They say that the average man is 5ft 10 inches tall, earns just over £28,000 a year and works 41.2 hour per week. We say, forget about averages!
What with the turbulent economy, fitting work in around school hours and the growth of freelancers and self-employed individuals, the rule books on working weeks have been thrown out the window. However, one thing has not changed. There will always be situations in life when one is short on cash and needs access to money right away. So, what do you do if you are not Mr or Mrs Average? Can you still get a payday loan with a part time job?
The answer is both yes and no. There are many stipulations to be taken into consideration when applying for a payday loan. However, the good news is that being employed on a part time basis will not necessarily exclude someone from having their application approved, as long as that person can meet other criteria.
Different payday loan lenders have different loan policies, but some basic standards must be met. For example, those applying for a payday loan must be over 18. Customers must be resident in the UK and must have a bank account in their name with a debit card.
A debit card is usually a non-negotiable clause in applying for a payday loan, as it allows companies to directly debit the money from a borrower's bank account upon their next pay day (or agreed specified date). The minimum amount that a person must earn to qualify for a payday loan is £500 (and this must be 'take home pay'). Wages must be paid directly into the named bank account.
Customers may also only borrow an amount less than the wages they will receive. For example, if someone earns £750 per month, they would not be approved for a payday loan of £1000. Payday loans charges must also be taken into consideration when working out repayment amounts. Usually companies charge £25 for every £100 that is borrowed. So, if you were to borrow £200 then you would expect to pay back £250 on the date of your next pay day.
When it comes to part time, full time, freelance and self employed individuals, different companies have varying policies. Some companies operate a very strict policy and will tell customers from the off that they will not be accepted unless they work in a full time employed position. However, some companies are more open to different circumstances, and will accept applications from part time employees, freelancers and contractors - as long as they earn the minimum amount stipulated and they can show proof of a regular income.
Payday loan companies are very honest about their policies and terms and conditions. Lenders' websites will show clearly how much a person can borrow and how much they will have to pay back. Websites will also display a check-list of criteria for customers to peruse before they proceed with their application.
There are many payday loan companies available on the market; it's simply a case of customers finding one that will accept them and their circumstances. Often the best way to do this is to compare several different companies, or to find a website that will compare criteria and present customers with their options.
Payday loans are a viable short-term finance option for those short on cash. However, users must take care to ensure they can meet the repayments and pay the money back in the stipulated time frame. It's therefore worth remembering that an approval criteria is in place to protect both lenders and borrowers.
About the Author:
Vincent Rogers is a freelance writer who writes for a number of UK businesses. For Payday Loans, he recommends Payday Power |
