Our Charges

For every £100 that we lend you, there will be and added £25 on return. Put simply, if you have a loan of £100 from us you’re expected to pay back £125 and likewise in the case you borrow £200  you payback £250.

Once I’ve applied, how long will it until I receive the money?

If we have all the information we need from you your application could be approved within minutes. You then need to agree to the loan agreement. If you accept the loan agreement before 3pm Monday to Friday the money will be transferred into your account the same day. Agreements processed after 3pm will be transferred the following day. Agreements processed over the weekend will be transferred the following working day.In very few cases we may ask you for more information. In these cases the applications are usually completed in 20 minutes.

I am eligible?

We gladly accept the applications of proprietors, council tenants, housing association tenants, private tenants and people who support their parents.

Our requirements are as follows:

1. You have to be a minimum age of 18 years old
2. You have to have a valid bank account. The bank account must be able to accept direct debit payments. This includes basic bank accounts that do not come withan overdrafe or a debit card.
3. You have to be a UK resident and also eligible to work in the  United Kingdom (England, Scotland, Wales or Northern Ireland).
4. You have to currently be employed and be receiving a regular salary.
5. You have to have your employment salary paid directly into your current bank account.
6. You have to have a minimum take home salary of £750 a month.

If you would like to read in more detail about these requirements then please visit out terms and conditions page.

 

Whats my personal information used for?

As we are a responsible lending company it is our duty to be sure that you are curently  in a suitable position to repay the outstanding loan and are who you say you are.

Will you be useing credit referance agencies  or do you check my credit scoring?

No, we will not be doing any check on your credit scoring or use an agency to check it.

My credit history is poor will I be accepted?

Absolutely, as we are making our decision to lend you the money on a short term basis we only need to know your current circumstances.

Can I still apply if I do not have a current  debit card?

Yes you can. We can sometimes offer loans to accounts without a debit card, please contact us for further details.

What is the process for appying for a payday loan?

There is an easy 3-step process that determines loan approval. No lengthy contract to sign with crafty small print or endless personal questions to answer to someone who you don’t know!
      Step 1 - A simple online application.
      Step 2 - You will receive a response to your request for a payday loan within minutes.
      Step 3 - Once you’ve accepted the loan agreement the money will be on its way.

Once I’ve applied, how long will it until I receive the money?

If we have all the information we need it only takes a few minutes to approve an application. You then need to agree to the loan agreement. If you accept the loan agreement before 3pm Monday to Friday the money will be transferred into your account the same day. Agreements processed after 3pm will be transferred the following day. Agreements processed over the weekend will be transferred the following working day. In very few cases we may ask you for more information. In these cases the applications are usually completed in 20 minutes.

How do I get the money? 

As soon as you have been approved a loan the money will be deposited direct to your account. 

How do I repay my payday loan?

We will take your payment via direct debit from the agreed account on your next payday.

Will i be able to defer a paymeny?

Yes you can- Please remember though by deferring your loan payment twice we will ask you begin reducing your payday loan balance. By deferring you payment this will incur new costs on every month the loan is not paid back in full.

 

What will happen  if  im finding it hard to pay back my payday loan?

 

If your circumstances change and you can no longer pay back the loan on the agreed day just inform us of your situation as soon as possible and we will do our upmost to resolve the situation for you.. Remember not to take out a loan you think you might not be able to repay and keep us informed if you have any trouble

 

Where can I leave feedback for the service I received?

Please let us know how we’re doing. We value every customer and their views, good or bad, and aim to keep reviewing the service we provide. The best way of us doing this is through getting feedback from the customers themselves. Please email us your comments at info@the-payday-loans.co.uk

 

Why is the APR so high?

Although this APR seems high this loan is aimed at maximum of 31 day turn around and so comparing this against Annual Percentage Rate (APR) could be misleading as these are used to compare long term(12 months or over) loans.

The below table demonstrates this:

 

Loan Type	Loan Amount	Months	Total Repayable	APR	Actual Interest
Instalment	£2000	36	£2973.96	16.9%	49%
Instalment	£2000	60	£3875.40	16.9%	94%
Payday Loan	£750	1	£937.50	1355%	25%