Frequently asked questions

How quickly can I get the money?

Very quickly usually. Most customers get the cash in their bank the same day. Please note that it is normal for some banks to take a period of time to clear the funds into your account and on some occasions this may be 24 - 48 hours.

How much does it cost?

The cost is £25 per £100 borrowed. Note: this may vary slightly according to which lender you are matched with

How much cash can I borrow?

The amount you can borrow is from £100 to £1000. Please feel free to request any particular size of loan but remember that the actual amount approved will be dependant on your circumstances.

How long does the application take?

Not long! The form takes about 4 minutes to complete and in most cases a matter of minutes to receive approval and sign for it. Occasionally with some applications we need a little extra information which may extend the processing time.

What do I need to get a payday loan?

You need to be a UK resident, over 18 years old and have an active UK bank account with a debit card.

Do I need to be employed?

Yes, you must have a regular income and take home £750 per month or more.

Will you need to contact my employer?

No this will not be necessary.

Do I have to give you a reason for getting a payday loan?

Absolutely not! You can spend the loan on anything you need to within the law. Just please ensure that you only borrow what you need and can comfortably afford to pay back on your chosen date.

Can I get a payday advance if I am not a homeowner?

Yes, we welcome renters, council and housing association tenants and those living with their parents.

I have heard that payday loans are expensive and the APR is high. Should I still borrow?

Firstly, a short term cash advance for one month can be cheaper than going over drawn at the bank or borrowing money over a long period.

This table shows you that the actual interest paid as a percentage of the loan is very different when compared with instalment loans over 36 and 60 months. Note that the payday loan is much lower. However the APR figure is a higher number for the payday loan demonstrating that APR is not a very effective way of comparing different loan products. You should only borrow an amount of money that you know you can definitely pay back on payday.

Can you explain why the APR looks so high?

APR or Annual Percentage Rate is used to show you how much interest you would pay on a loan taken over a year or more. This might be useful if you were comparing long term loan products repayable over 12, 24 or 36 months but is not relative with a payday advance because you are paying this back within 31 days. Your small cash loan has one charge added so you know exactly what you will pay back making it easy to plan your budget for the month. So for example if you borrow £100 you will pay back £125. See here to learn more about APR.

How do I pay the money back?

Simple! by a debit card transaction on your next payday. Just please make sure you have the funds in your bank account to cover it.

Can I roll or defer my repayment?

Yes, but remember that this will incur new charges for every extra month you defer. Best to make sure you can pay back on pay day.

I have a poor credit history and CCJ’s, can I still apply for a quick cash advance?

Yes, we assess your application on your current and recent circumstances and assist those with good and bad credit history.

Is an instant cash loan through Loan4Payday right for me?

We believe in lending responsibly - a payday loan should be considered only as a solution for someone with short term, urgent or occasional instant cash requirements. Many people use our service for an amazingly wide variety of reasons but before you apply consider whether you really need to borrow or whether you can wait instead. If you are concerned with your financial situation and this loan may add to debts you may already have then please don’t apply. It will only add to your current commitments because it will need to be paid back in 30 days or less. If you know you are in a lot of debt and worried that your debt situation is worsening then visit www.nationaldebtline.co.uk for guidance as soon as possible.