PaydayUK

PaydayUK is the trading name of Instant Cash Loans Limited’s offering short term loans. Financial Conduct Authority is the regulator of PaydayUK. If you are an existing customer of PaydayUK then you can apply to get a loan ranging from £100 to £1000 whereas if you are applying for the first time then they can grant a loan ranging from £100 to £650. PaydayUK is a customer oriented loan lender who takes the responsibility of assessing the capability of the applicant to repay the loan along with the interest associated to the loan amount. PaydayUK is known for its high standard service and responsible approach towards its customers. It has become popular in the United Kingdom due to high customer satisfaction service.

To apply for a loan an applicant needs to satisfy the following requirements set by PaydayUK.

1) To be eligible for a payday loan the applicant must have attained the age of 18 years.

2) It is also necessary that the applicant is employed permanently or must be under pension or disability scheme benefits.

3) The applicant must be earning £417 every month regularly.

4) The applicant should possess a debit card before applying for the loan.

The application process has been kept simple for the convenience of the customers of PaydayUK.

The applicant can go to PaydayUK website and apply for a loan. Using the loan calculator the applicant can enter the amount he or she wants to borrow from PaydayUK. The existing customers can enter amount ranging from £100 to £1000 and the first time applicant can select amount between £100 and £650. It is on the applicant choice whether he wants to repay the loan in one installment or multiple installments ranging from two to five. The applicant can choose the number of installments accordingly. It is necessary that the applicant understand the fact that he should be in a position to repay the amount of loan along with interest and charges on the agreed date. After every this is selected and well thought the applicant can click on apply button and finish the application. Once the application process is completed then it will provide the option to fill in a form.

Once the loan application is received by PaydayUK it then evaluates the feasibility of the loan application. If they find it positive then the loan is approved. They will provide five offers to the customer related to the loan request from which the customer can choose the best according to their needs. Once the applicant has chosen the offer it will ask for debit card information and go further to check for the documents required.

In the final stage it will give the option to go through the contract information where you can check all details. Finally you need to authorize the application by signing the agreement electronically.

Certain facts that will be helpful to the applicant are stated below.

PaydayUK does not provide two loans to the same customer. An applicant can opt for a second loan only after the first has been repaid.

Online applications can be filled in quickly in minutes provided you have all the required information ready at hand.

To fill in the online application these are the information the applicant will need.

1)      Applicants name and address.

2)      Applicants date of birth.

3)      Applicant’s contact information like phone number and email address.

4)      Details of employment and income.

5)      The estimated monthly expenditure.

6)      Bank account details along with debit card details.

These information are taken by the lender to be certain on the below facts.

1)      There is no identity theft and it is the applicant who is taking the loan.

2)       To ensure that the applicant has permanent employment with a regular income that is satisfactory for being able to repay the loan.

3)      To ensure that the money is deposited to the account of the applicant and to anyone else’s.

The funds are deposited by PaydayUK to the applicant’s bank account within an hour of the completion of the loan.  As the amount is paid directly to the bank account hence it is readily accessible to the applicant.

The repayments are by default set to the regular pay date or dates. If the pay date differ for a person then PaydayUK do check if they can make arrangements for repayment accordingly.

The repayment(s) are taken automatically using the continuous payment authority from your debit card. If the applicant does not agree to repay through this method or cancel it the loan amount and interest will need to be paid by alternative method. The applicant must make suitable alternatives to avoid the account being overdue which in turn can affect the credit report.

A Continuous payment Authority is that kind of automatic payment where you can set up payment using your debit card. The authority remains linked to the bank account to which is the debit card is linked as well. A CPA authorises the lender to withdraw money from the stated bank account using debit card keeping in view the terms of the agreement. The terms are totally mentioned and agreed to at the time of loan approval.

The Continuous Payment Authority (CPA) can be cancelled by contacting PaydayUK on 0871 271 6111¹. There is an alternative procedure to cancel the payment by informing your bank or card issuer to stop payment. In case this has been followed then the customer must inform paydayuk about the same. Payment(s) received before the cancellation can be refunded to customer in full or part and this decision is at the discretion of PaydayUK.

On the event that the Pay date has changed or there are changes in the customer’s debit card, the customer is required to inform PaydayUK and they will make the necessary changes.

If a customer decides to cancel the loan agreement he can do so within 14 days of the signing date of the agreement. Upon withdrawal of the loan, the applicant is liable to repay the complete loan amount along with the interest and other charges accrued for that period.