How Does It Work?

Payday Loans Explained

A payday loan, also called a fast cash loan or bad credit loan, is a small short term loan that is intended to cover a borrowers expenses until the next pay day.  The big advantage of these types of loans is that you can have cash in your bank account the same day as applying, sometimes within minutes!

Payday loans are designed to be a quick and easy solution to sudden cash needs, and bridges the funding gap many people find themselves in from time-to-time.  One of the reasons people choose to take out one of these loans is because they generally cost less than bank fees for bounced checks or overdrafts, or credit card fees.

What can I use a pay day loan for?

Anything you want or need!  Our customers use them for anything from buying a wedding present to paying an unexpected bill, from a bit of holiday spending money to buying the kids new shoes.

How much can I borrow?

Most lenders will lend between £80 and £1,000, some will lend as much as £1,500.  The amount you can borrow will be determined by the lender, who will assess your application.  This is usually done within a few minutes, and the money can be in your bank account within an hour.  Usually the criteria is how much you are able to pay back on payday.

What are the application criteria?

Different lenders have varying criteria, but most require that:

• be at least 18 years old

• be a UK resident

• be in an employed position with your wages paid directly into a bank account

• have either a debit card or a bank account that can accept direct debits

How do I apply for a payday loan?

Most lenders simply require that you fill out an easy and straightforward form online.  Within a few minutes they will be able to tell you whether or not you are eligible for a pay day loan.  Some lenders may use a credit scoring system.

By using Paydayloans-Compared.com you will be able to see at a glance which is the best lender for you.