What is a payday loan?

A payday loan or a paycheck advance is a short-term loan that is meant to handle the expenses until the next payday. Sometimes, these small loans are referred to as cash advances. The loan presupposes that the borrower repays the debt on the next payday. In the United Kingdom, easy payday loans are widely used with an average loan amount of £300.

How do I apply for a payday loan and how does it work?

Complete a payday loan application online. The payday loan company will then contact you online about the status of your application. If your application is approved, then the payday loan will be sent to your UK bank account. This typically happens within the same day. For a small charge, you can even get your money delivered within the hour as part of our one hour payday loans. When you get paid on your next payday, then you must repay the loan plus the interest fee. For every £100 you borrow from Payday Loans UK, you will repay £25 as interest for 28 days. This is only an estimate because the interest rates vary from person to person. The interest rates and any additional fees will be completely disclosed and explained to you.

How do I become eligible for borrowing money from lenders operating in Payday Loans UK?

You must be an employed resident of the UK and aged over 18 years. You must also possess a UK bank account and a debit card.

Can I still qualify even if I am self-employed?

Yes. As long as you can provide proof that you have been working and earning regularly, then you can qualify for a payday loan. We will need documentation that regular income is being deposited into your UK bank account.

How much money can I borrow from the lenders in Payday Loans UK?

Loan amounts are offered from £80 to £1000. The exact amount that you are allowed to borrow is determined by your personal circumstances. Our lenders are transparent and ethical, so all of this will be discussed with every borrower.

Can I still get a payday loan even if I have bad credit?

Payday loans are not intended for a long-term financial commitment. They are usually meant for emergency financial needs. Thus, credit history is not as relevant as when you are applying for a loan from a bank. Payday Loans UK will look at your circumstances and if you are deemed able to repay on your next payday, then you will obtain approval for the payday loan. It rarely happens that payday loan applications are rejected. Acceptance rate is around 95% of potential borrowers. As long as you are employed (or have a regular income source if you are self-employed) and have the ability to repay on your next payday, then the payday loan will be provided to you as soon as possible.

What can I spend the payday loan on?

Use the money for whatever you wish. You may need to quickly repay something or to make ends meet until your next payday. You may use it for car repair charges, for home repair fees, for emergency situations, for paying off an existing loan, or for anything that requires immediate attention and can no longer wait until your next payday. The payday loan company does not, in any way, restrict where and how you can spend the money.

What are the primary pros and cons of payday loans?

The advantages of resorting to payday loans include getting money issues resolved as soon as possible (sometimes even after an hour) without the need for long-term loan arrangements from banks and taking a loan application with no impact to your credit rating. Moreover, payday loans can be easily applied for online where you can even use the free payday loan calculators to obtain exact repayment amounts. The free payday loan calculators save you from wasting valuable time on having to figure out how much you will need to repay at the end of the loan period. The disadvantages of payday loans are the high interest rates and cost-effectiveness that only lasts for a one month period. A payday loan becomes very expensive to repay if it is stretched to durations of over a month.

When is the loan repayment due?

The loan plus the interest charges must be repaid within a month after you go into the loan agreement with the use of your debit card. The repayment period can, of course, be extended, but this will significantly increase the final amount that you will be required to pay. You must keep in mind that a payday loan is only intended to be a short-term answer to a financial difficulty. If you need to have a loan that is payable over a year, then a payday loan is not for you.

Will Payday Loans UK contact my employer to verify my employment status?

We do not contact your employer unless there is an issue with your pay slips or if you do not repay the loan on your next payday.

What information do I need to provide to get my payday loan?

Your complete contact details.
Your name and date of birth.
Your employment details, including your employer’s information and pay slips.
Your bank information, such as the account number and debit card information.

If I provide my personal information to Payday Loans UK while in the process of applying for my short-term loan, is the information secure?

Of course. Your personal details are kept secure on our server and remain confidential throughout. Furthermore, we only store them for as long as they are necessary. Our lenders store your sensitive information in accordance with the Data Protection Act of 1998.

Which payday loan company should I choose?

The answer is really up to you. Most payday loan companies have similar requirements and rates. Payday Loans UK has been in business for many years, and our individual lenders are reliable, professional, industry regulated, and ethical. We also work fast when it comes to processing your loan applications.