Responsible lending is an important part of the lending industry. By way of supporting that here at Payday in 1 Hour, we make sure that you have all the information you need before you apply.

This is also why you can only be eligible for a one hour loan if you meet the criteria. They’re simple, but try to make sure that we avoid people borrowing money that they just can’t afford.

You have to be at least 18 years old, partially so that you earn at least minimum wage, meaning that you’re more likely to be able to afford the one hour loan. You’ll also, as a result of this, need to be employed with a regular wage. Depending on the amount you’re looking to borrow, you may be able to be approved if you’re employed part time.

You’ll also need to be living and employed in the UK, with a UK bank account. This is in order that all of these can be verified as part of the approval process.

While a number of payday loan companies claim not to do credit checks, the fact is that they pretty much all do. They’re not usually intensive checks, but are primarily to check that you are who you say you are, and that you’re not bankrupt or using IVAs, as these would be signs that you would be less likely to be able to comfortably repay a one hour loan.

All of this is because the interest rates can start to mount up if the loan is not repaid. These checks and criteria are to try and ensure that the applicant is not likely to mount up repeated charges. The Annual Percentage Rate for payday loans is high because they’re designed to be repaid quickly. If they aren’t, the amount can rise, and the longer it’s left, the more builds up.

As such, we always make sure that the Representative Annual Percentage Rate is clear on the site. On top of that, Payday in 1 Hour makes no extra charges for applying, nor any membership fees. You can apply and be approved with no obligation, and it won’t cost you a thing.

Responsible lending also has to be about responsible borrowing, though. We understand that some people apply because their cash flow is tight, so it’s not usually our place to tell someone whether or not they should apply for a short term loan – only whether or not they can.

Please be aware, when applying, that if you do not pay back on time, the amount you will need to repay will rise. If you do not think that you will be able to repay when you get paid, it may be a more expensive solution for you. Be realistic about the amount of credit you need.

If you are having severe debt issues, it may be worth considering reading the government advice pages on debt management, as this may be a more useful step than more credit.