Comparing Cash Advances in the U.S. versus United Kingdom

Have you ever wondered what are the differences of cash advance loans in other countries outside of the United States? It's true the payday lenders are regulated differently in other countries similar to the banking industry.

An Auburn University finding outlines numerous differences between the USA and our cousins across the pond.

In the US you must meet the following criteria to get a payday loan:
1. You must live within the United States.
2. You must have full time employment and have been with the same company for 6 months.
3. You must be at least 18 years of age
4. You are paid weekly.
5. You must earn at least $1000 US a month

In the UK you must meet the following criteria to get a payday loan:
1. You must live within the UK, Wales, Northern Ireland, or Scotland.
2. You must have full time employment
3. You must be at least 18 years of age
4. You income must be at least £300 each payday after all deductions and taxes.
5. Must have a bank account that is at least 6 months old

Of note, in the US, most payday lenders shy away from borrowers under 18 years old as at that age the risks usually outweigh the benefits. If you are 18, usually a family member would be a better source of emergency funds or if you are in college many universities offer emergency loans.