Frequently asked questions
Before I apply for a payday loan
Listed below are the most frequently asked questions we are asked for this section. If your question is not answered on this page either, call customer services on 0871 271 6111 (Call charges apply – 10p per minute from BT landlines, mobiles and other providers may vary) or click for Live Chat support.
- How long does the application take?
- How much can I borrow?
- Understanding the APR
- Can I get a payday loan?
- What information do you need?
- Why do you need all this information?
- I have a bad credit history - will this affect my payday loan application?
- I don't have a debit card - can I still apply?
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Why do you use them when I have applied to your organisation?
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How long does the application take?
It only takes a few minutes from start to finish – this includes signing for your payday loan!
How much can I borrow?
You can borrow from £80 up to £750 depending on your personal circumstances. We will transfer the funds to your account on the same working day as your payday loan is completed.
Please be aware that some banks may take up to 3 working days to clear the funds.
| You Borrow | You Repay* |
|---|---|
| *Payable in a single payment on your payday | |
| £80 | £100 |
| £100 | £125 |
| £200 | £250 |
| £300 | £375 |
| £400 | £500 |
| £500 | £625 |
| £600 | £750 |
| £750 | £937.50 |
Understanding the APR
APRs are a good way of comparing similar products but are not so effective when comparing different products. The following table demonstrates this:
| Type of loan | Amount | Month | Total repayment | APR | Actual interest |
|---|---|---|---|---|---|
| Installment | £500 | 36 | £745 | 16.9% | 49% |
| Installment | £500 | 60 | £970 | 16.9% | 94% |
| Payment | £500 | 1 | £625 | 1737% | 25% |
As you can see the APR for the two installment loans are the same but the actual interest repaid as a percent of the loan is hugely different – and much lower with payday loans.
Can I get a Payday Loan?
If you are over 18, in permanent employment and earning more than £750 a month, you are likely to qualify. All you then need is a bank account for us to pay the loan in, with a debit card for you to repay!
What information do you need?
Our simple online form only requires the following information:
- Your name and address
- Your date of birth
- Your contact telephone numbers and email
- Your work and pay details
- Your bank account and debit card details
Why do you need all this information?
We are a responsible payday loan provider and this means that we need to verify:
- That it is you taking out the payday loan
- That you are in permanent employment and able to repay the payday loan
- That we put the money in your account and no-one else’s account
- That you can repay us in a simple and hassle-free way
I have a bad credit history - will this affect my payday loan application?
Not necessarily. We look at each application based on your recent circumstances.
I don't have a debit card - can I still apply?
We require you to have a debit card in order for us to take your loan repayment.
What is a credit reference agency?
Credit reference agencies (CRAs) collect and maintain information on consumers' and businesses' credit behaviour, on behalf of organisations in the UK.
What is a fraud prevention agency?
Fraud Prevention Agencies (FPAs) collect maintain and share information on known and suspected fraudulent activity. Some CRAs also act as FPAs.
Why do you use them when I have applied to your organisation?
Although you have applied to us, PaydayUK, will check our own records and we will also contact CRAs to get information on your credit behaviour with other organisations. This will help us make the best possible assessment of your overall situation before we make a decision.
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Confused! How may I help you?
Any questions you have can be answered online as soon as an agent becomes available.
Borrow between £80-£750 today!
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