Payday loans explained
How payday loans work
Payday loans can help provide you with the money you need for your financial emergency ranging from emergency child care to paying for a plumbing issue just before payday.
I would like to know...
- How do I get a payday loan?
- Are payday loans right for me?
- How much money can I borrow?
- How do I repay my payday loan?
- Can I extend my payment?
- What if I am an existing PaydayUK customer?
How do I get a payday loan?
Borrowing from PaydayUK is straight forward. We give online decisions, normally without the need for faxes or post§
We will advise you if you have been approved subject to passing our credit reference checks and affordability assessments.
All you need to do is:
- Fill in our application form
- If you are approved, then enter your bank account details (so we can pay you) and debit card details (so you can repay us)
Your pre contract information and loan agreement will be displayed online for you to carefully read and sign
Are payday loans right for me?
Payday loans can help with various types of financial emergencies. You can:
- Pay an unexpected bill
- Organise emergency child care for your children
- Pay your unforeseen MOT repairs
Before taking out a payday loan make sure you can afford to repay it on your next payday.
If you require a longer term loan visit our sister company Ladder Loans.
How much money can I borrow?
You can borrow from £100-£1000† depending on your circumstances. To find out how much you can borrow complete our payday loan application form.
We charge a daily interest rate so you will only be charged for the number of days you take out the loan for, subject to a minimum of 15 days. Read more about our charges here. There are no arrangement fees to set up the loan and no hidden charges. If you fail to repay your loan you may have to pay a missed payment fee.
If you require a larger loan visit our sister company Ladder Loans.
How do I repay my payday loan?
Repaying your payday loan could not be easier.
We simply debit the payment from your debit card on your payday for the agreed amount - no fuss and nothing further for you to do.
Warning: Late repayment can cause you serious money problems. For help, go to money advice service.org.uk
Can I extend my payment?
We may agree, subject to our credit criteria and affordability assessment and only if requested by you, to renew your loan (when renewing your loan, PaydayUK will issue you with a new agreement).
You should consider very carefully that short term or payday loans should only be used for short term financial needs and are not appropriate for longer term borrowing or if you are in financial difficulty. You must advise us if your circumstances have changed.
If we do agree to allow you to renew your loan, we will, as responsible lenders, only allow you to renew a maximum of two times by paying the interest only. To do so, you will have to repay the interest owing on the loan you have with us. On your following payday, you will have to repay the original amount borrowed and the relevant interest amount, dependant on the term of the loan. You may, if you choose, repay not only the interest owing but some additional money off your balance. If you choose to do this, interest will only be charged for a further month on the reduced balance. You will therefore, in this instance, repay the reduced balance plus interest on your next payday. If we do not believe it is appropriate to your circumstances to agree to an extension of your loan, our agents will discuss other repayment options with you.
Please call us on 0871 271 6111 (Call charges apply - 10p per minute from BT landlines, mobiles and other providers may vary) for more information or click the Instant Messaging Support button.
Please note. If you fail to sign your agreement the deferral will be cancelled and full payment will be taken on your original due date by using the continuous authority on your debit card you provided us with when you signed your loan agreement, the details of which are clearly set out in your agreement, including when we may make attempts and the amounts these attempts may be for.
What if I am an existing PaydayUK customer?
Existing customers are provided with an Existing Customer Login and may apply there directly.
Apply by phone
0800 280 25002
Our friendly staff are waiting to answer your call. Please quote PDUK when you apply by phone.
Need a longer term loan?
Ladder Loans offers loan terms of 3, 6, 9 and 12 months.
Click here to find out more about Ladder Loans.
We work with nationally recognised credit reference agencies.
We charge a daily interest rate of 0.80% per £100 borrowed with a minimum term of 15 days.
*All loans are subject to status and affordability
[§] Occasionally we will be unable to confirm all details automatically. Should this be the case we will ask you to provide further documentation to complete your application.
[†] All loans are subject to affordability checks and us not needing to request additional documentation from you. If approved, get up to £500 as a new customer or up to £1000 as an existing customer. Deposit times run 4AM-Midnight, on the hour (every day). The funds may clear into your account within 2 hours from the time of deposit.
 Unpaid loans may attract a missed payment fee.