First off, make sure that a payday/short term loan is definitely how you want to proceed. Because of the high interest rates involved, only take the loan if you’ve exhausted
other options.
Next you should compare lenders and loan durations to find the cheapest loan that would be comfortably affordable for you. You can get an idea of the repayments using the table above.
Once you chosen a lender (and checked that you’re eligible to apply) the entire application will usually take place online. First off you’ll need to give the lender enough details to run a credit search (like your address history for the last three years). In many cases the lenders won’t be put off if you have bad credit, but they do have to make sure that the loan would be affordable for you.
If you’re formally offered the loan and you draw it down, make a note of the terms and the repayment amounts (and dates) and ensure you will have enough in your account to repay your loan.
If you need any assistance the lender will be able to answer questions you may have. Crucially, if you find yourself struggling to make a repayment, you should contact the lender as early as possible – this is the best way to protect your credit record and avoid getting into severe financial difficulties.