Frequently Asked Questions

1.       What is a payday loan?

A payday loan is a short term cash advance best used for emergencies when people need a little cash til payday.

2.       How much money can I receive?

You can borrow between £50 and £750 depending on the payday lender you use.  This will also depend on whether you’re a first time user or not.

3.       Will a bad credit history affect loan approval?

Not necessarily, most payday loan lenders will consider your current situation and the ability to repay your payday loan before they decide to approve your loan.

4.       How do I repay the payday loan?

Most lenders will deduct the amount outstanding through your debit card or direct debit. All you need to ensure is that there are sufficient funds in your bank account on the repayment date.

5.       How much do you charge?

It depends on lenders; the average rate is £25 for each £100 borrowed

6.       What if I need to extend my loan?

Some lenders will allow you to extend your payday loan for another month; this is entirely at their own discretion.

7.       When will I receive the loan?

It depends on the lender, but if you apply before 3pm on a work day, it can be as short as one hour, or as long as 24 hours.

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 to be paid within five to 31 days of borrowing the money; it varies with lender.