FAQ
What is a payday loan?
A payday loans is a short-term advance of cash, which is to be repaid back between 5 to 31 days on your next payday. A payday loan is a quick solution loan when you are short on cash and need additional funds until you get paid.
Are there any restrictions on how a use a payday loan?
There are no restrictions on how you use the loan.
How do I qualify for a payday loan?
All you require to q ualify by being over 21, in regular employment and your salary is paid in to the bank with a debit card.
What can I borrow?
This mainly depends on the payday loan provider you choose. On average the minimum loan is usually £50 and the maximum is usually £750.
What are the charges I have to pay back?
On top of paying for the money you have borrowed, you must pay back an interest charge fee. Based on the average case this is £25 for every £100 you borrow, but these do vary per lender.
I have a poor credit history can I still get a payday loan?
Yes some lenders accept people with a poor credit history but you must prove you have sufficient income to pay back the loan and interest.
How do I repay the loan I borrowed?
When you first sign up your agreement online you have to provide your bank account details along with a debit card attached to the account this will be used to collect the payment. Some loan providers also allow you to pay by cheque.
Does it matter when I am paid?
No matter if you get paid weekly, fortnightly or monthly, most providers cater for this so based on the term of the loan and when you get paid is when they will collect the repayment .
I am not a homeowner does it matter?
As long as you are a UK resident and you can prove your address then you will be approved. You do not have to be a homeowner.
I am self-employed does it matter?
It should not matter if you are self-employed as long as you can prove your income is regular and that this is paid into your bank account.
Will they contact my employer about the payday loan?
All payday loans are completely confidential so they should not have to contact your employer. Also note that no personal information can be passed on without your agreement.
How long does it take to get the loan?
On average most loan lenders will deposit the funds in to your chosen bank account on the same day. Please check when the loan will be deposited as some deposit following working day.
I am struggling can I roll over the loan to my next payday?
Some payday lenders will allow you to roll over the loan. Some will insist that you pay the interest for the first month and may charge an additional fee for rolling over the loan. While others will insist that you start reducing the existing balance after a set period of time.
I have a payday loan already can I take out another one?
If you already have an existing payday loan then you cannot take another one out. You must first settle your existing loan before another one can be taken out.
What identification requirements do I need to take out a payday loan?
All identification requirements are clearly outlined on the lenders website. As a guideline most providers have an online system. Some require bank statements and proof of your last pay slip to confirm with your bank statement. If online address verification is not done then they will require proof of address, proof of signature and photocopies of both sides of your debit card.
Which payday lender offers the cheapest rate?
Interest rates and terms vary from lender to lender, we have a comparison chart so you can work out the cheapest provider for your needs, use the compare payday loans at Whatpaydayloan.co.uk to compare payday loans across the UK market.
