Payday Loan FAQs

What is a Payday Loan?

A Payday Loan is a small short term loan until your next payday, normally within a 30/31 day period.

 

What can a Payday Loan be used for?

Payday Loans should be used in emergencies only. They should not be treated in the same way as a credit card or a personal loan, but to be used when only in emergency such as your car breaking down etc..

 

Why is the APR for Payday Loans so high!?

The Annual Percentage Rate (APR) on a Payday Loan is very high compared to a credit card or a normal loan. But Payday Loans are still calculated the same way as normal credit, over the whole year (Annual PR), but it’s easy to forget that these loans don’t last a whole year, but 1/12 of that.

 

Can I get a Payday Loan?

To be able to apply for a Payday Loan, you must be:
- Resident of the UK
- 18+
- Have a UK bank with an active debit card
- Be in employment or receive selected state benefits

 

What is the maximum length of time I can have my loan?

Normally, payday loans only last until your next payday hence the name, however there are some lenders on the market such as Payday Express, and their loans last up to a massive 47 days!

 

Can I extend my loan repayment?

Most lending companies let you extend the loan for up to an extra month if needed, but bare in mind you may have to pay one month’s interest upfront before they let you extend it plus any admin charges.

 

How quick will I receive my Payday loan?

Since major UK banks now use FPS, which is faster payment service. This means most banks can receive your loan almost instantly usually within the hour.

 

How do I apply, and what will I need?

To apply for a simple fast instant decision payday loan just click here, or find a suitable lender from our comparison table, click read more and read more about that selected lender on a page here at Review Payday Lenders. When you have found a lender of your choice, just click apply now and wait to be redirected to the lenders website. Here you will be able to fill in the easy 5 minutes application, and in most cases get an on the spot decision, and the cash in your bank account within the hour.
You will need to give basic information to the lender, including your employers details such as phone and address, but don’t worry, they will not contact anyone without you knowing about it, its for verification only.

 

I have bad credit.. can I get a loan?

Some lenders in today’s market don’t require you to have a perfect credit history, and some don’t even credit check you at all. You may have to email a picture of your latest bank statement with your wage clearly shown, but you could still have your loan today!

 

What happens if I don’t repay my loan on time?

If you don’t repay your loan on time, expect to be hit with a default notice. Plus, charges and interest continued until you contact the lender to arrange a payment plan or a full repayment on a selected date. Please note, most lenders are fully understandable if you contact them beforehand, and even in some cases waive any fees or charges.