Same Day Payday Loans - Questions and Answers

How do Payday Advances work?

With My Payday it takes a few minutes complete the online application, in seconds you’ll be matched to a payday loan lender, once approved you agree to their terms and conditions and a payday advance will be transferred direct to your account.

1. How long will it take me to receive a Payday Advance?

Payday advances can often be transferred on the same day, sometime in just a few hours. The time it takes may vary depending on your bank’s payment system or the time of day you apply. Applying before 3pm increases the chances of a Same Day Loan payment.

2. Is it possible to have two loans at the same time?

No. You can only have one payday loan active at a time. If you have any payday advances outstanding you’ll need to clear them before applying for another loan.

Always think carefully before you apply for a loan and make sure you apply for an amount you are confident you can repay when payment is due.

3.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.

4. How much money can I borrow?

The maximum amount offered by most of our lenders is £800 - £1200, first time borrowers are more likely to be approved for £80 - £400.

5.How much time do I have before I need to repay the loan?

The usual time frame for repaying payday advances is 28 days. This will be agreed with the lender when you sign the terms and conditions.

6. What is the interest on Payday Advance Loans?

The representative APR for payday loans is 1737%, as an example the total amount payable for a loan of £200 repaid after 30 days would be £250, with the interest being £50. The interest charged for Payday Loans is £25 per £100 borrowed.

7. How do I qualify for a Payday Loan?

You need to be 18 or over, have a regular income, be a UK resident and have a UK bank account to qualify for a payday advance.

8. What can I use payday advances for?

There are no restrictions on how you use your loan, the majority of payday loan lenders will not ask you why you need a payday advance loan. Once you have the loan has been transferred it’s your money.

9. 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.

10. 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 or Privacy Policy. Your personal data is kept secure and confidential, we only keep your information for as long as is necessary.

11. 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.

Get free advice and support from:

• Citizens Advice
• National Debt Helpline
• Consumer Credit Counselling Service

The Money Gap website also has lots of useful information on dealing with debt and debt collectors