What is a payday loan or cash advance?
The names refer to the same product and are small, unsecured loans that are to be re-paid quickly. In most cases the loans are re-paid within thirty days, upon the applicant's next payday.
What can a payday loan be used for?
Payday loans are designed to help people who have suffered a financial emergency. These most often take the form of an automotive or medical emergency.
How much can I receive?
You may apply for up to £1,000, but the final decision on the loan amount will be made by the lender based on your application.
How do I qualify for a payday loan?
They are easier to qualify for than traditional loans. You should meet all of the following requirements:
- Be currently employed (or receive regular income)
- Be 18 years of age or older
- Must be a legal resident of the United Kingdom
- Have a checking or savings account with direct deposit.
What is the procedure to apply for a payday loan online?
To apply for a payday loan, complete and submit the application found on our website. The approval process immediately gets under way and you will be notified of your status. If you agree to the terms, your funds are deposited no later than the next business day.
What information do I need to complete the application?
We need your name, address, contact details, employment information, and banking details in order to complete your payday loan request.
Is my personal and financial information secure?
We respect our customer's right to privacy in managing their personal finances. Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive data transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.
What are your charges? Is there an application fee?
The operator of this website does not charge consumers for our service. Any fees charged to the applicant are charged by the lender. The average representative APR is 2120%, although the actual APR will depend on the lender that accepts you for a payday loan.
Does submitting an application obligate me to take out a loan?
No; submitting an application simply states that you wish to review your payday loan options. Upon the loan offer you may withdraw your request if you so choose. If you are ready to proceed, you may confirm your information and officially agree to terms online with an electronic signature.
What if I have poor credit?
By using our vast array of lenders, we will make every effort to find one that meets your credit needs, even if your credit is less than perfect.
Does being a tenant influence my eligibility?
It makes no difference whether you own or rent your home.
Do I need to fax my information?
Only in the rarest of cases will you be asked to fax any information.
Can I have more than one payday loan at a time?
No, all other payday loans must be repaid before another may be granted.
Do you contact current or former employers?
No, the lenders operate a strict confidentiality policy. None of your personal information will be passed onto any third party without your prior agreement or unless required by law.
Do I need direct deposit?
Your bank account must be set up with direct deposit to qualify for a cash advance. It is the most secure way to offer loans as quickly as we do.
When will I receive my payday loan?
Once approved, your Payday Loan is transferred and ready for you to use no later than the next business day. In some cases you will receive the funds the same day you apply.
When will my loan be due?
Terms and conditions vary, but typically you will be required to repay the loan on your next payday.
What if I am unable to repay my loan by the due date?
If you cannot repay the full amount of your loan by the due date, you should contact the lender immediately. Repeated failure to repay the loan may result in legal action.
How often can I get a payday loan?
We are available any time you need financial assistance between pay periods. We encourage all of our clients to use these loans responsibly and keep in mind that a payday loan is a short-term solution to an urgent cash need; they should not be used repeatedly to deal with continuous budgeting issues.
I only work part time – do I still qualify?
It is entirely possible that you do. As long as you meet the loan requirements, it does not matter if you work full or part time.
Please give me an overview of the online payday loan process.
Most people apply for a payday loan as the result of facing a financial emergency. The process for an online payday loan is a simple one. First you apply, and if you meet the preliminary requirements you will receive instant approval. Once approved, you will receive a loan offer from the lender, outlining their fees, due date and other important information.
Review the offer and if the terms are ok, you agree by providing your electronic signature. The instructions on the offer will be very clear.
The loan is deposited to your account by electronic transfer. This sometimes happens the same day, but rarely longer than the next business day. The loan plus applicable fees is automatically deducted from your bank account on the due date.