At one point in time even though there were many loan options, Wonga loan became very popular. So popular that people started using this as a synonym for payday loans. Let’s understand how can we get qualify for these payday loans. There are some criteria for getting qualified for this, and that is,
- Age of the applicant should be equal to or more than 18 years
- Applicant should be the permanent resident in the UK
- He should hold an account which is valid bank account which can accept debit repayments from all kinds of debit cards
- The most important thing is the applicant should have a regular income which must be paid to the given bank account
- He should mention a valid telephone number as well as an email address
It is possible to find the right option among many payday loans available through brokers. There are alternatives like Clever loans which come with the best investment for your requirements, and they ensure that there will not be any credit check without the permission of the applicant.
Comparison of alternatives with Wonga loans
Today most of the lenders are providing online application and process for payday loans. Most of them offer an easy and straightforward process which can quickly be completed. They will come with figures to choose from both in terms of the total amount to be borrowed and repayment length.
Most of the payday lenders who are considered to be very popular are not providing this kind of transparency in terms of APR levels, but Clever loans and few others are offering this. Here all of the options are displayed, and the applicant will get immediate respond whether they get qualified or not.
Once the applicant chooses an option then for proceeding with the application process, the lender will collect some necessary information from him. This will be related to his financial and residential status. Along with this, they may also have to provide simple details on their expenses, income, and employment. After this, the lender may ask for account details for transferring the amount.
After completion of a loan application, lenders will make use of tools for presenting the applicant with loan options. The applicant will get an instant quote;an applicant can choose and go with a quote of their choice. After this lender should perform some checks. These loans tests will meet all the required lending criteria, but they are quick enough.
Once the loan gets approved, it’s now time for the borrower should make some decision along with he will receive all the information on borrowing terms. Once there is confirmation on application details, the money will be sent to the account details mentioned.
Payday lenders like Clever loans never expect any fee for using their broker service online. This is the reason they gained high popularity, and they are best in searching for lenders and providing the best quote.