try. Usually, the lender will provide you with an approval decision moments after you submit your application. If you don’t qualify, you will not have lost anything in trying, and you can always look for another lender with less stringent requirements.

Qualifying Amount

Keep in mind that getting approved for a paycheck advance doesn’t necessarily mean that you will qualify for the maximum loan amount. The size of the loan for which you qualify will depend mostly on your income. Likewise, also remember that getting approved for a large paycheck advance doesn’t mean you have to borrow the full amount. In fact, over-borrowing is one of the common payday loan traps consumers fall into. For instance, if you qualify for a 500-pound loan but only need 100, stick to the 100-pound loan and pay it off as soon as you can.