Representative APR NOW PayDay Advantage

PayDay Dictionary

Get familiar with some basic terms with our PayDay Dictionary!

APR:

APR stands for the Annual Percentage Rate of charge. It is mandatory for all loans and credit cards to display their APRs. APR includes factors such as interest rate, the length of the loan agreement (or term), frequency and timing of installment payments, and the amount of each payment.

Please keep in mind that most payday lenders require the loan to be repaid in full, on your next payday. This generally does not exceed 31 days. Displaying interest in terms of APR can be confusing for some as it suggests that you will have the loan for an entire year, making frequent payments.

If your application is approved by a lender once we have matched you to them, be sure to ask the lender any questions you may have about their fees, interest or terms and conditions before signing the credit agreement.

Example Payday Lender Charges

Representative APR: 1734%

Representative APR example: Borrow £50 for 30 days. The total charge for credit is £14.75. Interest is fixed at a rate of £14.75 per £50 loan. The Total Repayable is £64.75. Representative 1734% APR.

Credit Rating:

An assessment based on your history of borrowing and repayment that financial institutions look at when deciding your credit worthiness. You can improve your credit rating by taking out a payday loan.

If you take out a payday loan and pay it off on time, this will be reflected to a Credit Reference Agency. If you show a pattern of taking out a loan and always repaying the loan under the agreed timeframe, this will cause a beneficial impact on your credit record.

It is important to have a good credit rating since individuals with poor credit will have difficulty finding financing.

Now! Payday.co.uk

Now! Payday.co.uk is a loan matching service across the United Kingdom. We have agreements with independent and reliable licensed payday loan lenders, in which we attempt to match you (based on the information you provide) with a lender willing to give you a payday loan. We charge you no fee for our service which is designed to get you the money you need with as little hassle as possible. Please note that your loan agreement with the lender (if you application is successful) will be governed by the Consumer Credit Act of 1974 and all other applicable United Kingdom laws. Please note that Now! Payday.co.uk is not a provider of loans and cannot guarantee that your application will be accepted by any of our independent lenders.

If your details match the criteria of one of our lenders on our panel, we will forward your details to that lender who will let us know quickly whether they wish to consider your application further. If the lender asks to be provided with your application details, you will be forwarded to that lender's website where you may be asked to complete the lender's online application or additional information.

Your application will be subject to further assessment by the lender. If the lender accepts your application, you will enter into a credit agreement with that lender. Your loan agreement with that lender will be displayed online for you to sign.

PayDay Loan:

A payday loan is a short term loan that can be used to cover urgent expenses, to take a holiday, or even just to top up your monthly income. Payday loans are meant to be paid in full on your next pay day. They are not meant to be and are not suitable to be used as a long term solution.

What are the advantages and disadvantages of using payday loans?

Advantages:

  • Applying online is quick and convenient
  • No paperwork is required to be faxed
  • The money could be in your account in less than 24 hours
Disadvantages:

  • Cannot help you with long term financial obligations
  • Not the right solution for those with long term credit difficulties

Personal Loan:

A no collateral loan that is available from banks or credit unions. Personal loans can be used for a variety of personal uses such as a holiday, a car or simple cash needs.

Unsecured Loan:

Most personal loans and payday loans are called unsecured loans because you do not have to "secure" the loan with collateral or an asset like your car or home.