Frequently Asked Questions

1. What is a payday loan?

A payday loan is a short term cash advance for the odd emergency when people need to borrow money until payday.

2. How much money can I receive?

You can borrow between £50 and £1000 depending on the payday lender you use. Lenders will decide the amount they will lend you based on your current circumstances including employment status and income.

3. What if I have bad credit, will this affect loan approval?

Bad credit will not necessarily affect loan approval. Most payday loan lenders will consider your current circumstances and your ability to repay now, as opposed to your history, when deciding to approve your loan.

4. How do I repay the payday loan?

In this day and age, most lenders will deduct the amount outstanding directly from your debit card. All you need to ensure is that there are sufficient funds in your bank account on your repayment date.

5. How much do you charge?

Charges and fees depend on the individual lender; however the average rate is £25 for each £100 borrowed.

6. What if I need to extend my loan?

In an emergency or unforeseen situation, some lenders may allow you to extend your payday loan for another month; this is entirely at their own discretion.

7. When will I receive the loan?

Loan payout is different for each lender; however a broad rule of thumb is if you apply before 3pm, you will get the funds transferred into your bank account the same day. Once you are matched with a lender, you should read their terms and conditions to get an accurate answer on this query.

8. What personal information do you need?

• Your name and current address

• Your employment status and income details

• Your bank account details

9. Can I get a loan if I am not a homeowner?

Yes, renters are welcome too

10. What are the repayment terms?

A payday loan is a short term loan to be repaid within 31 days. Each lender is different with some allowing shorter, more flexible loans and others that require payment precisely on your pay day. Again, once matched with a lender you should read their terms and conditions to get an accurate answer on this query.