Payday Power Relaxes its Lending Rules for Lower Income Earners

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Due to the addition of new partner lenders, Payday Power has recently relaxed its lending rules to accept applications from people who earn as little as £500 a month.

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We have made it our goal is make sure every person visiting our site has the best chance of getting the money they need - and fast!

A Payday loan is a small cash advance on a percentage of someone’s wages or salary, which is then to be repaid in full on their next payday. These loans are used primarily in an emergency for unexpected short term cash flow problems.

Payday Power offers a same day payday loans service online and aims to pay borrowers their loans directly into their debit card accounts within 1 hour on the same day they apply. It has partnered with around 16 same day lenders and so offers applicants one of the best chances of getting the cash they need as fast as possible through their simple application process.

While many lenders have very strict lending rules and so can only lend to a tiny fraction of potential borrowers who apply for loans, Payday Power has actively tried to relax these lending rules, so that the service is available to as many people who need it as possible.

Payday Power's application rules have recently been updated to reflect changes in the acceptance criteria due to the addition of new lending partnerships. Previously loans were only available to employed UK residents who were over 18 and earned more than £700 a month.

A few months ago Payday Power extended lending from only full time workers to lending to part time and contract workers and now with these recent changes, loans are now also available to people who earn over £500 a month which means more low income earners and part time workers will also be able to benefit from the option of taking out a payday loan in an emergency.

However as a responsible company, high borrowing from low earners is still actively discouraged and for the lowest earners, borrowing will be limited to a maximum of around £150.

As Michael the marketing and sales director stated "We have made it our goal is make sure every person visiting our site has the best chance of getting the money they need - and fast, while protecting those who can’t afford it" which also means that if Payday Power is unable to help a customer based on their details and circumstances, the applicant will be referred to partners who may be able to help with other lending options or even to help them rebuild their credit or manage their existing debts better.

Payday Power is a Reset Finance company.

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Julian Cook
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