If you have numerous debts that you want to pay off as quickly as possible, it is important to look into payday loans. This type of loan could help you gain back your financial freedom faster than you thought possible. Many people in the UK have managed to wipe their debt clean by taking out this type of loan. There are a lot of things that you will need to learn about payday loan consolidation before getting started.

How Does Payday Loan Consolidation Work?

You can potentially get rid of your debt by taking out a payday loan to pay it all off. This way you will only have one loan to worry about, which makes your debt far more manageable. You will be required to pay off the lender on time. Ideally speaking, you will get a lower interest rate with your new loan.

Where to Get a Payday Loan

Payday loans are only available from private lenders such as Omacl.co.uk. You won’t be able to obtain this type of loan from a bank or credit union. These days a lot of these lenders are based online, which makes getting the money you need even more convenient. You won’t have to drive anywhere to pick up and fill out paperwork. You will apply for the loan online through the lender’s website. The whole application can take up to an hour or so to complete.

Am I Eligible for Payday Loan Consolidation?

It is important to keep in mind that not everyone is eligible for payday loan consolidation. There will be some basic requirements that you need to satisfy. This includes being over the age of 18 with a standard checking or savings account. You also have to submit picture ID to prove that you are of age and a legal citizen. This can usually be accomplished by sending a copy of your passport. Your eligibility will largely be determined by your income.

The lender looks at your tax documents and/or pay stubs to decide if you make enough to pay back your loan on time. Your credit won’t be a big factor here, which can be a very good thing if your score isn’t ideal.

The Loan Term

You will only have a certain amount of time to pay back the money you borrow. This will be determined based on the amount of your loan. Some lenders are willing to give you more time than others to pay back the money you borrow. Just remember that you don’t want to take too long to do this. The longer you stretch out your loan, the more interest you will need to pay. If you really want to save money, you should try to keep your loan term as short as possible.

Who is Payday Loan Consolidation Best for?

Those who owe at least £1,000 to creditors should consider getting a payday loan to consolidate their debt. This option is not ideal for everyone, but it can work well in many cases. You need to consider your own ability to repay the money. It’s never a good idea to take out a new loan unless you are confident that you can pay it back on time. If you fail to pay back your new loan, your credit will suffer even more as a result.

Choosing Your Lender

One of the most crucial aspects of payday loan consolidation is the lender you decide on. You will want to look for a private lending business that has a solid reputation. Make sure that you select a lender that will provide you with full transparency and good customer service. It’s important that you get to know different lenders a little bit before making this kind of decision.

This research will ultimately work in your favour when you are ready to start applying for a payday loan. Not all of these lenders can give you the same deal, which is why you have to compare your options a little bit before making a choice.

When to Apply for a Payday Consolidation Loan

If you have recently improved your credit rating, you should try applying for a payday loan to consolidate your debt. You might be able to get a lower interest rate, which will enable you to pay off the money you owe faster than before.

Debt consolidation has been around for a while, but payday loans offer a number of unique benefits that other loans do not. You will quickly discover that this borrowing option is extremely quick, convenient and easy to get approved for. Just make certain that you take a look at your finances before going forward. This will help you avoid major regrets later on. It is not something you want to enter into lightly.

It is always a good idea to know what some of the requirements are for a payday loan before you start applying. Every time you submit an application for one of these loans, your credit will take at least a small hit. This is why it is important for you to understand what the requirements are before you get started. In this article we will help you to get a better sense as to whether or not you should bother applying so you can save yourself some time and effort.


One of the most significant factors in determining your chances of approval for a payday loan is your income. When you go to fill out an application, the lender will require you to submit details on how much you make. You’ll also most likely be required to submit proof of your income. This can come in the form of tax records, pay stubs or something else entirely. The lender basically just needs to know that you make enough to cover your loan by the due date. The more money you make, the greater your borrowing potential will be.


You are legally required to be over the age of 18 to obtain any sort of loan in the UK. The lender will require you to show proof of your age. You can use your driver’s license or passport. This will also serve as proof of legal UK citizenship, which is another basic requirement for getting a loan.

Employment History

While you don’t necessarily need to have a stable job history, it definitely helps. This is something else that most lenders look for before deciding whether or not to approve an applicant. If you have been at the same job for a while now, it will definitely work in your favour. If the lender sees that you have had lots of different jobs in the last few years, they might not approve your application.


Good credit is definitely not a requirement for a payday loan, but we still felt the need to mention it. Having a high credit score can certainly help you get a better deal on a payday loan, but it’s not needed with most lenders. Some private lenders that give out these loans run a credit check on applicants while others do not. This really all just comes down to the lender. You should make a point of finding out which lenders run credit checks and which do not.

It’s always a good idea to apply with lenders that don’t, as it can help you preserve your credit a little bit. A payday loan application counts as a hard inquiry, which puts a small negative mark on your credit.

The lender might also look at your credit history to see what it is like. If you have a bankruptcy or have defaulted on loans in the past, your application could get rejected. It is a misconception that credit doesn’t matter at all when trying to get a payday loan. That being said, your credit score is far from being the most important thing.

Checking Account

You must also have an open checking or savings account at a bank or credit union. It doesn’t matter if the bank is based online or not. The lender simply needs an account that they can transfer the funds into if you are approved.

While it might be technically possible to get a payday loan without one of these accounts, it is considerably more difficult. If you don’t already have a checking account, you should make a point of opening one. This will make it a lot easier to get your payday loan application approved.

Contact Information

When you are filling out your payday loan application, you             will have to submit your current phone number and address. You will not be able to get a loan without these two things. The lender has to have a way of getting in touch with you if you fall behind with payments. This is something that most people don’t have a problem with, but you still have to keep it in mind. Make sure that you submit up to date contact details on your application.

The requirements for getting a payday loan are significantly more lax and reasonable than most bank loans. This is the main reason why so many people in the UK are getting payday loans each year. The average person’s chances of getting approved are fairly good, but there is never any guarantee. You should always try to avoid lenders that guarantee approval, as they are most likely not completely legitimate. When you consider all of these things, you should be able to increase your chances of getting the loan you need for whatever expenses you may have.