To be considered for a payday loan you need to be able to demonstrate a regular monthly or weekly income. Regardless of your profession, as long as you have a defined salary you could well be able to secure the money you’re seeking. Invariably, this also includes charity workers.

A lot will therefore depend on what kind of role you have and whether or not it is paid, or even commission-based. For volunteers, it’s going to prove difficult to get any form of credit, certainly without an extremely trustworthy guarantor. Therefore they will often have to approach banks or any financial institution with whom they have had previous dealings to negotiate extra credit.

It becomes a little bit more complicated when workers are paid commission, particularly if there isn’t a base salary to support this. From a lender’s point of view there is very security in accepting an application from anybody who could be released from their job on a day’s notice or fail to secure the sales that they need to earn their crust. This heightened risk will inevitably lead to difficulties when applying for a loan, even if you choose a more accessible form of borrowing such as a payday loan.

By and large, who you work for shouldn’t have a huge bearing. Whilst some banks will consider the length of your employment and the sector in which you work to determine reliability, this is not a factor when using a payday loan company – certainly not to the same extent at any rate. As mentioned, the biggest factor should always be income, with everything else simply providing a clearer view of risk.

For instance, some payday loan companies choose not to even carry out credit checks. These are commonplace in all other types of lending, and yet have no place in the fast-tracked world of short-term lending. With the emphasis being on speed, the fewer checks that are carried out, the swifter everything will become. Some criticise this lack of due diligence as being unethical, as it may enable people who can’t afford loans to obtain them. However, there are sufficient warnings to stop anybody in their tracks.

The amount of interest is usually the thing that deters most, or at least makes them think twice. Whilst the true cost is only up to 25%, this is still beyond the financial parameters of some, making it something of a non-starter. It is, after all, only a short-term solution. As you will be given less than 31 days to repay it in full, there is very little margin for error. Again, another reason why most are particularly careful with this kind of borrowing.

So to summarise, there should be nothing to stand in the way of a charity worker obtaining a payday loan. Only if you are an unpaid intern or volunteer will you struggle, or indeed if you’re self employed or work on a commission-only basis. As long as you have a stable job and a steady salary above the minimum level set out by the lender, you should be able to get the necessary funds.

Vincent Rogers is a freelance writer who writes for a number of finance businesses. For Payday Loans, he recommends Payday Power Loans.

Vincent Rogers is a freelance writer who writes for a number of finance businesses. For Payday Loans, he recommends http://www.paydaypower.co.uk Payday Power Loans.

Author Bio: Vincent Rogers is a freelance writer who writes for a number of finance businesses. For Payday Loans, he recommends Payday Power Loans.

Category: Finances
Keywords: payday loans, same day loans, loans, UK, finacne