What Documents You Need to Get a Payday Loan on the Same Day
Harry June 3, 2022

Personal loans are more popular these days probably because of the reason that they are fast. 

If you are searching for a private money lender for a personal loan, then you can know that you are getting the loan really quick. 

Now things have gotten real better than previous ones. You get new elements to make your lending even smart and worthwhile. You can now make electronic document verification as most lenders rely only on that to offer you the loan you want. 

In this scenario, both the responsibilities of the lender and the debtor are to be considered. When lenders are a step ahead in offering such a blazing fast solution to us, we should also take care of ourselves in order to assist professional direct lenders in the best possible ways. 

This question even gets to be more relevant for short-term loans such as mobile text loans or payday loans. These loans are given within a very short period of time. Direct lenders offer loan approval within 15 minutes or less than that. To get service this fast, the only compromise the borrower has to make here is to make sure the documents are verified and are updated in the fastest yet in the most secured way possible. 

Often people end up being confused about the documentation required for taking out a personal loan.

Reading this post, you might be able to learn about them in detail. 

Taking out a Same Day Payday Loan? Keep These Documents at Hand

Most loans are fine. They are one of the most outstanding ways to recover from a financial pitfall within a really short period of time. 

This is where payday loans make a huge difference.

A payday loan is a type of short-term personal loan that helps you take out a small amount of money from direct lenders on the condition that you can return it within the next payday. It means that you can pay back the money on the day you get your first salary after you take out the loan. These loans are offered in short terms, and these terms can range from 3 weeks to a month to 12 months. However, you can get advanced services from payday loans in exceptional cases. 

To get such a payday loan on the same day, you might need to show these documents written below:

  1. Identification Proof 
  2. Address Proof 
  3. Income Statement 
  4. Evidence of Work Permit in the UK
  5. Benefits and Pension Plans 
  6. Credit Report and Score and Financial Statement

So now that you know that these documents are required, let us still go through them in order to learn some more ideas. 

Identification Proof 

The ID proof is the must-have thing for taking out a loan of this kind. 

Since these loans are offered pretty fast, and they are given within the same day, your lender would also need some quick response from you in order to finalise the deal.

Here are the ID proofs your lender might ask you:

  • Electoral ID
  • Driver’s Licence 
  • HMRC Tax Notification 
  • Tax Bills (the most recent one)
  • Biometric Permit for Residence 
  • ID Cards from UK Armed Forces (if required)
  • Passport (if required)
  • Blue disabled drivers’ pass
  • A utility bill 
  • Benefits Paperwork 

Different lenders might have varying requirements. So, always check their website thoroughly before submitting the documents. 

Address Proof 

Address proof is the secondary requirement. 

Here are the things you might need to show your lenders:

  • A utility bill 
  • Home insurance papers
  • Mortgage Documents (If taken out previously)
  • Rental agreement policies (in case you put your home on rent)

Tax receipt for property 

Some lenders might also require electoral IDs and other documents to investigate on this field more.

Income Statement 

Probably the essential document for a short-term loan is your income statement. 

Here are the documents of your income that you need to provide your direct lender for taking out a loan on the same day:

  • Offer letters 
  • Experience letters 
  • Pay-slips or paychecks 
  • Revenue generation and tax returns in case you are self-employed or that you are running a business. 

Now we will look at some more work-related documentation that lenders need. 

Evidence of Work Permit in the UK

Although this is not a great deal with most employers, it can matter if you are working in the UK, not in a regular way or if your profession is self-owned.

You need to show your lender:

  • Passport 
  • A naturalisation certificate 
  • Office and company registration

There might be additional requirements by your lenders. Don’t hesitate to speak with them. 

Benefits and Pension Plans 

People on benefits and pension plans are those who receive a certain amount of money as income as assistance from the government or from organisational units. 

These benefits include:

  • Welfare programs
  • Senior citizen benefits
  • Childcare benefits
  • Elderly benefits 
  • Carer’s Allowance 
  • Pension Plans

It is a myth that people on benefits are not eligible for a payday loan. However, direct lenders also offer a number of opportunities for them in the form of loans. Do check them out. 

Credit Report and Score

You have done a great job if you have checked your credit report and credit score beforehand. 

With that being said, you probably know that there are three credit standards in the UK: Equifax, TransUnion, and Experian. 

Get the details of these credit reports and check whether or not your credit card report is sound and right. In case of any mistakes you track, do talk to your credit card provider and solve the issue before applying for the loan. To get a payday loan on the same day, these steps must be taken.  

To Conclude 

Finding the right loan can be difficult when you do not have the documents near at hand. Sure, the application process is going to save you a lot of time because it is entirely free of paperwork. But the pieces of evidence are to be provided at the right time to make lending swift and effective. 

Why would you worry about making all those documents that can slow the process down?

You have just known what to produce to your lenders.

So, go ahead and show them. Your loan is waiting for you.