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Before you decide to take out a payday loan

When you apply for a loan, the payday loan lender will always check to see if you can pay it back. The payday loan lender will check personal information from yourself such as credit rating, also be ready to provide proof of address, bank details and your ID. The lender could want to check that you’ve got enough money coming in to your bank account each month to be be able pay the loan back.Make sure you look around for the best deal online. Take time to check out my links on this page to find the right deal for you.

Payday loans and how they work

Payday loan is a quick way to recieve money when needed. You could at some lenders borrow between £50 and £2,500, and pay it back over several months or in as one lump sum. Lenders provide short term loans, and most let you extend your repayment date by an extra month. This method gives you more than enough time to pay it back, but this increases the interest you pay.

Should I take out a payday loan?

Applying for a payday loan should be your last resort, but you could think about getting one if you have:

Bad credit

An unavoidable reason for needing the money

Payday loan is an expensive way of needing money, so only apply if you desperately need the money and can afford to pay it back over the term you agree.Paying back a payday loanUsually you'll be given up to a month to pay back the money you borrowed, plus interest.The most common way to pay back a payday loan is through your bank debit card. When you get the loan you agree to let the lender take the money from your bank account. This is called a continuous payment authority (CPA).If there isn't enough money in your account to repay the loan on the agreed date, the lender may keep asking your bank for all or part of the money. Charges will be added for late payment.However, your lender shouldn’t use the CPA more than twice if they’ve not been able to get the money from your account, and they shouldn’t try to take a part payment.From 2 January 2015, if you take out a 30 day loan and repay on time you should not be charged more than £24 in fees and charges for every £100 borrowed. If you default on the loan the lender can only charge a default fee of £15.



If you want to stop the payment

When you can't afford to re pay the loan, you can instruct your bank to stop the payment being taken. You must do this at least one day before the payment is due.

You want to extend a Payday Loan

If you can't pay back the payday loan and you have to pay it back later, the lender may offer you longer to pay. The lender may do this by giving you more time to pay the loan or by rolling the loan over. A rollover on your payday loan works by making a new agreement for the original loan. Please be aware that an extension loan or agreeing to it being rolled over may cost you a bit more the next time round. This is because you will have to repay more money to the lender as you will be charged extra interest, extra fees or other extra charges.