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From time to time most of us will find ourselves short of cash and may need to seek out some financial help until payday arrives. In today's economic climate, with rising prices and wages not keeping up with inflation many of us are finding it more and more difficult to make our wages stretch to the end of the month. Many people are seeking payday loans to fill this financial gap. With lenders giving access to easy credit in the past and people finding themselves in debt as they could not manage repayments, lending responsibly has become paramount with lenders pledging to not lend money to people whose financial situation is not suitable, or encouraging people to borrow more than they can afford to pay back.

Lenders are also obliged to lend responsibly through the banking code which is a self-governed set of rules which ensures they do not lend to unsuitable customers who are likely to get into debt. It also includes a responsibility to treat customers appropriately and make sure their financial situation does not get worse as a result of further lending. Part of lending responsibly is to carry out adequate credit checks before authorising a loan. Getting a loan can seem too easy with the convenience of text loans but lenders must still carry out some basic credit checks first. They may not be as thorough for payday loans as they would be for another type of loan but nevertheless, certain criteria are still checked before lending. They will check your credit history, a record of previous and current lending, previously denied applications and your historical ability to repay debt. It will highlight any history of bankruptcy and ensure your application is genuine. These checks can be quick and you could have authorisation for a loan within a day or even sooner.