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January Update: Sunny Launch New Loan Product; Sunny now offer loans from £100 to £950 from 3 days to 6 months, find out more here – Sunny Short Term Loans
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Important Information About Payday Loans
This is important information about how most of the payday loan lenders we feature on this site operate. You must ensure that you have read and fully understand the specific terms of the payday loan lender before applying for a loan. These details can be found on every lenders website.
What happens if I cannot repay my payday loan?
It is imperative that you meet your agreed repayments on time. The prices and rates that we give are based on the assumption that you will do this. Every payday lender operates differently and uses different methods to calculate late fees, default charges and additional interest.
Failing to make your payment on time will usually result in extra interest and charges being applied to your account. Most lenders will also look to take further steps, including legal action, if you continuously fail to meet your repayments or try to find a solution to the debt. The amount of the fees and additional interest varies from lender to lender, this should be clearly displayed on their website and it is your responsibility to ensure you have read and understood these charges. Generally, repayments on your loan are taken from your bank account automatically via a process known as Continuous Payment Authority (CPA) – this is an automatic debit from your debit card. Should you have insufficient funds in your account at the time the payday lender attempts to debit your account, you will incur additional charges. Additional charges and interest will result in your total balance due to increase – sometimes significantly.
We always advise borrowers that feel that they may not be able to meet their repayment to contact the lender at the earliest opportunity, by ignoring the repayment and the debt may have a negative impact on your credit score.
How does a Payday Loan affect my credit score?
Currently, the majority of payday lenders report your borrowing and repayment history to the Credit Bureaus. If you continue to avoid a debt or fail to make repayments, this will reflect negatively on your credit score and you will find it more difficult to obtain further credit in the future. For relatively small loans, the implications of a negative report from a payday lender on your credit score can be severe.
Can I roll my loan over, or extend the terms?
Generally, we do not recommend rollovers or extensions. If you feel that you require more time to pay then you should contact your lender immediately. For the lenders that offer rollover options, you will usually be charged one months interest and possibly an extension fee. In some circumstances, lenders may automatically roll your loan over until you instruct them otherwise (up to a maximum of 2 times) – you should check this within your payday loan terms and conditions.
What steps will Payday Lenders take if I continue to miss payments?
When your repayment is due, if the lender is unable to collect their funds they will usually contact you via the details you gave on your application form. This could include telephone calls (home/mobile/work) and email. It is not uncommon for payday loan lenders to instruct debt collectors to try and recover the funds after an extended period of non payment. In some circumstances payday lenders my opt to try and recover the money via the court system which may involve the borrower having a County Court Judgement issued against them.
I am struggling to make the payment, what should I do?
If you find yourself in a position where you cannot make your repayment, you must talk to your lender at the earliest opportunity and always before the loan is due. There are also other debt support charities that can help – Stepchange and the Citizens Advice Bureau are two of the best.
Is a Payday Loan right for me?
Over the last 3 years, the rise in the popularity of payday loans has been hard to ignore, but you should think carefully before taking out a payday loan to get through the month.
Payday Loans are not right for everyone, and ultimately only you can really answer this question. The likelihood is that if you are looking for a loan like this then it could be an indication that you are already struggling to meet your current commitments and using a payday loan may further stretch your finances and not help your situation in the long term.
However for some it is a quick and convenient way to meet an urgent or unexpected payment and if used properly, it could save you money.
What are Payday loans?
Put simply, Payday Loans are small, short term loans designed to help a borrower get through the month until their next payday. It is advised that a payday loan should only be used for emergency needs and not for social purposes.
Borrowing from payday loan lenders is expensive, with many of them charging interest rates that go into the thousands. Whilst this number is slightly misleading, it is still a very expensive way to borrow money and particularly so if you do not repay on time.
On the other hand payday loans are generally useful if you need a small loan very quickly to cover an emergency expense and assuming the loan is repaid on time, they can be a convenient way to raise cash very quickly on a one off basis.
If I apply for a payday loan, when will I receive my money?
In recent times the speed at which a loan is paid out has become a priority for lenders and nearly all lenders offer a same day payout. With a more robust ‘Faster Payments’ system in place from the big UK banks, this means the funds will hit your account almost instantly from the time the lender transfers the money.
Some lenders offer free same day payments however some do charge a fee for this service so be sure to check the terms of your loan agreement first and whether the charge is deducted from your loan amount or added on to it.
Do I need a Payday Loan?
Borrowing from a payday loan company may be quick and convenient however you must ensure that you have exhausted all other avenues before applying. If you have tried to raise the cash elsewhere first, then using a Payday Loan may be your only option. If this is the case, ensure that you shop around to get the best available rate and choose a lender that suits your needs. Do not make multiple applications to different lenders.
Ok I definitely need a Payday Loan – where do I go?
Payday Loan Lenders can be found mainly online, however there are also options on almost every high street in the UK, including pawnbrokers. We work with a carefully selected panel of UK lenders and each company offers different rates and loan products. You should ensure that you consider all of the terms of the loan before applying and do not be drawn in by offers such as ‘same day cash’ or ‘no credit checks’ – in these circumstances you may find that you could have got a better deal if you could have waited just a day or so more and choosing a lender that doesn’t offer same day transfers. All of the lenders here accept online applications, and some offer almost instant transfers upon your application being accepted.
Basic application criteria for a payday loan is that you are over 18 years old, a UK citizen and that you are in full time employment. Most lenders will verify your employment prior to issuing a payday loan. Payday loan lenders tend to be more accepting to those with bad or no credit history.
When choosing a payday loan lender, it is important that you consider all of the benefits that lender may offer, but also the additional charges. For instance you may need to borrow £100 and one lender offers you the cash the same day but they may charge you £25 to process a faster payment to your account and they may deduct this from the loan amount, meaning you will only receive £75 and have to repay around £130. You may find another lender who will offer the £100 via a BACS payment which is free of charge if you can wait slightly longer for the loan your repayment will still be £130 but you would have received more.
APR rates can be misleading as they are calculated for borrowing over 1 year, when a payday loan is designed to be borrowed over – usually – one month. However, they are all relevant to each other and you will find the rates vary by many thousands of percent..
We recommend ensuring you choose a lender that is signed up to the Good Practice Charter as you will receive fair and just treatment from them. You should also ensure the lender has a current Consumer Credit License, this number is usually at the bottom of the website.
Do you have any advice or tips?
The best advice available is that you only ever borrow what you need, and not a penny more and that you repay the loan when you agree to.
It can be tempting to borrow more than you need, particularly with lenders that offer varying credit limits however you must remember that you have to pay it back – with interest.
What are the alternatives to payday loans?
For the most part, people looking for payday loans are struggling financially and may be living beyond their given means, often through no fault of their own.
This could be an indication that you need more structured financial help and you may find it more useful to speak to a debt support charity.
You should never take a payday loan out on a whim, you must ensure that you have fully researched the process and costs involved, and that you have exhausted all other means of raising the funds. Ask yourself now, ‘Do I really need this Payday Loan?’
If you do, then speak to your family and friends first, everybody falls into some financial difficult at some point in their life and there is no shame in asking for help.