FAQ about Payday Loans Online
- What is a Payday Loan
- Payday loans online are exactly that, loans which you must repay by your next Payday (or the date you agree with the lender), that you secure online.
- Why would someone get a Payday Loan Online?
- People apply for Payday loans online, for many different reasons and purposes. They can be used for whatever you want. Some payday loans online are used to cover an extra expense that wasn’t budgeted for, sometimes to treat someone or to pay a utility bill or stop a late payment on a Credit Card or maybe stop someone going over their overdraft.
- What are the charges for payday loans online?
- The Representative APR is 1737% (variable). As an example, a loan of £200 taken for 28 days would require payment of £250, the interest would be £50 for a loan with an annual interest rate of 1737% per year.
- How much money can I borrow?
- Payday loans online can be from £100 up to £1000
- What do I need to do to pay the loan back?
- Payday loans online need to be paid back on your Payday (or on the date you agree with the lender). Everything will be set up at the time you take out the loan. The funds will automatically be taken on your pay date (or on the date you agree with the lender). Just make sure that you have cleared funds in your account on this date.
- Does it matter what I use the money for?
- Not at all, if you are given a payday loan, you can use it for whatever you like.
- Do I need to own my own home?
- No you do not need to own your own home. Our lenders lend to homeowners, tenants and people living with their parents. As long as you earn enough to be able to pay back the loan on the date agreed with the lender and you meet the minimum criteria, you will qualify to apply.
- When will I get the money
- Most of our customers that take payday loans online will receive the money in their account the same day, however, in some cases extra information may be needed which will slow down the process, on occaions this may take up to 48 hours.
For a 12 month loan solution, please visit our sister site - 12 month loans
