Responsible lending | MyPayday
MyPayday believes that payday loans can be a great product as long as they’re used appropriately. As such, we’re proud to be a responsible payday loans broker. We will always do our best to live up to these aims:
- We will not encourage someone to take out a payday loan if we think it would be a bad option for them to take.
- We will not intentionally target anyone with our advertising who has long term financial issues, is unemployed or under 18.
- We will not intentionally encourage anyone to borrow more than they can afford to repay.
- We will not charge you to make an application.
- Make sure we give you a clear, full, understanding of what we offer throughout our website
- follow legal and ethical marketing practices.
If we aren’t living up to these aims, please let us know by contacting us.
Where to get free debt advice
If you're experiencing serious issues with debt, payday loans may not be the right option for you. You’ll be able to find lots of advice that is both free and easily available. We suggest you start 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 – be wary of anywhere that offers to help you with debt in return for a fee. If you are unable to resolve debt issues, you can contact the Financial Ombudsman for free on 0300 123 9123.
How to choose your payday loan safely
You should always look for some actual contact details, especially a phone number and address. If something goes wrong, you will need to be able to contact them. Real contact details (not just an email address) are a good sign that the company is accountable. Also, check you can see their licence number either on their homepage or their ‘about us’ page.
Budgeting
It’s definitely worth taking the time to take a serious look at your budget if you haven’t already. You’ll be able to find plenty of good budgeting information online. Before taking out a payday loan, do work out if you can afford to repay it at the end of the month, as they can be far more expensive if you don’t repay when you should.
Missed payments
Repayment happens automatically, but if you don’t have cash in your account when it’s due to go out, it may mean extra charges. You will almost certainly continue to accrue interest on the amount that you owe at that point in time, and not just the original amount you borrowed. This is why we always suggest paying back in full and on time.
Rolling over payments
Sometimes, it is possible to roll over payments, but this can be expensive. It may help you to avoid penalty charges, but it’s likely that you will need to pay interest on the full amount owed in the same way as with missed payments. The best way to avoid extra charges is to pay back in full and on time.
Repeated loans
It is important to keep track of what you’re doing with payday loans. If you’re continually taking them out, and for more money each time, you may be misusing them and costing yourself more money than you need to. If this is the case, please consider independent advice and take a serious look at your budget.
Short term loans
It’s important to realise that payday loans are short term products, not solutions to long term financial problems. If you are taking out payday loans regularly in order to cover normal monthly expenses, you may need some advice or help.


