Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: £400 borrowed for 30 days.
Total amount repayable is £459.36. Interest charged is £59.36, interest rate 180.5% (variable). Representative 728.9% APR.
We are a licensed credit broker, not a lender.
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Payday loans are growing in popularity. Many UK consumers find payday lending a convenient option, especially when financial assistance isn’t available from family, friends or conventional lending institutions. Since it’s a fairly recent phenomenon in the United Kingdom, though, you may have questions about how this type of lending works. Read on to find answers to our most common inquiries.
What are the requirements to borrow money?
In addition to being at least 18 years of age, you must be employed and have a bank account in the UK.
Can I still apply for a loan if I’ve only been employed for a short time?
You may still qualify for a payday loan, even if you’ve only been on the job for a few months. However, fewer options from a smaller number of lenders may be available to you.
How do I apply?
Our entire loan application process takes place online. Apply online using our simple application — no bank visits or mailing / faxing of paperwork are required.
How long does it take to get approved?
A decision will be reached quickly, usually within 24 hours.
Must I borrow a large amount?
No. Unlike conventional banks, payday lenders provide loans as small as £100 or less.
What can I use my loan for?
Anything! From textbooks or car repairs to musical gear or groceries, your money is yours to spend as you please.
How will I get my money?
You will receive your funds in the bank account for which you supplied an account number.
When must I pay it back?
You may set up a short-term payment plan or pay in one lump sum on your next payday.
Are there any hidden fees?
No. All charges are clearly stated upfront, including the amount of interest due on your loan.
What will happen if I can’t repay my loan on time?
Although payday loans are less restrictive than conventional bank loans, you must make each loan payment by the due date. As with loans from traditional banks, information on defaulted loans and missed or late payments will be provided to credit reporting agencies. Your credit history will reflect negatively on you, and you may have difficulty receiving loans, bank cards and other forms of credit in the future. To avoid negative financial consequences, please contact us if you have difficulty making your payments. We’ll work with you to stay on track and achieve your money goals.
If we haven’t answered your question here, please contact Payday Wizard. We’ll give you any information you need so you can be on your way to receiving funds in your bank account.