Payday Loans and Responsible lending

At PaydayBank, one of the UK's leading online payday loans broker we aim to follow reponsible lending practices:

We will not encourage customers to take out a payday loan if we feel this is not the right product for them
We will not target people who are in debt or in financial problems
We will not encourage people to borrow more than they can afford to repay
We will not charge our customers unnecessary fees

On top of that we also:

We aim make a clear understanding of the service we provide
We follow legal and ethical marketing practices

If you feel we are not living up to these standards, please contact us and let us know.

How to choose safely

Make sure to check the contact details of the company you’re looking at applying through for a phone number and address. Also, check out their licence number, which should be prominently displayed.

Budgeting

Take a serious look at your incomings and outgoings over the next month before applying for a payday loan. If you can’t afford one, it could end up being far more expensive.

Missed payments

It’s entirely possible that you’ll be expected to pay an extra charge if you miss a payment. It’s almost certain that you’ll need to pay further interest on the amount you already owe. This is further interest on the entire loan amount owed to that point, not just the original amount you borrowed. We always recommend repaying on time.

Rolling over payments

It may be possible to ‘roll over’ payments. The interest on this will likely be the same as on missed payments, however it may help you avoid penalty charges. We always recommend repaying on time.

Repeated loans

If you find that you are repeatedly taking out payday loans (especially if you are constantly increasing the amounts), then you may be misusing them. Please consider independent advice and taking a serious look at your budget.

Short term loans

If you’re borrowing repeatedly to cover bills, you may have longer term debt problems than can be dealt with by using payday loans. Payday loans can be a great short-term solution, but they may not help with a long term debt problem.

Where to get advice

You can get advice by going to the Citizens Advice Bureau, or the Government debt advice site. You can also go to an independent debt advice charity. None of these should charge you for debt advice or even to help you set up payment plans if necessary.

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