Helping People find Same Day Loans - Questions and Answers
How do Payday Advances work?With My Payday it takes a few minutes to complete the online application. Once you've done that, you'll be matched to a payday loan lender for a decision. If 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, sometimes 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?If you have any payday advances outstanding you should always 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. Please see our responsible lending page for more information.
3. How do I repay the loan?Repaying the loan is designed to be simple. The lender will take the repayment amount you agreed upon from your debit card on your following payday (or the agreed date). 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, although it's worth bearing in mind that first time borrowers are more likely to be approved for £80 - £400. You should only apply for an amount you are comfortable you'll be able to repay.
5.How much time do I have before I need to repay the loan?The usual time frame for repaying payday advances is around 28 days, although this can vary between lenders. This will be agreed with the lender when you sign the terms and conditions.
6. What is the interest on Payday Advance Loans?This can vary between lenders, but the representative annual percentage rate for payday loans is 2670%. As an example the total amount payable for a loan of £200 repaid after around 28 days would be about £258, with the interest being £58. The interest charged for Payday Loans is usually around £29 per £100 borrowed. Please see our representative example for more information.
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 to apply for a payday advance.
8. What can I use payday advances for?There are no restrictions on how you use your loan, and the majority of payday loan lenders will not ask you why you need a payday advance loan. Once the loan has been transferred it’s your money.
Because of the short term nature of the loan, payday loans are best used for emergencies or unexpected expenses. Please see our responsible lending page for more information.
10. Can I use payday advances to clear existing debts?Payday Loans offer applications for small loans to cover unexpected costs or provide a brief cash boost for a short period only. They could be great way 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.
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