Payday UK: Quick Payday Loans

Payday UK is a well-known lending company offering short term loans. Previously known as Instant Cash Loans Limited, this company is authorised and regulated by the FCA. You can avail short term loans from Payday UK for amounts between £100 to £650 for new borrowers and £100 to £1000 for existing and repeat borrowers. You get to repay the loan in instalments too, ranging from one to five instalments.

Quality Service

Payday UK is a responsible lending company and has gathered a lot of positive feedback in the market. Before offering loans to their customers, they always assess the customer’s profile and financial situation to ensure that the customer can afford the loan. Also, this agency is very transparent and clear in communications and agreements and handles its customers in a helpful and courteous manner, thus offering a higher standard of service. Every business is made successful by the satisfaction of their customers, and Payday UK applies the same theory to their services as they have an extremely nice reputation in the finance market.

Responsible Lending

Payday UK supports and showcases responsible lending and hence refrains from giving loans to people with financial troubles and debt problems. Loans are not offered to people who have a weak credit history and an equally weak financial position, because they are the people who are more likely to default on loans and get deeper into financial crisis. Hence, Payday UK makes sure that the borrower is financially stable and has a good credit rating and can afford the loan before his application is approved.

The minimum requirements for Payday UK short term loans are:

·         Payday UK does not provide loans to minors, hence the borrower must have completed 18 years of age.

·         The borrower must be permanently employed or else must be receive a pension, living allowance, or a disability benefit.

·         The monthly income of the applicant must be at least £417.

·         The applicant must hold a valid debit card and an active bank account.

Application process for a Payday UK loan

The easiest way to apply for a loan at Payday UK is through their website. The loan calculator on the website will help you to make your decision. All you need to enter the loan amount and select the number of instalments. The total quotation will be then shown to you.

Before proceeding, make sure that you can afford the loan and can pay off the instalments every month on time without defaulting, because defaulting on instalments attracts penalties and will increase the cost of loan.

Once decided, you can apply and fill out the application form. Once the application is submitted, Payday UK will go through your profile and once the application is approved, they will show you up to five different offers based on your requirements. You need to select the best offer that suits your financial needs and also is within your financial reach easily without causing a danger of debt. Once you select the offer, enter your debit card details and proceed further with the documentation process.

Money deposit is the final stage. Make sure that you read the contract or loan agreement carefully so that you can make any changes in your decision if necessary. Once you have verified the agreement and are fine with it, you will be asked to electronically sign the loan contract. Just filling in your name acts as your signature there.

If you want the money to be deposited into your account on the same day, apply before 3:30 PM if you are a new customer. In a few hours, the money will be credited. All the loans get approved only after final evaluation and the final decision depends solely on the Payday UK authorities.

Charges and Interest Rates

Payday UK provides loans with up to five instalments options. The dates usually are set at every 4 consecutive weeks.

The interest rate that you will be charged depends upon the offer that you select. Apart from that, no extra admin fees or setup charges are asked for by Payday UK.

Charges for 1 to 3 Instalment Loans: If you opt for a loan with the number of instalments being one to three, an interest rate of 0.80% will be charged per day on every £100 borrowed.

Charges for 4 to 5 Instalment Loans: If you have selected a loan having 4 to 5 number of instalments, then you will be charged an interest rate of 0.73% per day on every £100 borrowed.

Understanding the APR (Annual Percentage Rate)

The Annual Percentage Rate (APR) is the interest calculated on borrowed amount and any other charges or annual fees. The APR is helpful for comparing different finance products, and hence all the money lenders are bound to state their APR to their customers before signing the agreement.

The APR is one of the most important factors that you must consider before applying for a loan. It generally includes the total amount payable, duration of the loan, frequency and dates of the payments or instalments, amount of each payment/instalment, extra fees, etc.

Other Important Factors to Consider

Many a times, financial situations take a bad turn and it may become difficult for you to repay the loan that you have taken. In such cases, you should not panic, as the FCA has made arrangements for such events. You must contact Payday UK immediately and explain your problems to them.

Payday UK are known to be a responsible and customer oriented lending company and hence will do their best to help you out in the repayment process. Another reason for contacting the lender immediately is that failure in communication may lead the lender to report your case to the financial authorities and Credit Reference Agencies, thus spoiling your credit record and making it difficult for you to obtain any loans in the future. Hence, contact the customer care helpline of the lender immediately if you face such financial troubles.