Frequently Asked Questions
- Payday loans, what is that?
- Can a payday loan be used for anything?
- What are the criteria for a payday loan?
- How fast can I get a payday loan?
- What is the limit of payday loans?
- How do I get a cash advance?
- How much does a payday loan cost?
- Can I get a payday advance if I am self-employed?
- What if I don't have a debit card?
- I've got a poor credit history, can I still get a payday loan?
- Do I have to be a homeowner?
- Can all nationality applicant for the loan?
- How are repayments made?
- Can I get a payday loan if I am not employed?
- Can I delay or put off payment to some other time?
- If I defer, do I pay anthing that month?
- What if you can not take payment on my due date?
- Can more then one person in the same family take out a loan?
- If I pay my loan before my due date will I pay less interest?
Payday loans, what is that?
A payday loan is for people who need cash before their employer pay them. It is like a quick cash advance on your wages.
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Can a payday loan be used for anything?
Yes, a payday loan can be use for paying off a bill, a night out, week-end away, birthday present, clear your credit card.
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What are the criteria for a payday loan?
You must be over 18 years old
You must be a UK resident
You must be in full time employment
You must have a debit card for the account your wages are paid into.
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How fast can I get a payday loan?
By complete our application form and submit your Electronic Credit Agreement before 14:00 on a working week day the cash will be in your bank account the next day. We know you want fast cash now. So our online application process only takes a few minutes.
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What is the limit of payday loans?
From £80 to £800
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How do I get a cash advance?
You must be employed and have a debit card for the account your wages are paid into. You then need to fill in the online form and continue through the process. The First Stage of the process consists of three steps, tthis will only take a few minutes.
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How much does a payday loan cost?
The cost of a payday loan is 25% on the money you borrow, this is payable on your next employment payday. Our charge is £20 for every £80 we lend. So, for every £80 you borrow, we require you to pay back £100, it is as simple as that. Regarding APR, it is suggested that the APR system my not be relevant in the small-loan, short-term, market as it can be misleading and off putting to the customer.
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Can I get a payday advance if I am self-employed?
Yes – But your income must going into your personal account and not just in to your business account. Remember, we only pay into personal accounts.
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What if I don't have a debit card?
We would not offer you a payday loan unless you have a valid debit card – a cash card.
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I've got a poor credit history, can I still get a payday loan?
Yes – if we carry out a credit checks (where permitted) we will still loan to customers with bad credit history such as CCJs. We would need you to prove you will have sufficient funds to repay the payday loan.
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Do I have to be a homeowner?
No – this is not one of our criteria's for a payday loan.
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Can all nationalities applicant for the loan?
Yes, from you live and work full time in the UK that is fine.
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How are repayments made?
Your repayments are taken from your debit card only.
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Can I get a payday loan if I am not employed?
No
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Can I delay or put off payment to some other time?
Yes, However, by doing so, you will incur new charges for every month the loan is deferred. This will still be at our fixed rate of 25% and no additional charges. If you defer the the loan twice we will require you to reducing the balance.
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If I defer payment, do I pay anything that month?
Yes, only the 25% interest, If you have borrowed £200 you would have to pay £50, interest each month that the loan is extended. Then when the loan is to be cleared, the full £250 will need to be paid in full.
As a responsible lender we do not recommend this action of extending. Clear the Payday Loan and maybe take out another loan designed to be paid off over a longer time period at a lower interest rate.
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What if you can not take payment on my due date?
If we can not collect payment on the chosen date, we will charge you £10 for each letter sent out to you asking for you to pay the outstanding balance.
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Can more than one person in the same family take out a loan?
No, We have a restriction of one person per house household
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If I pay my payday before my due date will I pay less interest?
No, A payday loan is a short term loan and the interest is fix so if you take out your payday loan of £100 for 14 days or 31 Days you would still to pay back £125.
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