Payday Loans are relatively new so it's not surprising you may not have heard of them. You may not think that you know enough about them to feel comfortable about using them. In simple terms though they are no more than an advance on your next pay cheque.
In the meantime, if you have questions please look below for the answers:
- What is a Payday Loan?
A Payday Loan is an advance of up to £1000 repayable on your next payday - up to 31 days away - or longer.
- What can a Payday Loan be used for?
The money can be used for any purpose - to pay bills, buy something, have a great weekend, it's up to you! You won't be asked!
- How much can I borrow?
Any amount from £50 to £1000. The lender will set a credit limit based upon your net pay.
- How much does it cost?
This will depend on the lender you apply to. Typically they will charge you a £ fee for every £100 that you borrow. There are no hidden costs nor administration fees. You will clearly see what you must repay on your pay day well in advance. Complete the online forms for a no obligation quotation.
- What do I need to get a Payday Loan/Advance?
You must have a regular income and an active bank account with (sometimes) a chequebook (note: neither QuickSilver nor Now Loans require a chequebook).
- Do I need a cheque guarantee card?
No - but if you do, the advance is automatically approved.
- Do I need to fax my details?
You don't need to have a fax machine to be able to apply for a loan. QuickSilver and Now Loans allow the whole process to be done online (their "Express" services).
- I have a poor credit history - does this stop me from getting an advance?
No. However the lender needs to be happy that all their customers have sufficient funds available on payday to cover the advance repayment.
- What if I get paid weekly?
No problem at all - the advance will become repayable on the fourth payday after the advance. Alternatively the repayments can be staggered over the next four paydays.
- Do you contact current or former employers?
No, the lenders operate a strict confidentiality policy. None of your personal information will be passed onto any third party without your prior agreement or unless required by law.
- How long will it take to get the money?
Generally 24 hours following your acceptance - the funds will be put directly into your bank account.
- I'm a tenant - is this a problem?
No problem - it makes no difference to the lenders whether you are a tenant or a homeowner.
- How do I get my money?
The lender transfers money directly to your account by same day Priority Payment ready for you to draw on immediately.
- Can I make payments using my debit card?
Yes no problem at all, just give them a call a call or let us know in writing.
- How will I know if I have been approved?
Once the lender has received your application and it's been processed, they contact you by phone, text message or e-mail, whichever is most convenient.
- Can I get an extension to my advance?
Yes, you can extend part, or all, of your advance until the following payday simply by paying the interest-only on the original advance. Please ask for more details.
|
