Pay Day Loans - Same Day Payday Loans

What is a Pay Day Loan?

A Pay Day Loan is a short term money solution to immediate cash needs. Payday loans are a common financial tool designed to help individuals through to their pay day - bridging the gap between one payday and the next.

The advantages of getting a pay day loan from PaydayBank

Applying with us has many advantages, here are just a few:

Quick online application
Same Day Funding, and even one hour funding is sometimes available (although there is an extra charge)
Up to £750 transferred to your bank account
All credit histories considered

Representative APR 1737%

Representative Example: Borrow £500 for 28 days. Interest payable - £125. Interest rate p.a. 300% (variable). Total amount payable - £625.

Why is Pay Day Loans APR so High?

A payday loan is a short term solution designed to help people until their next payday. As such, a yearly APR% may be a bit misleading. Pay day loans carry a higher than usual APR % to cover the administrative costs of the loans and the risk involved in lending to people with a less than perfect credit rating. In fact, a known percentage of payday lenders are unable to return their loans on the following pay day and request to have their loans rolled over to the next month.

But the yearly calculation of APR that all pay day loans have to advertise is in many ways the wrong way to judge the true cost of a pay day loan because they are short term loans for relatively small amounts of money, designed to be repaid quickly. Although pay day loans lenders do not credit score applicants, it is not a good idea to default on the loan because you never know when you will need it again.

Who uses Payday Loans?

Credits scoring aside pay day loans are a product most commonly consumed by individuals who are in some kind of financial trouble. They require money fast and in most cases banks have already turned them down for personal or unsecured loans. These people can access money fast using pay day loans because there are almost no questions asked and the whole procedure is online.

How do Pay Day Loans work?

Payday loans fast are easy to apply for with a simple online registration that means you can access emergency cash usually the same day. To get started on a pay day loan simply fill in the initial customer application form on Payday Bank's website; the money is then transferred to your bank account within 24-48 hours. The money you receive from a pay day loan application can be used for any purpose whatsoever.

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