How do Payday Advances work?
With My Payday it takes a few minutes complete the online application. In no time,
you’ll be matched to a payday loan lender, and if approved, you will be sent a loan
agreement. If you agree to their terms and conditions, the payday loan will be transferred
direct to your account.
How long will it take me to receive a Payday Advance?
Payday advances can often be transferred on the same day, and sometime in just a
few hours. The time it takes may vary depending the lender, your bank or the time
of day you apply. Applying before 3pm increases the chances of a Same Day Loan payment.
How do I repay the loan?
Repaying the loan is easy – the lender will take the repayment amount you agreed
upon from your debit card on your following payday. You need not do anything more.
How much money can I borrow?
The maximum amount offered by most of our lenders is £800 - £1200, although
first time borrowers are more likely to be approved for £80 - £400.
How much time do I have before I need to repay the loan?
The usual time frame for repaying payday loans is around 28 days. This will
be agreed with the lender when you sign the terms and conditions.
What is the interest on Payday Advance Loans?
The representative APR for payday loans is 2670% . This works out at roughly £29
per £100 borrowed, although this does vary between lenders.
What can I use payday advances for?
There are no restrictions on how you use your loan. Once you have the loan has been
transferred it’s your money. Bear in mind that it is best used for emergencies.
Will taking out a payday loan damage my credit record?
If you make repayments on time and in full, applying for and receiving a payday
advance loan will not have a negative effect on your credit score. Payday loans
can improve your credit score, by demonstrating that you took a loan and repaid
on time. However, if you miss payments or make multiple applications which are refused,
this may damage your score.
Is the information I submit when applying for Payday Advances secure?
All the information you provide is stored in compliance with the Data Protection
Can I use payday advances to clear existing debts?
Payday Loans offer small loans to cover unexpected costs or provide a brief cash
boost for a short period only. They can be great to avoid unauthorised overdraft
charges or missed payment charges but are not a long term solution. If you are experiencing
financial problems and have mounting debts we would strongly advise you not take
additional loans from any credit providers.