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What are payday loans?

Payday loans are small personal loans (normally between £100 - £1,000³) that act as an advance on your salary to help you bridge the gap between when you need the money and your payday, when they are repaid.

This is why a payday loan is also known as a payday advance, or a payday advance loan.

Payday loans offer a solution to short-term credit needs. They are loans that are paid directly into your bank account usually on the same day you apply².

Click on a question below to find the relevant information:

  1. What can a payday loan be used for?
  2. How much can I borrow?
  3. Am I eligible for a Payday Loan?
  4. Will it have an impact on my credit file?
  5. What is involved in applying for a payday loan?

 

What can a payday loan be used for?

Payday loans are designed to provide a solution to short-term financial emergencies.

Some examples of when a payday loan can be used:

  • To pay a unexpected bill
  • To fix broken down vehicle
  • To pay for emergency child care for a child
  • To repair a broken boiler
  • To pay for emergency building work

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?

Payday Express offers payday loans of between £100 - £1,000³ subject to status and affordability.

Please note: payday loans are short-term loans. Should you require a loan for longer than a month, it is suggested you seek an alternative credit facility. Payday loans would be expensive if used as a means of longer term borrowing.

If you require a loan for a larger amount then you could visit our sister company Ladder Loans.

Am I eligible for a Payday Loan?

To be eligible to apply for a loan with Payday Express you must as a minimum:

  • Be 18 years old or more
  • Live and work in the UK
  • Be in full-time employment, earning a minimum of £750 a month after tax
  • Be paid directly into a UK bank account
  • Have a debit card for that bank account

If you can say yes to all of the above then you are eligible to apply for a loan today. You will then be subject to our credit and affordability assessments before we can determine if you are able to have a loan from us. If approved and subject to us not requiring any additional information or documentation from you, you could have the money in your account the same day you apply.²

Will it have an impact on my credit file?

Payday Express will carry out a credit check at the beginning of your online application.

The credit check will leave a footprint on your credit file.

Where you borrow from us, we will give details of your account and how you manage it to Credit Reference Agencies (CRA). 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.

Missing payments may have severe consequences including making access to credit more difficult, and/or more expensive, in future.

If you are concerned about your credit report there are several companies, which offer you the chance to see it for free, such as Experian Credit Expert.

Experian

What is involved in applying for a payday loan?

After filling in the online application form you will be subject to our credit and affordability assessments. If you are approved, you will then be directed to your important pre-contractual information, which comprises the Standard European Consumer Credit Information and an adequate explanations document which you should read carefully. You will then receive an Electronic Credit Agreement. You should read this, including the terms and conditions, and only proceed to sign if you are satisfied that a loan with Payday Express meets your needs at this time. You can sign your credit agreement online. Once we have signed the loan agreement, the money can then be transferred to you and it could be in your account the same day 2.

Once you have had a payday loan with Payday Express you will become an Existing Customer and can use the online service as often or as little as you like subject to you meeting our credit and affordability assessments at that time. You need to go to the existing customer account management page and fill in the straightforward application form.

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All loans are subject to status and affordability checks. Customers must be over 18 and resident in the UK.

Occasionally we will be unable to confirm all details automatically. Should this be the case we may ask you to provide further documentation to complete your application.

 

 

Payday Express are members of

Qualys

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