Do they do a credit check for a payday loan?
It's one of the great benefits of using a payday loan because many can transfer your money in as quick as 15 minutes to pay your loan, direct into your bank account. So if you've been hunting around for same day payday loans and haven't found the right lender, we may have the right one for you.
But with so many options out there, like many people, you may be swamped by the sheer number of lenders and are not sure who is best to use. Well the great thing is that we are here to help.
Most of the mainstream and well-established payday lenders offer same day transfers in one form or another, whether it be free to all customers, or at an additional charge for the benefit.
I have a terrible credit history, does that mean the lender will automatically say no?
A payday lender must do a credit check to be a responsible lender.nd whilst this may be at the top of your criteria when choosing the right provider, because many offer this, you should really look at the costs involved, both in using the same-day service, but also in terms of the rates of interest that are charged. For example, one payday lender may offer a same day service for free but with interest rates that could cost you four or five times more than a competitor that charges £10 or £15 for a same day transfer service.
What else will a payday lender check?
A payday lender could check any number of things when reviewing your application for a loan, including asking you for proof of information.
This information could include things like recent bank statements, pay slips to prove your salary and the amount you are likely to receive on your payday, as well as proof of identity.
While this may seem like a lot, these checks are there for your safety, ensuring that you are only offered a loan in the case that you will be able to pay it back.
Some lenders may offer Guarantor Loans, which, if you fail to pay back your loan, the repayment will be taken from your guarantor. In this instance, the guarantor will also have a credit check made.