Getting Your Payday Loan Application Approved

Getting your payday loan approved: What payday loan companies look for 

Although payday loans are available to almost anyone, even those individuals with bad credit, you aren’t assured that your payday loan application will be approved if you apply. You can increase your chances of your payday loan being approved by choosing lenders with a high approval rate (Swift Money has a 97.5% approval rate, one of the highest in the UK payday loan industry), however, you still aren’t guaranteed of an approval. So, what can you do to increase your chances especially today when payday loan lenders have become stricter due to tightening regulation? 

Shop around first

Before you apply for a payday loan, make sure you shop around first and see what other lenders are offering. It’s also important to ensure you meet the requirements and criteria. Applying for a loan can have a negative effect on your credit rating if you apply for a loan you aren’t qualified for. It is, therefore, important to shop around and see which lenders are willing to lend you. You can use payday loan comparison websites to help you shop around for the best payday loan deals for you. Shopping around ensures you don’t waste time and damage your credit rating further applying for payday loans you can’t get. 

Find a payday loan lender who lends individuals with a credit score/rating like yours
Although most payday lenders don’t consider credit scores when approving loans, a bad credit score increases the chances of your application being declined. Furthermore, not all UK payday loan lenders offer payday loans to individuals with bad credit so you shouldn’t assume anything. If you already have a bad score and you are in dire need of a short term loan, you won’t have the time to improve your score. This is precisely why you need to find a lender who is a bit lenient with your kind of scores. You must, however, seek payday loans for bad credit from reputable lenders only since most lenders offering loans to individuals with bad credit tend to be loan sharks who charge exorbitant fees and coerce their clients for collections. Some even operate illegally without a license or FCA authorisation, so you need to be very careful. 

Make sure you meet the basic criteria for getting payday loans in the UK

Payday loan lenders are most interested in your ability to repay your loan. As a result, they focus on non-payment risks first. Almost all UK payday loan lenders lend to employed individuals only since such individuals are assured of a monthly salary (a payday). Lenders will also look at other requirements i.e. age. You have to be 18 years and above to qualify for a payday loan in the UK. You also need to be a UK resident with a UK bank account. Some payday loan lenders may still offer you a payday loan even if you are unemployed provided you have a guarantor. You must, however, investigate in advance and make sure you meet the basic criteria if you want to get your payday loan approved. 

Also, ensure you meet the affordability criteria

Sometimes being employed may not be enough to guarantee you a payday loan in the UK. You need to be in a position to afford the loan. Payday lenders assess a person’s net income after expenses before they approve applications. Ideally, you should have enough money to meet your loan repayment obligations as well as your other monthly expenses. Although the affordability criteria varies from one lender to another, your loan shouldn’t take up more than 10-20% of your net income. 

Don’t lie or provide inaccurate information in your application

Applications with false or inaccurate information are declined instantly so you must make sure you submit correct/accurate information if you want your application to be approved. You can start by checking your credit file to ensure the recorded information is correct. Any mistakes on a borrower’s credit file can affect their application. It takes approximately two months for a credit file to be updated so it’s important to check your file in advance. Never lie in your application. There are high chances of your lender finding out and informing other lenders making it almost impossible for you to ever get a payday loan in the future. If you’re not sure what information is in your credit file, make a point of checking.

Fill your application conclusively

Most payday loan lenders in the UK allow online applications. You must complete all the required fields in your application to make it extremely easy for your application to pass identity, credit as well as fraud checks. Failing to complete your application raises unnecessary red flags reducing your chances of getting your loan approved even in cases where you have provided accurate information. 


If you want your payday loan to be approved, you must know what payday loan companies look for in an application. First and foremost, an application must meet the basic criteria i.e. employment status, age, UK residency/citizenship/bank account, credit score, affordability, etc. The application also needs to be completed fully with accurate information. You also need to make sure you choose a payday lender that is most likely to accept your application which means you must shop around.

Mark Scott

Is the Company Director of Swift Money Limited. He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.