frequently asked questions
We have compiled a list of commonly asked questions to help you to fully understand Payday Loans. Should you need further information please contact our customer services team.
- Will I be refused a loan if I have bad credit, or no credit at all?
- How much money can I ask for?
- When will I get the money?
- How do I repay the loan?
- When do I have to repay the loan?
- Can I roll my loan over to my next payday?
- What does it cost me?
- How long will it take for me to get the money?
- Who can apply?
- I don't live in the United Kingdom, can I still apply?
- I am self-employed, can I still apply?
- What can I use my payday loan for?
- Who is providing my loan?
Will I be refused a loan if I have bad credit, or no credit at all?
Not necessarily. As with any loan application your current financial performance is considered to ensure you will have sufficient funds money in your bank account on payday to cover your payday loan repayment, and meet your other financial commitments.
How much money can I ask for?
You can receive a loan between £80 and £750 today.
When will I get the money?
Just apply online using our quick and easy form and the money could be in your account today. Please note that in a small minority of cases your transfer could take 48 hours, depending on where your current account is held.
How do I repay the loan?
The debit card on your current account is used to take repayment of your payday loan.
When do I have to repay the loan?
The repayment date is always set on your pay date.
Can I roll my loan over to my next payday?
Yes - You can defer up to 3 times. However, each time you defer you will still be responsible to pay the interest due that month.
What does it cost me?
The APR for Payday Loans can look very high. This is because the APR is calculated based on the cost of a loan over one year. However most Payday Loans are for a period of no more than 30 days and based on a fixed rate per Payday Loan.
Payday Loan APR worked example:
Customer 1 borrows £200 over a 30 day period.
Total amount repayable £250.
APR 1355%
Customer 2 borrows £200 over a 15 day period.
Total amount repayable £250.
APR 22694%
As you can see from the above examples, the amount of the Payday Loan does not affect your total repayment and, although the APR adjusts according to the period of the Payday Loan, the interest charge remains fixed.
For more examples click here
How long will it take for me to get the money?
For most UK banks, you can receive the money in your account on the same day. In some instances this may take longer – Normally, no more than 48 hours.
Who can apply?
Payday loans are available to everyone over 18, working in the United Kingdom, with a current bank account that has a Switch, Solo, Visa Electron or Visa Delta card.
I don't live in the United Kingdom, can I still apply?
Unfortunately, at this time, we only accept applicants from the United Kingdom.
I am self-employed, can I still apply?
You can get a loan providing you have a regular income paid directly into your bank account.
What can I use my payday loan for?
Use your loan for whatever purpose you wish. If you have some bills due, something you need to buy, or just want to have some fun!
Who is providing my loan?
Paydayking.co.uk is a website that provides you a selection of the UK's largest payday loan providers. When you fill out the form we automatically connect you with them so that they can offer you a loan.
Please make sure that you read their offer carefully and understand the terms and conditions before you accept.
