Sunday, August 1, 2010

Are Payday Loans Available to People Who Get Paid Weekly?

Payday loans are one of the most versatile and accessible forms of borrowing currently available to consumers. This means that, unlike other forms of credit, they are open to far more people - even those who are paid weekly.
However, this isn't to say that all lenders will have the same policy when it comes to the frequency with which an applicant is paid. Some may still only accept those who receive their salary on a monthly basis, potentially excluding those who get the money delivered to their account on a more regular basis.
The reason why this is such an issue for lenders is that they have to be reassured that you'll have the money available on the agreed date. Therefore, anybody who receives a monthly salary should, theoretically speaking, have a significant amount available on the date that they're paid. As a result, they should easily be able to cover the loan amount, which will be restricted to a few hundred pounds for anybody applying for the first time.
Conversely, those who receive their wages on a weekly basis can't offer this same guarantee. Even if they enjoy a good few pay days before the loan repayment is due, this money won't necessarily be in the account when the time comes. This piles risk onto the lender, more than some are willing to accept. As a result some will choose to simply reject applications as part of their terms.
If you are paid weekly, then it's important that you take the time to see what is on offer with the payday loan market. Just because one lender might not be able to help, that doesn't necessarily mean that they will all be the same. Policies can vary wildly between the companies, therefore people from all backgrounds stand a chance of getting the money they need.
To quicken up the process a little, you might well wish to consider using a broker. Often including dozens of individual lenders, each broker has access to a range of companies, each of which has different terms, with some being more flexible than others. This will vastly improve your chances of being accepted too, as your application will be automatically placed under the noses of all lenders, which can only help your odds of getting through to someone that can help.
If you prefer to do the research yourself and are scouring the Internet to find decent value and lenders who have flexible lending policies, make sure you read through their individual borrowing policies before applying. Whilst you shouldn't damage your credit score or chances of being accepted elsewhere, applications do take time and they can become frustrating and disheartening - particularly if you find yourself rejected and you're not sure why.
So whilst it is entirely possible for those who are paid weekly to obtain a payday loan, you may just need to spend a little more time securing the best deal. Fortunately there's plenty of choice out there in the market so you shouldn't come unstuck.

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