Am I Old Enough to Use Payday Loans?
As payday loans are not some of the most commonly used loans, it could mean that there are all sorts of questions that you might have about them or you might have heard rumours about them and wonder whether they are the right loans for you to use. It is a good idea to make sure that the information that you have is correct before deciding whether this sort of loan is good for you or not. So, for example, if you are wondering whether you are old enough, then you will need to know a bit more in order to answer that question.
Is There an Age Restriction?
There is an age restriction on payday loans but it is the same as all loans. This is that you need to be eighteen years old before you can borrow money. This is understandable because it means that you have to wait until you are an adult and therefore responsible enough to take out a loan and deal with it. It is also more likely that you will have a full time job and therefore have the money available to you to be able to repay the loan. However, just because there are very limited age restrictions, it does not mean that you will not need to be careful about when you take one out. Just because a loan is available to you, does not mean that you should just have one. You need to think about whether it is the right time to have one.
Am I Old Enough to Cope?
Having a loan is a big responsibility. You will be expected to repay the loan at a certain time and this means that you will need to budget your money so that you can afford to do this. You will have to think about how much you will need to repay and when you need to pay it. Then you need to work out whether you will have enough money to be able to afford to pay it and afford everything else that you need to buy. This is something which you need to carefully work out.
You will need to start by making sure that you are aware of how much you will need to repay. You do this by either using the calculator on the lenders website or contacting them. Then you will need to think about whether you will have enough money to be able to make that repayment. Consider how much you will get paid and whether that will be enough. Then make sure that you also will have enough money to pay for any other payments that will go out of your account on that day. You also need to think about things that you might need to buy later in the month, before you next get paid and make sure that you have enough money for that. It can be a good idea to make sure that you actually look back at previous bank statements to see what you have paid out over the last few months so that you can estimate what you might pay out this month. Also think about whether you are likely to have to pay more this month for any reason. It will take time to look into all of this but it is worth it because it means that you will be able to be confident that you are in a position to repay the loan.
Am I Too Old?
There is no age limit, but you will need an income to get a payday loan. This could be a pension though. You will need to be cautious though and do the same sorts of checks as are mentioned above to make sure that this will be something that you will be able to afford.