More questions? We've got you covered
If you want to clear your loan in full on your next payday, you can. However, the term for a payday loan is usually 3-months or more. The term payday loan shows the origins of this type of credit, which was when employees would sub money from their wages in advance. However, this was often insufficient and left their pay packet too lite the following month, so payday loans with slightly longer repayment periods make borrowing a small amount more manageable for most people.
How long you repay the loan over will depend on the repayment period you select when applying. People usually try to pay the loan off as soon as they can, without causing them more financial difficulty. This means shorter loans are often taken over a shorter period, while larger loans are more likely to be taken with a longer repayment period.
Smartphones are one of the largest growing sectors for carrying out many tasks. Over the past decade, they have grown increasingly capable, secure, and user-friendly. You can complete the Payday UK application process on your smartphone. Our website is even designed to ensure it’s as easy to use on a mobile device as it is on a tablet or computer.
All reputable payday loan lenders are now regulated by the FCA (Financial Conduct Authority), which provides rules, regulation, and guidelines they must follow to stay compliant. They must be upfront about all interest and charges that will be applied to your loan. With an increasing number of customers turning to this type of borrowing to help with short-term financial difficulty, it’s not surprising the FCA felt the need to act. Our panel only includes regulated reputable lenders.
The APR rates for Payday Loans are high, but this is often a reflection of the short-term nature of the loan. The FCA regulation also means all lenders must include their rates on advertising, which has led to increased competition between them, which can only be good news for the average borrower.
The FCA (Financial Conduct Authority) have been responsible for regulating payday loan lenders since 2014. Before the FCA started implementing specific guidelines for payday loans, all direct lenders were already required to hold a valid consumer credit licence. The FCA now issue these licences and consider irresponsible lending and unethical practices as part of the application process.
There is no such thing as the best payday lender, just the one that is best for you at any given time. In most cases, this will be the lender that’s offering the best interest rate and most preferable terms. The terms each lender offers, and their rates vary quite often. Some run special offers for payday loans or change their position permanently to remain competitive or attract new business. When you use Payday UK, you’ll know you’re being offered the best rate from our industry-leading panel of lenders, and that they are all registered and regulated by the FCA (Financial Conduct Authority). We’ll always try to match you with the best lender in our panel for your situation.
All direct lenders are required by the FCA (Financial Conduct Authority) to perform a full credit check before releasing any funds. However, applying with Payday UK won’t affect your credit score, as we only initially perform a soft search, which leaves no permanent mark. If you accept a loan offer, they will perform the full search, but you will already know you meet their criteria before it’s done.
If you apply for credit and are refused, it can be bad for your credit rating. However, a payday loan that is paid back according to the agreed terms will only improve your credit score. Because our application process only uses a soft search, there is no negative effect on your credit score. If you decide to accept a loan offer, you’ll already know you meet the lender’s criteria. If you fail to repay the loan according to the agreed terms, it can negatively affect your credit rating.
Payday loans are designed to provide small amounts of money to the maximum number of applicants. They are probably the type of credit you’re most likely to be accepted for. We process more than 4500 applications per day^ and have a 95% acceptance rate, so there are very few people we can’t help find a loan. We understand that you may have made mistakes in the past and that certain circumstances can lead to a poor credit rating. Because we provide access to one of the largest panels of lenders, you have the maximum chance of being successful. However, the only way to know for sure that you’re eligible is to complete the quick and straightforward application process.
Payday UK do not charge a fee for the use of our services. You should never pay an upfront fee for a loan.
Most people applying for payday loans need money quickly. This type of loan is designed to act as a short-term solution to unexpected financial difficulties, such as an unforeseen repair bill or family emergency. This generally means the people applying are in a stressful situation and need the money in order to resolve their problem. This means direct lenders have designed the process to be as quick as possible. This is partly to help the applicants, and partly because providing faster access to the borrowed money can be enough to win you a new customer. We quote a time of 10 minutes* as an average. It’s often quicker than this, but we have no control over your bank’s internal systems, so quote this time to be on the safe side.