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FAQ - Everything You Need To Know About Payday Loans
  1. How does a payday loan work?

A payday loan is a short term loan. It is also sometimes called a cash advance. This kind of loan is designed to tide you over between pay checks when money is a bit tight and when you can’t/don’t want to arrange bank financing such as an overdraft. It is also prevents you having to incur credit card penalties and fees for cash advances.

  1. So, this is like a personal loan?

Not really. A payday loan is a loan in that you borrow money and then pay it back but it is a short term loan. Most standard loans will run for years and will involve larger sums of money. They will take longer to arrange and are harder to get. Payday loans are a quick solution to short-term cash needs.

  1. How much can you lend me?

We can organize short term loans for anything between £80-750.

  1. Do I need to give some sort of security to get a payday loan?

No, you don’t need any kind of security or collateral. These loans can be given to homeowners and to tenants - you don’t have to own your own home to get this kind of short term loan.

  1. Will I qualify to borrow money?

To qualify you simply need to show us that you are aged over 18, that you are a UK citizen and that you are in full-time employment. So, we need your full name and current address and two phone numbers and an email address for contacting purposes. You’ll also need to show us your job/salary details and to give us your bank account details.

  1. I have a bad credit record - can you still lend me money?

Yes. We aren’t interested in your credit record as we assess your repayment ability based on your current income. Our aim is to lend you enough to get by until your next payday at which point you pay us back. We do not credit check our applicants on that basis so borrowing money from us also won’t show up on your financial track record.

  1. How long will it take to get my loan?

We can give you a virtually instant decision and payment can be made same day in the majority of cases. This means that most of our customers get their money on the same day that they ask for it although you need to be aware that it can take 1-2 days for a transfer to show up with some banks.

  1. How long do I get before I need to make my repayment?

Your repayment will usually fall due on the date of your next payday. This can give you anything up to 31 days to repay what you borrow depending on the day that you apply.

  1. What happens if I don’t make my repayment date?

You can, in certain circumstances, arrange to roll your payday loan over to the following month. For your own protection you can only do this twice before we will ask you make a payment towards your existing balance.

  1. How do I pay you back?

By debit card.

  1. Do you charge interest on the money I borrow?

We charge a flat rate of £25 per £100 that you borrow.