- What information will a payday lender need from me?
The information you need to provide when applying for a payday loan changes from lender to lender. They will normally ask you to provide your bank information, employment details, proof of address and occasionally your national insurance number and a photo ID.
- Can I roll my debt to the following month?
This depends on the lender but this is not advised and you should try to make every effort to repay the loan as agreed. If you roll your debt on to the following month, many providers will charge you an additional fee for delaying the payment. This will only make it harder for you to repay the debt next month.
- How long does it take to get a payday loan?
Normally once your payday loan has been approved it will be transferred in to your bank the same day. Depending on the lender it could be the next working day.
- How do I repay my payday loan?
When repaying a payday loan the most common form of repayment is a direct transfer taken from your bank account. Other lenders may require a cheque or pay using your debt card.
- How much will a payday loan cost?
When you take out a payday loan most lenders will charge around (and this is only an approximate figure) £25 for every £100 you borrow, but you should check with the individual lenders before agreeing to take the loan out.
- Will I have to pay any broker fees?
Our site is independently operated and has no ownership or any active role in any of the business practises or links featured. We only advertise and review the products to act as a guide before applying for a payday loan. If you are redirected to another companies site via ours you should take a moment to read all their terms and conditions as well as information about and charges and broker fees.
- Will payday-lenders-not-brokers.com be providing me the loan?
Our site is independently operated and has no ownership or any active role in any of the business practises or links featured. We only advertise and review the products to act as a guide when applying for a payday loan. We are neither a broker or a lender so we would not be issuing you with the loan.
- What is a payday loan?
Payday loans are short term loans that usually last up to no more than 30 days. Payday loans can be an extremely useful source of money in emergencies, such as having to pay an unexpected bill, home improvements or just to relieve the pressure until you next get paid.
- Do I need a payday loan?
You should consider asking yourself these questions first before applying for a payday loan.
Do you really need a payday loan?
Have you asked your bank to help you first?
Is it necessary?
Can a friend or family member help you?
If you still feel that you need a payday loan then keep reading..
A payday loan should only be used in emergencies and you should never rely on a payday loan to spend on unnecessary shopping sprees, holidays or anything else that you don’t really need.
If you fail to repay your loan on the agreed repayment date then you will occur additional charges and you may find yourself in uphill battle to get back on track.
- Do I need a credit check when applying for a payday loan?
Not always. Some lenders may require a credit check when applying for a payday loan. Usually as long as you are working, have a bank account and reside in the UK then that is all that is required.
- Why is the APR on payday loans so high?
This is a popular question. Although the APR on a payday loan can range anywhere from 11,00% right up to anywhere near 2,500%, these APR’s are based on a cost over a full year. One thing to remember is that payday loans are only meant to be used in emergencies and to be repaid over a 30 day period. So although payday loans can be expensive its a small price to pay when used properly.
- How much can I borrow?
This depends on the lender but normally payday loan lenders will lend you between £50 – £1000 to be repaid in full in 30 days.