FAQ

What do you mean by "pay day loan"?

This refers to a loan for the short term, between 'now' (when you want the loan) and your next pay day (when you will presumably have the money that you need right now). The purpose of these loans are to give you that cash right now, rather than wait.

What sort of situations would I use a payday loan in?

In short: For financial emergencies. These are not intended as general bank-loan replacements. The charges for instant payday loans, over the long term, are very high and so should be used for unexpected bills and other such unexpected financial demands.

The APR looks high though, why's that?

True, the APR on an instant payday loan is high (1,200% going up as high as 2,500%), but that's because they're only intended for very short-term usage (and so the Annual Percentage Rate isn't particularly relevant). Although personal loans from a bank have an APR of 10% or so, these are usually taken out over a year.

What about my credit rating?

It doesn't matter. We don't do a credit check. You just need an income that's regular and a bank account that we can deposit into.

What amount can I borrow?

Between £80 to £1,000, normally.

What is the interest rate?

Usually (as a rule of thumb) it's £29 in every £100. So, borrowing £200 would require you to pay back £258.

What if my pay cycle isn't monthly (ie, monthly)?

We will arrange this with you. For weekly, it'll be every 4th pay day.

Will you need to be in contact with my employer?

No, not without your agreement. The default is that your data is kept with us and shared with nobody. If that needs to change, we'll ask you first.

When can I get hold of the money?

Either the very same day, or the next working day.

If I can't pay it back on the next pay day, can I "roll on" the debt?

Yes, but due to the high interest rates, we don't advise doing this for long.

What do you need from me?

Just your bank account details, how long you've been at your current job and when your pay-day is. Please ensure that you have this to hand when applying.

How many instant payday loans can I take out?

You should only take out one at a time, and should (in theory) only be able to take out one at a time as well. However, due to the lack of credit checking and some other instant payday loan companies' general standards of practice, it can be possible to take out more than one at once. We do not advise this at all.

You absolutely should not be taking out a payday loan to pay off other payday loans. A general rule is that if you're taking out more than three instant pay day loans in 1 year, you may have financial issues. If you're struggling with repayments or your finances in general, you should contact the National Debtline, the Consumer Credit Counselling Service or an accredited debt management agency.