What exactly is a payday loan?
A payday loan is essentially a short-term loan that you pay back when you receive your next salary. Payday loans are also commonly referred to as personal loans, cash advances, fast cash loans and payday advances.
How much money can I borrow with a payday loan?
The Payday Loan Company can offer you a loan amount of anywhere between £100 and £800. We also work with several other lenders of payday loans in the UK and if we are unable to match your desired amount, we might pass your information on to a company who will be able to help you. Other lenders can offer you up to £1,000.
What will I need to qualify for a UK payday loan with The Payday Loan Company?
The most important requirement for your instant payday loan is that you have a regular source of income that you receive every month to your bank account. We also require that you be a valid UK resident. When you speak with our payday loan specialists, they will be able to explain all the terms and conditions and the loan amount that you qualify for based on your salary or regular income.
When can I expect to receive my payday loan?
Well, it depends on the payday loan lender, but in most cases, the cash will be in your account and available for withdrawal within several hours or even minutes after approval.
Do I need to be employed to receive a payday loan?
Nearly all payday loans lenders will require that you have a regular source of income; either through employment, pension, armed forces, self-employment or otherwise. The most important thing is that you receive a stable monthly income. Your income will also determine the amount that The Payday Loan Company will be able to provide you with.
How do I know that my personal information is secure?
When you go to our online payday loan application page, you will see a little lock symbol in the URL address bar letting you know that the link is secure along with any information that you submit.
When will I need to pay back my payday loan?
Repaying a payday loan is a fairly simple concept – you pay your payday loan lender when you receive your next salary.
What if I have bad credit? Will I still be able to take out a payday loan?
Yes! The Payday Loan Company offers bad credit payday loans, so not to worry. As a lender of payday loans, we are solely interested in your ability to pay back your loan on the intended date. If you have a regular and stable source of income, then there should be no reason why you should not be able to pay back your loan. With this in mind, why shouldn’t we offer bad credit payday loans?
Will you check my credit score before approval? Do you offer payday loans with no credit check?
We are not concerned with your credit score or your credit history but rather your current financial situation. We offer payday loans with no credit check because we trust that you will pay back your loan on time and in full.
How long do I have to wait to take out another payday loan once I’ve paid back my prior one in full?
Usually, you will not be required to wait more than 2 days to take out a new online payday loan with The Payday Loan Company. Your payment method will most likely be the deciding factor in taking out a new payday loan – you may even be able to take out a new online payday loan after as little as 2 hours after we’ve received full payment.
Will I need a fax machine to complete the payday loan application process?
Absolutely not! The Payday Loan Company offers you the comfort of instant payday loans all through the internet. To apply for an instant payday loan, simply fill out our online payday loan application with your details and press send. Once you’ve submitted your application, it will be reviewed and should you qualify, one of our payday loan specialists will call you to confirm your details.
Are there fees for your payday loan services? What kind of interest rate will I be responsible for?
Yes, just like any other bank, you will be required to pay an interest rate on your payday loan of approximately 25% over a maximum period of 31 days. This means that the typical APR is 1734.1% - which is what it would be only if you rolled your payday loan over continually over the course of a year.
What exactly does APR mean or stand for?
That’s a great question that many people don’t ask because they think they should know the answer! APR simply means an annualized percentage rate for a loan that you would borrow for a full year. Payday loans in the UK are usually borrowed over a period of 1 month (or less) so you will never be charged for a full year. We have fixed fees which are mentioned in the previous question of approximately 25% and there are no other extra charges or hidden fees on any of our UK payday loans.
Can I take out more than one payday loan at a time?
Unfortunately, that’s not an option that we offer. In our experience, having to pay back one payday loan at a time is more than enough responsibility, let alone two or more. If you feel that you require more cash, then we suggest you let us know. If you tell us that you are looking for a larger advance payday loan, then perhaps we might be able to help you.
What if I cannot pay back my payday loan on the intended date?
If you feel that will be unable to supply your payday loan lender with the loan amount due them, then we highly recommend you call and speak with an agent. Usually, most payday lenders will offer you the option of just paying back the processing fee or interest rate on your next payday and then the following payday you can pay back the full loan amount plus an additional payment of fees. It’s best to speak with your payday loan lender and see what their exact terms and conditions are.
Is a payday loan right for me?
Payday loans are a great service so long as it’s used properly and not taken advantage of. It is not a long term or permanent solution to a serious problem that you may be facing with debt. If you feel like you may not be able to repay your loan by your next payday then we highly recommend that you visit one of the following websites; www.nationaldebtline.co.uk or www.citizensadvice.org.uk. Those websites will be able to point you in the right direction and get you started on your path to financial recovery.
I have more questions that aren’t answered here – how can I get more information?
The best thing you can do if you’re still on the fence about a payday loan is to fill in the application form and once you’re on the phone with your payday loan specialist, you will be able to ask any additional questions or concerns that you may have. Alternatively, you can always send us an e-mail through our ‘Contact Us’ page and an agent will be in touch with you shortly.