Helping to fill your borrowing needs until pay day arrives

Payday loans are a fast solution designed to fill a borrowers short term loan needs. The very knowledge of their existence can provide a consumer with peace of mind as as payday lenders like PaydayloansUK give people a place to turn to should an emergency happen where cash is the only solution.

Payday lenders are often able to lend funds within 24 hours of an application being made and it is this speed of this service which provides the lifeline people need.

Below we will detail some information about our loans and will answer some of the questions we are frequently asked.

I would like a loan – how do I apply?

Taking a loan out from PaydayLoansUK.co.uk is deliberately designed to be a simple process. We accept applications online and can normally give you a decision instantly without any need for faxes or paperwork as we do everything electronically.

The process is as follows:

• You fill in our short online application form – this should only take a minute or so as we only ask for details we need to approve your application.



• You wait for our systems to process the application – this only takes about a minute and you get your decision as soon as this has been processed.



• If your loan is approved (we approve over 70% of applications) we will display your loan agreement online for you to sign digitally. The whole process is completed online.



• Once we receive your loan instruction we will authorise payment of the loan – you could have the funds in your bank within the hour.

Is a payday loan suitable for me?

Payday loans are designed only as a short term funding option – normally for periods of up to thirty days. Please do not consider them for long term borrowing as if they are taken for long periods they can become very expensive. They are very useful for emergency funding – for example:

• If you need to pay an unexpected car repair bill.



• If you need to organise childcare unexpectedly.



• If you have an unexpected bill or a final demand letter you need to settle.

How much can I borrow from you?

Our loans vary in size from £50.00 to £1,000.00. The average amount lend our customers is £250.00. As payday loans are designed as a short term fix £250.00 is normally this is enough to cover most peoples needs until their next pay date.

• Charges on loans are approx £29.95 for every £100.00 that is borrowed.

How you collect payment for my loan?

Repayment of your paydayloansuk.org.uk loan is really simple. When you apply you authorise us to collect your loan repayment via direct debit. In your application you let us know when the funds will be ready to collect (normally your next payday) and on the pre-arranged date we debit the funds from your account which clears your loan.

Can I roll over my loan for another month?

We are normally able to offer our customers the opportunity to extend their loan however we only allow a maximum of three extensions. We do this to protect our customers as we do not believe that our loans should reasonably be used for periods longer than this. When you extend a loan we will still collect the interest due on your next pay date. We do this to prevent your debt from growing larger which would give you more to repay.

I have a poor credit rating – will I be rejected?

We can help most people find a loan, even if they have poor credit. Our lenders are looking for clients who are in work and who can afford to pay back the loan after a short period of time. Because of this credit ratings are less important to them than your ability to repay.

Can I use my loan for any purpose I choose?

Yes, the loan is yours to spend as you see fit. Many of our customers use our loans to pay when emergency situations or unexpected bills occur or to simply carry them over until their next payday.

Will you call my employer?

We take your employers details as it is important that you have a source of income so that you can repay your loan. It is rare for us to need to speak to anyone at your work place unless you are unable to repay the loan.

Can I get a loan if I am self employed?

Yes - as long as you are able to prove you are currently earning and have been paying an income into your bank on a regular basis we can normally help.

Why is your APR so high?

An APR (annual percentage rate) is normally used to compare loans which have a term of 12 months or more. They are not the ideal solution for comparing short term loans however we have to show them for legal reasons. If you would like to know more about our charges you can read a detailed account here.

What if I have problems repaying my loan?

If you are having any problems affording your loan repayment or you believe that you may be late with your payment then please do get in touch with us as soon as possible and we will do our best to help you.