Money in your bank today!
Understanding how
bank overdrafts work
Need cash in your bank today?
PaydayUK has access to the Faster Payments Service, enabling you to
have your money in your bank today†!
What is a bank overdraft?
A bank overdraft is a temporary facility added to bank accounts, which allows you to be overdrawn in your bank account by a certain amount.
Advantages of bank overdrafts
Just like a payday loan from PaydayUK, a bank overdraft can be flexible - it's there when you need it!
Also, like payday loans, bank overdrafts are easy and quick to arrange, providing a good cash flow backup with the minimum of fuss.
Disadvantages of bank overdrafts
Bank overdrafts do have their disadvantages. They carry interest and fees; often at a much higher rate than loans. Also, with bank overdrafts you can face large charges if you go over the agreed overdraft limit.
With bank overdrafts (unless specified in the terms and conditions) the bank can recall the entire overdraft at any time. Also bank overdrafts may need to be secured against your business assets, which put them at risk if you cannot meet repayments.
People are finding it harder to get approved for an overdraft, as the bank can just refuse to give you one.
Tell me more about PaydayUK payday loans
PaydayUK is the UK leading online payday loan provider. We offer payday loans from £100 to £750, and even if you have a bad credit history we will still consider you, as we take your current circumstances into consideration.
The charges on our payday loans are simple, and we make sure you always know exactly where you stand before signing your loan agreement. We charge £14.50 per £50 borrowed, and you do not need to pay back your payday loan until your next payday arrives.
You can either apply online with our fast online application form or call our helpful team on 0800 280 2500ø, who will be happy to fill out an application for you over the phone.
Once you have applied we will give you a decision on your loan amount in one minute. Then all you need to do is enter your bank account details - so that we can deposit the funds into your account - and your debit card details, so that we can automatically take the repayment on the agreed date. This is usually your next pay date.
We also work with the Faster Payments Service, which means as long as your bank accepts the Faster Payments Service then we can deposit the payday loan into your account on the same day you apply. To check if your bank accepts Faster Payments go to www.ukpayments.org.uk/sort_code_checker/ and enter your bank's sort code.
Once the funds have been deposited into your bank account on the same day you apply‡, the funds are then yours to spend how you wish. We will never recall the funds from you as could happen with a bank overdraft - we give you the peace of mind you need.
So, if you don't want to jump through hoops for your bank, or have the worry of money being recalled, then a payday loan from PaydayUK is just a click away.
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We use credit agencies
We work with nationally recognised credit agencies, which may help you improve your credit rating.
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PaydayUK have no hidden charges
We charge £14.50 per £50 borrowed and have no hidden charges and no fees. We keep it simple!
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Managing your money
PaydayUK provides access to information to help you manage your money more effectively.
Let us explain in full[†] Check with your bank if they accept Faster Payments; some banks may take up to 3 working days to clear the funds. For new customers, applications must be received by 1530 and completed by 1700. All loans are subject to final checks.
