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Guide to Pay Day Loans
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Shopping around for the best pay day loan

With the aid of the Internet, shopping around for a pay day loan is incredibly simple. There are numerous finance companies who offer pay day loans along with a variety of high street lenders, most have the facility to apply on line. This speeds up the application process, meaning you will often receive approval within minutes of submitting your application and funds could be deposited into your account as quickly as the same day.

Make sure you fully understand all aspects of the loan before proceeding

To qualify for a pay day loan the general criteria is;

  • Must be a UK resident
  • Must be18 years of age or over
  • Must be in full time employment
  • Must have a regular salary
  • Must have a bank account

Lenders tend to concentrate less on past credit ratings and more on the current ability of the applicant to repay the loan. Repayment is usually made 30 days after the funds are deposited.

When shopping around for the best pay day loan it is important to consider certain key features;

Features of the pay day loan... Comments
Administration costs
  • Are there any costs to start the loan?
Interest charges
  • What is the loan going to cost? It is common for this to be stated as an annual percentage rate (APR). This is the percentage of the loan you would be charged if the loan was taken over a 12 month period. Some Lenders list the costs as £X per £50 borrowed. ie; a charge of £8 for every £50 borrowed, so if £100 was borrowed, £116 would be repaid in 30 days time.
Term of the loan
  • How long is the loan term? Some companies will lend money for as little as 8 days. Most pay day loans are expected to be repaid in full at the end of 30 days. An extension is sometimes available if required.
  • If an extension is required, what is the charge for this?
Penalty charges
  • Are there any charges if the loan is paid off early?
  • Are there any charges if you decide to extend the term of the loan?


PDF Guide Download the Pay Day Loans PDF Guide here - see our other free PDF guides here

Guide Contents

What are pay day loans
Shopping around for the best pay day loan
Apply for a pay day loan
Frequently asked questions about pay day loans
Where to get more help and further information about pay day loans


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