Faster Payments from PaydayUK
What is Faster Payments?
Faster Payments is a payments service which allows phone, internet and standing order payments to be made quickly and securely. PaydayUK uses the Faster Payments Service, which means that if you're a new customer, when you have signed your loan agreement before 3pm, you could have the funds in your account the same day, including Saturdays and Sundays2.
For existing customers, our deposit times run from 4am to midnight, on the hour (everyday), subject to affordability checks and us not needing to request additional documentation from you.
How does this benefit you?
The Faster Payments Service allows you to receive your loan in hours rather than days, at no extra cost. For new customers applications must be received by 3pm for same day deposit.
Do I need to do anything?
- No, you don't need to do anything different.
- You only need to check whether your bank has this service for you to receive a Faster Payment from PaydayUK. You can do this here. The Sort Code Checker uses the latest industry data, which is updated weekly, in line with industry practice. Some banks may take up to 3 working days to clear the funds.
- If the Faster Payments Service is not available to you yet, payments can continue to be made through other methods such as BACs, which can take up to three working days to clear.