FAQs

How does The Payday Loan Company work?

The Payday Loan Company provides a convenient solution to your monthly money worries. We’re fast & easy to use as there’s no paper work, faxing or tedious processes you may find with other companies!
Our application process is simple and can be completed entirely online. If approved you will receive funds in your account by the end of the working day!
The Payday Loan Company offers short-term cash advances. You decide how much cash you need, and we simply debit the loan on your payday! Apply now using the application form on our homepage.

What do I need to get a Payday loan?

You need to be a UK resident with a UK bank account with a UK salary funded bank account.
You need to be able to repay us on your pay date, please don't apply with us if you have any concerns about your ability to repay.
At The Payday Loan Company we pride ourselves on being responsible lenders therefore we’re only interested in lending to people whom we believe can repay our cash advance without undue strain on their finances.

How much cash can I borrow?

You can apply for loans between £100 and £800.
You may not be approved for the loan size you request initially however if you repay your loan as promised and use our service responsibly over a significant period of time, our confidence & trust in you will grow - giving you the flexibility to apply for more cash in the future should you need it.
Approval of a higher loan with us is never guaranteed, we reserve the right to change or limit the amount you can borrow. You can only have one live loan at a time; however we do reward our reliable, loyal customers with a Top-up service.

What does The Payday Loan Company charge?

We charge a fixed interest rate of 25% over a maximum period of 31 days.
We are one of the only companies that do not have any hidden or added costs. We do not charge our customers to have their loans transmitted while still offering a speedy cash deposit system which allows our customers to access their funds by the end of the working day.
Our Typical APR is 1734.1% this figure is worked out annually but bear in mind that the loan duration is only up to a maximum of 31 days.
APR is an industry standard calculation.

What information does The Payday Loan Company require from me?

We require you to complete an online application form which asks you basic information about yourself like your name, address, phone numbers, job & bank details. As long as this information is sufficient we will not require any more from you.
There will be some cases when your credit score may pass your application over to our underwriting team for manual assessment this is just so we can have a more in depth look into your application to see if we can offer you a loan.

Do I need to be in employment?

To apply for a loan with us you need to have a regular income. This includes pensioners, carers, armed forces, self employed & part-time workers. Your monthly income will determine how much we are able to lend you due to our responsible lending policy.

Do I need a Payday Loan?

A payday loan is not a long term solution for existing financial problems. A payday loan is designed to offer customers a convenient short-term solution for the occasional short fall in your salary. If your financial commitments are already a strain on your income then please do not apply instead try visiting www.nationaldebtline.co.uk or www.citizensadvice.org.uk