Here are a few of the most common questions we have received over the years from our customers.
We hope they help...
- What exactly is a payday loan?
- How much money can I borrow with a payday loan?
- What will I need to qualify for a UK payday loan with The Payday Loan Company?
- When can I expect to receive my payday loan?
- Do I need to be employed to receive a payday loan?
- How do I know that my personal information is secure?
- When will I need to pay back my payday loan?
- What if I have bad credit? Will I still be able to take out a payday loan?
- Will you check my credit score before approval? Do you offer payday loans with no credit check?
- How long do I have to wait to take out another payday loan once I’ve paid back my prior one in full?
- Will I need a fax machine to complete the payday loan application process?
- Are there fees for your payday loan services? What kind of interest rate will I be responsible for?
- What exactly does APR mean or stand for?
- Can I take out more than one payday loan at a time?
- What if I cannot pay back my payday loan on the intended date?
- Is a payday loan right for me?
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.
Back to topHow much money can I borrow with a payday loan?
Paydayloan.co.uk can offer you a loan amount of anywhere between £80 and £1,000. We also work with several other lenders (up to 120) 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.
Back to topWhat will I need to qualify for a UK payday loan with PAYDAYLOAN.CO.UK?
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. As part of our commitment to responsible lending it it also very important to us that you have enough money leftover when you receive your next wage that you can cover payment of the loan amount and the fee. 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.
Back to topWhen can I expect to receive my payday loan?
Generally, our 120 partner lenders that we put you in touch with might do things slightly different. In most cases, the cash will be in your account and available for withdrawal within several hours or even minutes after approval.
Back to topDo 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 your payday lender will be able to provide you with.
Back to topHow 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.
Back to topWhen 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 wage. If you don’t want to pay it back that month you do have the option to extend it for another 30 days by just paying the interest on the loan again.
Back to topWhat if I have bad credit? Will I still be able to take out a payday loan?
Yes! Paydayloan.so.uk's lending partners offer bad credit payday loans, so not to worry. As a matching service 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.
Back to topWill 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.
Back to topHow 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 lending partners of Paydayloan.co.uk. 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.
Back to topWill I need a fax machine to complete the payday loan application process?
Absolutely not! Paydayloan.co.uk offers you the comfort of instant payday loans all through your PC, tablet or smartphone. 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 sent to over 120 different payday lenders and they will be in touch with you once they've had a chance to review all of your information and provide you with a quote.
Back to topAre there fees for 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.
Back to topWhat 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. If you're still unsure, be sure to check out our super helpful What Is APR page!
Back to topCan I take out more than one payday loan at a time?
Unfortunately, that’s not an option that we offer. 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.
Back to topWhat if I cannot pay back my payday loan on the intended date?
If you feel that will be unable to pay your payday loan back on the due date, then we highly recommend you call your lender as soon as possible. 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 - or better yet, ask for this information before you take out your payday loan!
Back to topIs 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.
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