Frequently Asked Questions
Before I apply for a loan ...
Getting a payday loan ...
Paying back my payday loan ...
How long does the application take?
It only takes a few minutes from start to finish – this includes signing for your loan!
How much can I borrow?
You can borrow from £80 up to £750 depending on your personal circumstances. We will transfer the
funds to your account on the same working day as your loan is completed.
Please be aware that some banks may take up to 3 working days to clear the funds. We charge £25 per £100 borrowed
*Payable in a single payment on your payday
1737%APR TYPICAL
Understanding the APR
The APR stands for Annual Percentage Rate and is the interest payable on the amount borrowed and other charges expressed as an annual rate charge. All lenders have to tell you what their APR is before you sign an agreement.
APRs are a good way of comparing similar products but are not so effective when comparing different products. The following table demonstrates this:
As you can see the APR for the two installment loans are the same but the actual interest repaid as a percentage of the loan is hugely different and much higher than a payday loan.
Can I get a Payday Loan?
If you are over 18, in permanent employment and earning more than £750 a month, you are likely to qualify. All you then need is a bank account for us to pay the loan in, with a debit card for you to repay!
What information do you need?
Our simple online form only requires the following information:
- Your name and address
- Your date of birth
- Your contact telephone numbers and email
- Your work and pay details
- Your bank account and debit card details
Why do you need all this information?
We are a responsible loan provider and this means that we need to verify:
- That it is you taking out the loan
- That you are in permanent employment and able to repay the loan
- That we put the money in your account and no-one else’s account
- That you can repay us in a simple and hassle-free way
I have a bad credit history - will this affect my loan application?
Not necessarily. We look at each application based on your recent circumstances.
I don't have a debit card - can I still apply?
We require you to have a debit card in order for us to take your loan repayment.
What is a credit reference agency?
Credit reference agencies (CRAs) collect and maintain information on consumers' and businesses' credit behaviour, on behalf of organisations in the UK.
What is a fraud prevention agency?
Fraud Prevention Agencies (FPAs) collect maintain and share information on known and suspected
fraudulent activity. Some CRAs also act as FPAs.
Why do you use them when I have applied to your organisation?
Although you have applied to us, PaydayUK, will check our own records and we will also contact CRAs
to get information on your credit behaviour with other organisations. This will help us make the best
possible assessment of your overall situation before we make a decision.
What do I have to do?
Complete our quick application online. If you are approved, you will be asked to complete your bank
and debit card details and then sign your loan agreement. We will do the rest!
When will I receive my loan?
We will transfer the funds to your account on the same working day as your loan is completed.
Please be aware that banks may take up to 3 working days to clear the funds.
How will I get my money?
It’s paid directly into your bank account so you can access it as you would normally take money from
your account.
Can I have two payday loans at the same time?
No, all prior payday loans have to be repaid before another can be offered. This is because we are a responsible loan provider and want to ensure you can easily pay what you borrow.
What happens if you do not give me a loan?
If we are unable to provide you a pay day loan on this occasion we may pass your details to another
financial services company who may be able to provide you an alternative product.
How do I pay back my loan?
Easy – we take the agreed repayment amount from your debit card on your next payday – there’s
nothing else for you to do.
Can I defer my payment?
Yes, please call us on 0871 271 6111. (Call charges apply – 10p per minute from BT landlines, mobiles
and other providers may vary)
My payday or debit card details have changed
If your payday has changed, or you have a new debit card, please contact our customer services team
on 0871 271 6111 (Call charges apply – 10p per minute from BT landlines, mobiles and other providers
may vary) as soon as possible and they will make the necessary changes!
What if I have problems paying?
We understand that people’s circumstances can change. If this is the case, you must let us know as soon
as possible and we will do our best to help.
The most important things to note are:
- Don’t borrow money you don’t think you can pay back
- Talk to us and we will help as much as possible
