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Do you have a question about Payday Express? Then take a look at our most frequently asked questions below.

What are payday loans?

A payday loan is a small, short-term loan that is designed to act like an advance or top up until your next payday arrives. They are used as solutions to short term cash flow emergencies. Loans are repaid, with accrued interest, on your next payday.

Short term or payday loans should only be used for short term financial needs and are not appropriate for longer term borrowing or if you are in financial difficulty.

If you are looking for a longer term loan then you could visit our sister company Ladder Loans.

 

 

How much can I borrow?

With Payday Express customers may be approved from £100 - £1,000³. Subject to status and affordability.

If you are looking for a larger amount then you could visit our sister company Ladder Loans.

What are the lending criteria?

What are our minimum lending criteria?

  1. To be over 18 years old
  2. To be a UK resident
  3. To be in full time employment in the UK, earning a minimum of £750 a month after tax
  4. To have your wages paid directly into a bank account that has a debit card
  5. Meet our credit and affordability assessments.
Can I apply if I am paid by cash or cheque?

Unfortunately we cannot lend to you if you are paid by cash or cheque. Your wages need to be paid into your bank account via bank transfer. 

Do I need to have a debit card?

Yes you do, we cannot lend to you unless you have a debit card that matches your salary account. 

Do I have to be a homeowner?

No you don’t have to be a homeowner, with Payday Express it doesn’t matter what your housing status is. 

Do you accept any nationality of applicant?

Of course, as long are you are living and working in the UK.

Do you lend to people who are self-employed?

We require your wages to be paid directly into your bank account, so unfortunately we cannot lend to you if you are self-employed. 

Do you lend to people in part-time employment?

Yes we will consider your application, as long as you are earning £750 or more per month after tax and will have sufficient money on your payday to repay your loan.

Can I still have a payday loan if I am paid weekly?

Yes we will consider your application if you are paid weekly. Don’t worry, we will not require payment from you until your fourth payday after you have received your payday loan.

Can I have a loan if I am unemployed?

Unfortunately we are not able to consider applications unless you are either in full or part-time employment and earning a minimum of £750 monthly after tax. 

My salary is paid into someone else’s account, can I still apply?

We can only lend to you if your salary is paid into your own account. You will also need to have a matching debit card to that same account.

I am a first time customer, how do I apply?

At Payday Express you have a one page application form that is straight forward to complete. Once we have carried out our credit and affordability assessments, we will tell you if you have been approved. Upon approval you will be asked to complete your bank and debit card details. Read through the important pre-contractual information and the terms and conditions of the loan agreement. If you are sure you want to proceed, you will then be asked to electronically sign your loan agreement.

I am an existing customer, how do I apply?

If you have had a loan with us in the past, go to the account management page of our website and complete the brief application form. All loans will be subject to our credit and affordability assessments.

When will I receive my loan?

The majority of our customers will get their money transferred on the day they apply. However, as a responsible lender, we may take additional steps to verify your details following the submission of your application and agreement.

If we need to contact you to verify any details, your funds will be transferred after successfully verifying these during our working hours of 8am to 7pm Monday to Friday or 9am to 4pm on Saturdays. Subject to any final checks, applications completed prior to 5pm on a working day should still be transferred the same day, and those made after this time will be transferred by the following working day. We deposit all our loans using Faster Payment Service2, which means you could have the money in your account within 2 hours, but should be cleared by midnight. This is subject to final checks (or next working day if application is received after 5pm). This is free of charge. 

Please note, if we are unable to complete this verification, it may result in a delay in the transfer of the funds to your account, or even a retraction of the loan offer.

We will contact you (via email, text or phone call) to advise when your funds will be transferred to your bank.

 

Am I charged when the payday loan is deposited into my bank account?

There is no charge for depositing your loan.

 

Will you need to contact my employer?

We may need to contact your employer to verify your employment, however we will never disclose who we are, why we are calling or where we are calling from.

If possible, please apply with a direct telephone number for your place of work. We will only ever use this to verify your employment.

If we cannot verify your employment then there is a chance that we may need to see a bank statement showing your most recent salary crediting your account. 

 

Do you carry out credit checks?

So that we can approve your application online, we will carry out credit checks on all applicants. These checks help us to verify the information you have provided on your application form.

What are the implications of a credit check?

If you have a variable credit history this may affect our decision. You can help by making sure the information on your application form is truthful and accurate. We try to consider all circumstances fairly but we may not always be able to offer all applicants a loan, even if you have borrowed with us before. If we decide that we cannot enter into a loan with you the fact that you have applied for a loan will be recorded.

Experian

If I apply for a payday loan just before my next payday, am I expected to repay the loan immediately?

Don’t worry; we understand that our customers could require a payday loan at any time of the month. If you apply for a payday loan with Payday Express 1-14 days before your payday you won’t be expected to repay the payday loan until your following payday. For example: If you are paid on 28th of every month and apply for a loan on 22nd August, you will not be required to repay the loan until the 28th September.

How much does a payday loan cost?

At Payday Express we charge a daily interest rate of 0.80% per £100 borrowed, which means you will only pay 80p per day for each £100 borrowed.

What is continuous payment authority (CPA) and how does it work?

A continuous payment authority is a type of automatic payment that you can set up using your debit card. The authority is linked to the bank account that your debit or credit card is linked to.

A continuous payment authority authorises the lender to withdraw sums from the borrower’s nominated bank account using debit card in line with specifically agreed terms. These are fully disclosed and agreed through the loan application process, but not through a direct debit, standing order or similar payment mechanism. 

Once agreed by a customer, a CPA allows a business to take a series of agreed payments using a customer's debit card or credit card without having to seek express authorisation for every payment. CPAs are often also used to collect renewal payments for things like vehicle breakdown services, insurance policies, gym memberships, mobile and broadband services or magazine subscriptions.

CPAs provide an efficient and convenient payment method for customers. It is important, however, that you are fully aware of the commitment you are entering into when applying for and accepting the offer of a payday loan from Payday Express.

Payday Express does not accept Continuous Payment Authorities linked to credit cards.

 

How will you use CPA?

Your loan will be repaid using the continuous authority on your debit card you provided us with when you signed your loan agreement. We will attempt to take the full repayment due from your debit card on your repayment date. If this fails we will attempt the full payment once more on or within 7 days of your repayment date. You will be able to contact us and make an agreement to use CPA for an amount less than the full balance as stated in your agreement (you will still owe us the remaining balance). Full details of when and how we will do this are set out in the pre-contract information we supply and in the loan agreement. If you choose to cancel this authority, you will still owe the full balance and any interest on your account and must provide us with an alternative repayment method to ensure your account does not go in to default, which could in turn, negatively affect your credit rating.

Missing payments may have severe consequences including making access to credit more difficult, and/or more expensive in future. When you borrow from us, we will give details of your account and how you manage it to Credit Reference Agencies. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt, which could, in turn, adversely affect your credit history file at the CRAs.

So remember that we will be using this authority when managing the finances in your bank account. If you don’t this could lead to you incurring bank charges from your bank.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How much do I have to repay?

You will have to pay back the full amount of credit and interest on your next payday as detailed in your pre-contractual information and your loan agreement, which you signed. We will take payment by debit card, which you agreed with us when applying.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

 

What happens if I can't make a payment?

We understand that people's personal and financial circumstances can change. If this is the case, you must let us know as soon as possible and we will do our best to help.

The most important things to note are:

  • Don't borrow money you don't think you can pay back 
  • Short term or payday loans should only be used for short term financial needs and are not appropriate for longer term borrowing or if you are in financial difficulty
  • Talk to us and we will help as much as possible. The earlier you get in touch, the sooner we can help you
  • Don’t ignore the issue, or our attempts to get in touch. If you do not respond to our attempts to contact you we have no way of knowing why you have not repaid and cannot help manage your account to reflect your circumstances 

It is important to get in touch if you believe you will not be able to repay. Missing payments may have severe consequences including making access to credit more difficult, and/or more expensive in future. Where you borrow from us, we will give details of your account and how you manage it to Credit Reference Agencies. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt, which could, in turn, adversely affect your credit history file at the CRAs.

If you miss your payment, we may charge you a £15 missed payment fee. You must pay us any reasonable expenses and costs that we may incur in taking steps to enforce (for example, via County Court Judgements), or attempt to enforce, our rights against you under this agreement. If you are having problems making a payment please contact us on 0115 908 1163 (Call charges apply - 10p per minute from BT landlines, mobiles and other providers may vary. Calls are recorded for training and monitoring purposes), and we would be happy to discuss your payment options.

 Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Alternatively visit the site of the Financial Conduct Authority (FCA) for advice and useful contact information.

The choice of an appropriate due date for repayment

When applying for your loan with Payday Express we will ask you for your next pay-date. This is normally the date on which we expect the loan to be repaid. If for some reason this may vary, please let us know and we will endeavour to accommodate your requirements. Typically this may be at Christmas-time when pay-dates are sometimes seasonally adjusted by employers. It is important that you provide us with an accurate pay-date.

How can CPA be cancelled?

Customers can cancel their CPA with the bank or card provider or the company taking the payment. Customers advising the bank or card issuer that they have stopped permission for the payments should also notify us.

Customers may also cancel their CPA by contacting us directly. Please call us on 0800 652 4661¹ (Call charges apply – 0800 numbers are free from BT landlines, mobiles and other providers may vary. Calls may be recorded for training and monitoring purposes).

If you cancel your authority for the repayment of your loan with us, you will still be responsible for paying any money that you owe including any charges which may accrue. An alternative means of repayment should be agreed.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Will I get charged fees for late payment?

Yes, we may charge a £15 per missed repayment. If you think that you will be unable to repay your payday loan you need to contact us as soon as possible on 0800 652 4661¹ so that we can discuss the options available to you. (Call charges apply – 0800 numbers are free from BT landlines, mobiles and other providers may vary).

It is very important that you respond to our attempts to get in touch as if we cannot contact you, we have no way of knowing why you have not repaid. If you consider yourself in financial difficulty, then the earlier you get in touch the sooner we can help you.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

 

My payday or debit card details have changed

If your payday has changed, or you have a new debit card, please contact our customer services team on 0800 652 4661¹ (Call charges apply – 0800 numbers are free from BT landlines, mobiles and other providers may vary).

What do I need to do if I change my mind after I have applied?

You can withdraw your loan without giving a reason. Your right to withdraw starts on the day after the agreement is made and continues for 14 days.  If you wish to withdraw from the agreement you will need to notify us by email , telephone on 0800 652 46611 or by post:

4th Floor Northside House, 69 Tweedy Road, Bromley, Kent, BR1 3WA.  If you would like more information about your right to withdraw or have any other questions, please do not hesitate to contact us.

Any other queries

If there is anything else you need help with or any questions we haven’t covered, then please call us on 0800 652 4661¹ where a member of our customer service team will be happy to help. Or you can email us at info@paydayexpress.co.uk (Call charges apply – 0800 numbers are free from BT landlines, mobiles and other providers may vary).

For more details or to contact us now, please visit our contact us page.

 

Payday Express are members of

Qualys

IMPORTANT! CREDIT IS SUBJECT TO STATUS, AFFORDABILITY AND CREDIT CHECKS – VISIT FREQUENTLY ASKED QUESTIONS? FOR MORE DETAILS.