Payday Loans Frequently Asked Questions
How do I apply for Payday Loans?
Decide how much you want to apply for and fill in the short online form. We'll find the right loan for you, and approval will be sent to you online.
Once you agree, the payday loan fast will be transferred to your account, often on the same day. Once you get paid, you repay the loan and interest.
Our How it Works page explains exactly what information the application form asks for.
How do I qualify for a Pay day Loan?
As long as you're an employed UK resident, aged 18 or over and have a UK bank account, you're qualified to apply.
How much can I borrow with Payday Loans fast?
The exact amount you can borrow depends on your personal circumstances but loans are available from £80 to £750.
When will the Pay day Loan clear in my account?
Typically, once approved, your Payday Loan will be available in under 24 hours. In rare cases, it can take up to two days.
As a rough guideline, if you want your loan money available on the same day, it's advisable to apply before 3pm. There is sometimes the option to have your money delivered within the hour, although this does come with a small extra charge.
What are the charges for a Payday Loan?
There are no arrangement charges or fees. You only pay the interest, which is Representative 1737% APR (variable rate). You'll normally pay back approximately £25 for every £100 of your loan, when borrowing for 28 days. This may vary slightly, but they're the most common rates.
For example, a loan of £300 will require a repayment of £375 including the interest of £75 with an annual 1737% APR representative (variable rate).
We are obliged to display the representative APR for payday loans. We appreciate that this can be confusing, as payday loans are short term and are not designed for longer borrowing.
What if I have bad credit? Can I still get a Pay day Loan?
Personal circumstances will be taken into account, and these are often more important than your credit history. Because payday loans UK are not a long term financial commitment, the lenders mainly need to know that you are able to repay at the end of the month. Because this is slightly riskier for the lender, the APR is a little higher to compensate. However, because it's only for a short amount of time, this should not make a difference if you repay the loan back on time.
If you pay them back on time, payday loans can actually help to improve your credit score by demonstrating that you took a loan and repaid on time.
Most first-time borrowers will be accepted for an amount under £400. If you miss payments, or make multiple applications which are refused, this could damage your credit score. We don't want this to happen, so if you can't afford to repay your loan, please do not apply.
When will I need to repay the loan?
Terms and conditions vary, but typically you will be required to repay the amount of credit you borrow plus interest charges within 28 days after you enter into the loan agreement using your debit card. This will be done for you, so you don't need to worry about forgetting.
While it's possible in some circumstances to extend the repayment period, this does increase the amount you'll need to repay. You should think carefully before doing this as pay day loans are designed as a short term finance solution and may be unsuitable for borrowing over a longer period.
Is the information I submit when applying for a Payday Loan secure?
Yes. All your personal data is kept secure and confidential. We only keep it for as long as necessary. All the information you provide is stored in compliance with the Data Protection Act 1998 and kept secure in accordance with our privacy policy.
If further information is required, the caller will always be discreet and your loan will not be discussed with anyone except you.
Can I use Payday Loans to clear existing debts?
If they're payments that you would be able to make comfortably on your next payday, definitely. Payday loans are a short term solution and can be a great alternative to unauthorised overdraft charges or missed payment charges. However, short term loans are not a long term solution by themselves.
If you are experiencing financial problems and have mounting debts, we would strongly advise you not to take additional loans from any credit providers.
You can get free advice and support from:
For a 12 month loan solution, we can refer you to our sister site - 12 month loans
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