Over 40% of online loan applications are declined because the applicant cannot afford the repayments. Have you passed the lenders’ affordability test? If yes, simply click on the apply button above to complete and submit your application.
How to Use our Loan Affordability Calculator
We know that applying for credit is always stressful. Getting declined for a loan is even more so, and more stress is the last thing anyone needs. To help you, we’ll explain how payday loan direct lenders in the UK calculate affordability and give you some tips for working out whether you can afford a loan.
How do lenders calculate affordability?
Lenders work out your disposable income by subtracting your expenses from your income. If this figure is higher than the monthly repayment, then they will happily consider you for a payday loan. All direct lenders will display the repayment plan and the amount you will have to repay each month at the top of the application form, so make sure that you have adequate disposable income to comfortably afford any new loan repayment.
Important: Every time you submit an online loan application, it can impact your credit file, so take full advantage of our zero-impact affordability calculator to assess your affordability before applying for a loan. If you pass the assessment, you can instantly apply for a loan online. You won’t have to fill out your affordability details again.