Jargon buster

APR

• APR stands for Annual Percentage Rate and is the interest payable on the amount borrowed and other charges expressed as an annual rate charge
• It is the way the law requires firms to show their interest rates
• See our FAQs for more details

BACS

• BACS is a scheme for the electronic processing of financial transactions
• PaydayUK will transfer your payday loan into your bank account using BACS
• Some banks can take up to 3 working days for money to clear through this process

Credit search

• A credit search is a check performed by a credit reference agency to confirm how well you manage your money
• We use this information to assess your application for a loan and confirm your identity

Debit card

• Card attached to your bank account, which takes payment directly from the cash in your account rather than on credit

Deferral

• Means postponing full payment of your loan for one month by paying only the charges
• This incurs another month’s interest

Payday loan

• A short-term loan which you repay on your next payday. You can apply for payday loans at our partner site paydayfinancial.