What are payday loans?
What are no fax payday loans?
What can a payday loan be used for?
Anything! Most of our customers use payday loans to help cover emergency expenses that disrupt cash flow within a month as they were not planned for. They are also an affordable alternative to the unarranged overdraft charges some banks impose.
How much cash can I apply for?
Between £80 and £800
What is the process involved in applying for a payday
loan for new customers?
You simply need to complete the online application, starting on the Home Page
of our website, and you will be advised in minutes whether or not you have been approved for
a payday loan! If you are approved, you can electronically sign your Credit Agreement
and the funds will be transferred to you on the same day (as long as the application was made before 4pm on a working day), otherwise they will be transferred on the morning of the following working day.
Please note, if we are unable to contact you on the contact numbers you have provided, the transfer
of your funds may be delayed or cancelled.
In certain instances, if our credit check service is temporarily unavailable, we may not be able to fully approve your loan online.
In such instances we will provisionally approve your loan, pending receipt of certain
documentation and your signed credit agreement. If you don’t want to send in the requested documents, you could simply try reapplying online after about an hour. As our credit check service will have been unavailable for your first application, no credit check will have been carried out and no footprint would show for the credit check on your credit file.
What are the criteria for a Payday Loan?
1) To be over 18 years old
2) To be a UK resident
3) To be in full time employment
4) To have a debit card for the bank account one’s wages are paid into.
How do I get a cash advance?
What is the process involved in applying for a payday
loan for existing customers?
If you have had a loan out with us in the past even if this was quite some time ago, simply go to the ‘Existing Customer’ page of our website and complete the brief application form and submit your e-signature on the electronic agreement to follow.
Please note, the maximum amount we will transfer is your current loan limit, even if you apply for more.
(If you have made 3 or more successful payments to us, you may be eligible to apply for
a loan limit increase – please call one of our agents on 0800 652 4661 if you wish
to do so.)
How fast can I get a payday loan?
When will I receive my loan?
If your loan application is approved online and the Electronic Credit Agreement is signed and submitted before 16:00 on a working day, the funds should be transferred to your bank after 5:30 on the same day.
We transfer cash 3 times each working day at 12pm, 3pm and 5pm.
If your credit agreement is signed and submitted after 16:00, or on a non-working day, the funds will be transferred to your bank on the morning of the next working day.
We will contact you to advise you of when your funds will be transferred to your bank. If we are unable to contact you this may result in a delay in the transferring of the funds. Please be aware that some banks may take up to 3 working days to clear the funds.
Please note that as a responsible lender we take additional steps to verify your details following the submission of your application and agreement. If we are unable to complete this verification it may result in a delay in the processing of your application or a retraction of the loan offer.
How much does a payday loan cost?
What if I am paid by cash or cheque?
Your wages need to be paid into your bank account by bank transfer - we cannot approve
customers that are paid by cash or cheque.
Does it matter if I am not a homeowner?
No – it does not matter to us what your housing status is.
What if I don’t have a debit card?
We cannot provide you with a payday loan unless you have a debit card – a cash card
(or no card) will not be accepted.
Do you accept any nationality of applicant?
We do – as long as you are living and working in the UK.
Can I get a payday advance if I am self-employed?
No – we do not loan to self-employed customers, as we require wages to be paid
directly into one's bank account.
Can I get a cash advance loan if I’m part-time employed?
Yes, this is possible, as long as you earn more than £750 per month and will have
sufficient money on your payday to be able to repay the payday loan.
Can I get a loan if I am between jobs / have recently
left a job and don’t yet have another one?
No – employment is a prerequisite of getting a loan.
If you do not yet have a job you will not be accepted for a loan.
Can I be accepted for a payday advance loan if I am
in overdraft?
Yes – as long as you will be able to pay back the loan on your payday.
Can I be approved for a payday loan if I am not employed
but receive regular tax credits, or alternative forms of income?
We cannot accept anyone that is not employed, even if you do receive other forms
of income.
How is the payday loan received?
It is transferred directly into your bank account by same day priority payment, if you are a new customer. (Existing customers need to select whether they
want their funds transferred by same day or two day transfer.)
How long does it take to get the money?
If you apply for a loan and it is fully approved before 16:00 on a working day, your
funds will be transferred that day. We have 3 transfers each working day, at 12:00, 15:00 and 17:00.
Funds are transferred by priority same day payment for all new customers. However, when these clear in your account depends on your bank. Please note that some banks may take up to 3 days to clear the funds.
Existing customers will need to select same day or two day transfer.
Can the advance be paid into a different account the
account my wages are paid into?
No – we need to pay loans into the account the loan was approved for, which is the
account your wages are paid into.
What if my salary is paid into someone else's account?
Your wages need to be paid into your own account, and you need to have a debit card
for that same account.
How are repayments made?
By debit card.
What if I am paid weekly?
This does not matter - the loan will become repayable on the fourth payday after
the funds are granted. Alternatively the repayments can be staggered over your next
four paydays.
What if I apply for a payday advance very close to my
next payday – am I expected to repay the loan immediately?
We are fair – we don’t expect you to pay back a loan after a few days. If you apply
for a loan 0-7 days before your payday you will be expected to repay it on your following payday. For example: If you are paid on 28th
of every month and apply for a loan on 22nd August, you will only need to pay it
back on 28th September.
What if I want to borrow more than £800?
We only loan the amount we deem you will be able to repay on your payday, and we only lend up to a maximum of £400 to all our new customers. If you need to borrow
a larger sum of money you should seek an alternative loan product. You could visit www.loansolutionsuk.co.uk
to find a range of other loans to suit your needs.
Can I choose how much I want to borrow between £80-£800?
No – during the application process we assess how much you are likely to be
able to pay back on your payday and this is the amount you are approved for initially.
You can of course select to borrow less than the amount you are approved for.
What if I don't want to borrow as much money as I'm
approved for?
If you are approved for more money than you want, you can choose to receive less
than your full available limit. We pay our cash loans in denominations of £40.
So, for example, if you are approved for £600, you can select to only borrow £320, if this is all you need.
At a later date you can request to increase your balance until it reaches your approved
limit if you wish to.
Can I get another payday loan, if I already have one?
If you have not borrowed your full limit, you could borrow more funds up to your loan limit. If you have already borrowed up to your full limit, however, you
cannot take out a further loan.
What if I want the payday advance for a longer period
of time?
Payday Loans are designed to be paid off on a person’s next payday. If you cannot repay the loan in full on your due date, you could request to defer the repayment until your subsequent payday, and you would just be charged the interest already accrued on the amount borrowed.
This will not reduce your balance and the full amount borrowed plus interest will then be due on your following payday.
However, we do not recommend that you defer your loan repayments. If you need a loan for an extended period of time, we recommend that
you clear the Payday Loan and take out another type of loan designed to be paid
off over a longer period of time.
You could visit www.loansolutionsuk.co.uk
to look at other loan options
Is there a restriction on how many people in one household
can have a payday loan?
Yes - we only accept one customer per household
How do I take out another payday loan after clearing
my initial one?
After a first loan, you will be become an existing Payday Express customer. You
then simply need to submit an online Existing Customer Application with Credit Agreement
from the Existing Customer page of this website.
How can I get a cash loan?
Will you contact my employer?
Because employment is a prerequisite of getting a payday loan, we may contact you
at work. We will never disclose where we are calling from if someone other than
you answers the call.
If possible, please apply with a direct telephone number for your place of work.
If we cannot verify your employment there is a chance that we may need to see a
bank statement showing your most recent wage payment.
If I temp / do contract work via an employment agency,
should I detail them as my employer?
No – apply with the details of the place you actually work, rather than the details
of your employment agency.
Any other queries?
Contact Payday Express direct on 0800 652 4661 or
info@paydayexpress.co.uk