Easy to get payday loans

Easy to get payday loans
Lauren Howells
easy to get payday loans

Payday loans often have the reputation of being ‘easy money’.

It is true that affordability checks were not always stringent enough in the past and lenders often approved more loan applications than they should.

Since the Financial Conduct Authority took over regulation of the industry. Restrictions have been much tighter. But are they still easy to get? And are some more available than others?

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Payday lending restrictions

The Financial Conduct Authority ensures that all approved lenders are acting fairly and responsibly.

Lenders should use credit checks and other criteria to check you can afford to make repayments.

Instead, lenders must use their own judgment to check affordability.

This decision must get based on the loan amount. Also, the customer’s financial position and the cost of the loan (including interest rates).

The Financial Conduct Authority issues guidance about affordability assessments, rather than any concrete rules. This allows lenders to use their own criteria, which means you have a different experience from one lender to another.

Lending criteria and affordability assessments

A lender’s basic criteria

Each lender has their own criteria. Basic criteria will need to be met if you ae to stand any chance of success.You will have to be able to say ‘yes’ to a selection of checklist items. These are available on the lender’s website.

Before applying for a loan, you should check that you meet the criteria.

If you have not checked, you could be wasting time. You might also leave unnecessary footprints on your credit file. Please be aware that lenders cannot offer credit with no personal checks and have to follow strict loan affordability requirements. If you want to apply for a Wonga loan then you must be over the age of 18. You must be a UK resident, with your own mobile phone and a bank account with debit card.

easy to get payday loans


To be eligible for a loan you will need to have a job, but your own mobile phone is not essential.

Some of the lenders such as Money Shop require that you are receiving more than £417 per month as an income from employment, pension or a disability benefit.

No two lenders are the same.

Do not assume that you are eligible for all payday loans, simply because you fit the criteria for one.

Hidden assessments and checks

As well as carrying out credit checks with at least one credit referencing agency most lenders will run their own assessments.

The algorithms used are not public knowledge. They may even change from day to day.

The checks that are carried are often quite sophisticated. Lenders consider various data points when making their decision.

Some lenders may look into your social media profiles. These can include the types of business that you ‘like’ on Facebook.

They may even take your friendship network into account.

Some lenders need read-only access to your bank account. Where they can view your statements and see your transaction data.

Some lenders need read-only access to your bank account. Where they can view your statements and see your transaction data.

Facebook has a patent for the technology that allows them to approve or reject a loan application. Based on your online connections.

Your online behaviour can build a vivid picture of how much risk you represent.

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A lender’s interpretation of  your credit history

You may not be able to work out what a lender is specifically looking for.

Some of their lending decisions can get based on the habits of previous customers. If a lender has found that people working in the car maintenance industry often fall behind on their payments. This statistic may influence behind the scenes decisions. This kind of decision making is similar to those made by car insurance providers.

As technologies improve, lenders are likely to consider a much wider scope of data points. As they approve or reject applications, they will rely less on traditional credit scoring. All of this could affect how easy you find it to get credit or find yourself repeatedly unable to borrow money.

Finding easy to get finance

Ensuring that you meet a lender’s criteria may take some time.  Some details will be included on each Easy to get payday loans woodrow wilsonlender’s website, but may not be immediately visible.

The basic criteria will only tell part of the story. It is impossible to know, before applying, how the affordability assessments will pan out.

Learning more about lender decisioning process.

Some will put more value on your credit score than others.

Your credit score might also vary between Equifax, Experian and Callcredit. These are the UK’s three credit reference agencies.

Lenders can work with any or all the UK’s credit reference agencies. Some lenders use one, whilst others might collect scores from two or three.

It is impossible to predict how a lender will respond to your loan application before you have made it.

Despite this, you may be able to make an educated guess based on your own knowledge of your credit score.

Despite this, you may be able to make an educated guess based on your own knowledge of your credit score.

Using Cash Lady for lender comparison

Applying for short-term loans through a comparison website can save you time and effort. You will complete just one form. You do not need to visit each lender’s website individually.

This means you do not need to visit each lender’s website individually. Your loan application passes to a varied portfolio of FCA approved lenders. This ensures you are protected from unregulated loan providers.

Lenders will return with their quotes, presented to you by Cash Lady. You will see results only from lenders that are likely to give final approval. If you apply through Cash Lady, you do not need to check that you meet the lending criteria.

You make one application, using one form, so will not risk damaging your credit file. You can also avoid wasting chances on loans that you are not eligible for. Once your application has been processed you will be matched with the lender most likely to fund your loan application. This ‘provisional’ approval means you can check and consider the offer carefully before accepting.

Applying with a credit broker.

Brokers do not fund your applications, but instead, improve the process of applying for quotes.

You do not have to make a commitment to borrowing when using the CashLady application form online.

As you are not affecting your credit score, you may find that you are more likely to get approved.

When you apply to lenders independently, one or two rejected applications can damage your chances. With Cash Lady, all applications process at once. Lenders will not see a history of your recent credit checks that may suggest a desperate situation.

which payday loans are easier to get

If you like the quote presented, you may decide that you would like to continue with your loan application. You will do so directly with your chosen lender. Your provisional acceptance may be subject to further checks. No lenders should offer no credit check loans nowadays. As lender criteria often change, your loan quotes may only be valid for a day or two. Other lenders will allow you to make use of the offer immediately after it gets made, but not to come back at a later date.


Despite common misconceptions, it is not easy to borrow money. Do not see this as a negative. The stringent affordability checks and lending restrictions are in place for your protection.

Lenders should only offer a loan if they are confident that you can afford your repayments. They have a responsibility not to give money to borrowers that might struggle with additional debt.

There are no specific lists of lending criteria, provided by the FCA. Each lender will have their own processes. Some requirements get published on a lender’s website, whilst others are part of an algorithm that will get used behind the scenes.

Once you have provided your personal details, a lender can make a decision. Each lender will be looking for something different, so one rejection will not necessarily mean that you cannot get a loan elsewhere.

Applying for many loans in quick succession. Or even over a few months, can reduce your chance of acceptance. Each application leaves a footprint on your credit file. Too many footprints may show you are desperate for a loan, and likely struggling financially. Using CashLady simplifies the process of applying for a loan. Cash Lady is a loan broker, acting between you and the lender.

With CashLady, one application form is sent to a portfolio of lenders. You do not need to make many applications.

CashLady can often increase your chance of loan acceptance by presenting your application to many loan providers. Loan applications are made all at once, rather than one after another. This means that any applications that are not approved will not have a negative impact on the rest.

With CashLady, you will be presented with a quote that is approved in principle. You are in control and make the final decision to apply (or not apply) directly with the lender.

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