Payday Loans UK and The Different Application Steps

If you are thinking about applying for a small loan online, via the means of payday loans UK lenders, there are a number of specific steps you can expect to be taken. Not only will you have to supply specific and accurate information but your chosen lender will then take a number of steps to ensure the loan requested is suitable for you. Payday loans UK are now regulated by the FCA; Financial Conduct Authority and as such, are bound to lend in a manner which is responsible and fair to consumers. This is great news for us because it means the FCA are behind the lenders who exist and therefore have our best interests in mind when considering our applications. That said, in the modern day market place there is a real sense of need for providing a service on-par with that of more long standing borrowing resources. This means like the traditional bank loan or credit card provider, payday loans UK lenders will undertake a specific set of actions to understand whether the loan we request is truly suitable to our personal and financial circumstances. With this in mind I think it is fair to say that as consumers of such loans, we need to be honest and accurate when providing our information to allow the lenders to do their job and with so, make responsible lending decisions.

The part we play in the application process it therefore important but actually very straight forward and simple. We are required to complete the application via the means of an online based application form; usually broken down into 3 or 4 stages. Given that most payday loans UK lenders ask that the application is fully completed online, this means the application itself can be completed via the vast majority of internet enabled devices. This therefore includes your mobile, a laptop or desktop or a tablet. The stages which we will need to complete are often broken down into specific information sets. These will include personal data; such as name and living details, as well as bank information and employment details and then a budget section; where we will be asked to supply details of our monthly expenditure.

Our chosen lender will then ‘cross-check’ all of the information we have supplied in an attempt to validate it to be correct. This will of course partially be achieved through electronic checks but will also involve trained Underwriters reviewing the information against information available to them to ensure it is both accurate and therefore in line with the lending rules set out. This will undoubtedly mean a review of at least one Credit Reference File and a comparison being drawn to the budget information supplied, as well as assessing your employment and income to therefore ensure the loan requested is affordable. Depending on the lender another check is likely to involve your employment and therefore is the information supplied in the application are accurate at the current time. It is for these reasons that being honest when applying is so very important.