FAQ's - Payday Loans and Cash Advance Information

While most applicants find out immediately if they have been approved, do not worry if your application requires a little more time. If we need additional information this will only mean that you will take a little longer to be approved and receive your money. In most cases it takes approximately 30 minutes. This means you will still receive your cash that same day. It’s important to remember you should not borrow more money than you can pay back. A Payday loan must be paid back within 31 days not a year like a conventional loan.

How much can I borrow?
You can request to borrow as little as £100 or as much as £1000 it just depends on how much you need and how much you are able to pay back.

Why is the APR so high?
Most people are use to using a loans APR to compare how competitive loans are. However, with a cash advance this method is not the most accurate way to determine which loan is right for you. An APR is drawn out over a year or more. A Payday Loan on the other hand is paid back within 31 days.

What are your eligibility criteria?
• You must be 18 years old or older.
• You must be employed.
• You need to earn at least £750 per month.
• You need to have proof of identity.
• You need to have a bank account that received direct deposit and debit.

Why do you need this information?
With identity theft on the rise as a lender we are required to verify that you are who you say you. We also have to make sure we are depositing money into the right account.

Do you use credit reference agencies?
No.

I have bad credit history – can I still apply?
Yes. Our terms are based on a 1 month period (31 days) therefore we are only interested in your immediate circumstances.

I don't have a debit card – can I still apply?
Contact us for more information.

How do I apply?
It’s simple. Fill out our ONLINE application. If we have additional questions we may contact you. Once approved electronically sign your agreement and we will transfer your money to you.

When will I get my funds?
If you apply before 3pm then you will receive your money that day. Applications received anytime after 3pm money will be deposited the next business day.

How will I get my funds?
We deposit the money directly into your bank account.

How do I pay back my payday loan?
We debit the funds directly from your account.

Can I defer my Payment?
Yes –however if you defer your payment twice we will ask you to start reducing the balance. Deferral incurs new charges – but still at our fixed rate - there are no additional charges.

What if I have problems paying?
We will help you any way we can. If you are unable to pay your loan back please contact us .

REMEMBER:
• Don’t borrow money you cannot pay back.
• Talk to us and we will help as much as possible.

I am not happy with your service – what can I do?
Our customers and their satisfaction is our number one priority. If you are not satisfied with our services for any reason please Contact us at service@GreatPayday.co.uk.