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how it works

How it works

The basics

Payday loans are an increasingly popular way of stretching out your finances until you get paid. They're simple, flat fee loans which are designed for a short amount of time (usually 28 days). Payday loans are designed to be repaid once you've received your wage, and there are no charges for applying. In order to be eligible for same day loans, you need to be:

  • A UK resident with a UK bank account
  • Aged at least 18
  • Currently employed.

The application form is kept simple in order to be as convenient as possible. You can fill in an application for same day loans and be approved in a matter of minutes. Decisions are based on your application information. Please do bear in mind to only apply for an amount you comfortably know you will be able to repay.

Same Day Loans - How to apply

All you need to fill in will be some details about your home (address, contact numbers and length of time you've lived there), work (contact details and salary information) and banking (sort code and account number). Whatever the pressing need that you are applying to cover, your loan application and information will remain confidential.

FAQ

FAQ

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 Act 1998 and kept secure in accordance with our Privacy Policy.

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.

Responsible Lending

Responsible Lending

MyPayday is proud to be a responsible payday loans broker. With everything that we do, we always work to keep the following aims in mind:

  • We will not encourage customers to take out a pay day loan if we are aware it is not suitable for them.
  • We will not aim our advertising directly at people who are have long term financial issues, including those who are unemployed.
  • We will not encourage anyone directly to borrow more than they will be able to repay
  • We will not charge our customers application fees
     On top of that we also:
  • aim to give everyone who reads the site a clear, full, understanding of our services
  • follow legal and ethical marketing practices

If you feel we are doing anything that doesn’t live up to these aims, please contact us and tell us.

Where to get advice

There is plenty of free advice available online. We recommend starting at the Citizens Advice Bureau, or the Government debt advice site You can also go to an independent debt advice charity. All of these should offer free advice – do be wary of anywhere that offers to help you with debt in return for a fee.

Budgeting

If you haven’t looked at your budget to decide whether or not you can afford a payday loan, you really should. If you won’t have enough money coming in to pay it back comfortably, it could be a much more expensive way to borrow than it is intended to be. You can find plenty of good budgeting information online.

Missed or late payments

If you miss a payment, you may well incur extra charges, although this will depend on the lender. You will almost certainly continue to incur interest on the full amount outstanding, and not just the amount that you borrowed in the first place. We always suggest that you repay in full and on time, as that is the best way to limit the cost of payday loans.

Non-Payment

Each lender will have their own policy on recovering outstanding debts, and this could involve extra fees. We always recommend repaying in full and on time.

Renewal Policy and Rolling over payments

Rolling over payments is sometimes possible. It can help in terms of avoiding penalty charges, but it is highly likely that the interest will continue to grow on the loan amount in the same way as missed payments. Paying back on time and in full is the best way to avoid paying more on your loan.

Repeated loans

You may be misusing payday loans if you are continually taking out more and more, for more money each time. Please consider independent advice and taking a serious look at your budget.

Short term loans

Payday loans are designed to be short term products, and are not suitable to help with long term financial problems. If you’re constantly borrowing to cover normal household expenses, you may be experiencing longer term debt issues.

same day loans

Implications of Non-Payment

We always recommend repaying on time, and our representative examples assume that you will. If you are unable to pay on time, each lender has their own policies with regards to fees and interest, and how they collect outstanding debts. Most will contact you by phone or letter in order to rearrange payment. Non-payment may result in charges and/or raised interest. We suggest contacting your lender as soon as you are aware there is a problem, as otherwise, it may be noted on your credit record.

Renewal Policy

If you wish to renew your loan, you should contact your lender in advance. Most lenders will charge the same rate of interest and fees for another month on the entire amount owed. In the event of non-payment, a loan renewal/extension could be automatic and further interest and/or charges may be added to your account.

Rollovers

You may have the opportunity to roll over your loan, which means paying off the interest earned to date and continuing to gain interest on the original loan amount over an extended term. This interest will most likely be at the same rate that the original loan was charged at. Some lenders may insist on a rollover as opposed to a renewal.

All of the above varies between lenders. More responsible lending information.