Payday Loans Frequently Asked questions

Payday loans are a short-term cash advance solution that helps bridge a temporary cash availability problem and avoid costly bank and credit card penalties.

• How much money can I get? You can usually borrow any amount between £75 and £500.
• Would a bad credit history affect approval? No – all you need to qualify is a consistent job and a bank account although the Payday First lender will look at your current financial status and consider your ability to repay your payday loan on your next payday.
• Do I need a bank account? Yes you need a UK bank account with an active debit card.
• What do I need to qualify? You must be over 18, resident and working in the UK and have a UK bank account with an active debit card. You need to be able to repay your payday loan on your next payday.
• What information do you need? To get you the money you want as quickly as possible we need the following information:
  1. Your name and current address
  2. Your work and income details
  3. Two contact phone numbers and your email address
  4. Your bank account details
• What form of payment is used to repay a payday loan? A simple debit card transaction is used for repayment.
• How much do you charge? The charges are typically £25 for each £100 borrowed.
• When will I get the cash? Most customers get the funds deposited into the bank on the same day. However some banks can take a little longer to clear funds. In these cases the cash should become available in 24-48 hours.
• Will my credit rating be affected? No, we won't credit score your application so your credit rating will not be affected. However you must make sure you repay your loan on time.
• When will I need to repay the loan? A Payday First loan is repaid on your next payday. Usually up to 30 days after the day you take the loan. A single payment is collected from your debit card, so you just need to ensure the required funds are available in the bank account for that day.