Can You Get a Payday Loan If You Have a Mortgage

Payday loans are available to most people, with few stipulations on who can apply. Therefore, if you have a mortgage, you can receive a payday loan, provided that you can repay the loan.

In fact, as you have a mortgage, some lenders may prefer this as it shows you can repay mortgage bills each month in a managed way and therefore can be trusted to pay back a payday loan.

The stipulations for a payday loan are there to safeguard both the lender and the borrower. This is because the lender wants to make sure they are lending responsibly so that the borrower is equipped to pay the money back when they next get paid. So what are these stipulations?

First of all you must be a UK resident over the age of 18. You must be in full time or part time employment; this is because the lender wants to make sure you are actually working and receiving an income. Your monthly income should be at least £500, this can be an accumulated salary from a number of jobs (but this can differ between lenders). If you get paid weekly, then the payday loan company will work out your monthly equivalent.

Finally, you must receive your wages into a bank account, and you must hold a debit card for the respective bank account. This is because the amount you borrow will be paid into this account and also removed on the day you have arranged. Therefore you must have a debit facility otherwise you will not be eligible to borrow the money.

Now regarding mortgages, you may be mistaken that this could adversely affect your ability to apply for a loan. Well much in the same way that lenders sometimes perform credit checks, this is done to make sure they know they are lending responsibly to someone that has a good credit history. Even with a bad credit history it is still possible to receive a payday loan, because each application is based on your current circumstances and your ability to pay back the loan.

For people with mortgages, it may actually work in your favour when applying for a payday loan. This is because a mortgage shows you are a responsible borrower, that you can meet repayments and can be trusted to repay the money you have borrowed. As long as you can meet the repayment even with your mortgage, then applying for a payday loan is absolutely fine.
Whilst you do not have to provide this type of information, you do need to be responsible for your own actions, so you need to think to yourself, can I make the repayment? The type of information that is required of you includes:

Name and address - You must have a fixed address, this can be a family home, a rented home, or your own home.

Date of Birth - As mentioned you need to be 18 years old or over.

Telephone and email - These are mandatory requirements as payday loans are administered electronically and payment is received automatically. In order to receive confirmation of payment an e-mail is sent, and in case the lender needs to speak to you, they need your telephone number.

Work and pay details - As mentioned you must have a job and a monthly income so you need to divulge these details.

Bank account and debit card details - Again as mentioned before, these are needed because the lender will credit your account electronically once your application has been approved.

If you meet the criteria set out above, then anyone can apply for a payday loan. This is one of the reasons why they are so popular. Regardless of having a mortgage, as long as you meet the above criteria (which you will need for a mortgage anyway) then you will be able to apply for a payday loan.

Vincent Rogers is a finance writer who writes for a number of UK companies. For online payday loans, he recommends Paydaypower.co.uk