Top Questions About PayDay Loans

Do I have to pay an upfront fee for the loan?

There are no upfront fees when applying for a payday loan on NOW! PayDay.co.uk. We provide a free online loan matching service that helps bridge the gap between you and a lender. If you meet the criteria and are approved by a lender then you are given the option of entering into a borrowing agreement with that specific lender. Please make sure you read the terms and conditions of the specific lender you are matched with. Please also make sure that you understand the repayment/interest fees of taking out a payday loan.

Most of the lenders that NOW! PayDay.co.uk works with require no upfront fees but in case you do not qualify for a regular payday loan you may be redirected to an alternative lender that will fund your loan for an up-front fee or membership fee. Again, please make sure you read the terms and conditions of the alternative lender you are redirected to.

However if you are matched with one of the lenders that require an upfront fee but do not wish to pay it you can find other payday loan alternative options on our website.

If I live on benefits can I apply for a payday loan?

Yes, if benefits are your main income you can still apply for a payday loan on our website as long as you meet the other requirements such as: being a UK resident over the age of 18 with a bank account that can receive direct debit. Please make sure that you write "Benefits" in the Company Name field.

There are different types of primary income that are accepted by the lenders, not just full-time employment. The other types of primary income that you can choose from when applying for a payday loan are: disability benefits, pension, unemployed, part time employment or self employment.

How quickly will the money be transferred to my bank account?

This is subject to approval times and the lenders' own policies. In most cases, funds will be deposited the same working day, if approved by 14:30 pm. Once you submit your application it can take up to 30 minutes for the approval process to be finalized. Please be sure to read the terms and conditions of the lender you are matched with to understand specifically when the money will be transferred to your bank account.

If the application is not approved before 14:30 pm the money will be transferred to your bank account the next day. In case you submit for a cash advance during the weekend the money may be transferred to your bank account on Monday, depending on the lender you are matched with. Some lenders will fund loans even during weekends. Again, please be sure to read the terms and conditions of the lender you are matched with to understand specifically when the money will be transferred to your bank account.

How do I pay back the loan?

In most cases the full cost of the loan will be withdrawn from the user's bank account on their next pay day. However this is not the only way the loan can be paid back. An installment plan can be implemented for customers that are unable to repay the entire loan on the next payday. Please be sure you read the terms and conditions carefully of the specific lender that you are matched with. It is important that you also learn about the specific lender's repayment options.

Customers that choose to extend their loan will have to pay the finance charge for the loan on the next payday and have the loan deferred until the following payday. The deferred loan principal will then be repaid on the following payday with an additional finance charge. Again, it is very important that you understand the specific lender's repayment options.

We recommend you repay the full amount of borrowed money on your first payday but if that is not possible, paying back as much as possible on the first payday will help you lower the total cost of the loan.

We also recommend that you repay the full amount of borrowed money on your first payday because that is a way to improve your credit record. 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.

Can the loan be paid back in more than one payday?

Most lenders that NOW! PayDay.co.uk works with will offer you an extension on your loan if you are unable to repay it in full on your next payday. This however is not cost-free. If you choose to extend your loan you will be required to pay the finance charge on your next day while your loan principal will be deferred until the following pay date with an additional finance charge. Please be sure you read the terms and conditions carefully of the specific lender that you are matched with. It is important that you also learn about the specific lender's repayment options.

To reduce to total cost of the loan we recommend you pay the full cost of the loan on your first payday. If however you are unable to repay the loan in full we suggest you pay as much as possible on your first pay day and defer the rest until the following payday. It is important that you contact the lender you are matched with to discuss different repayment options.

I have applied for a loan. Was my application approved?

Once you have an applied for a payday loan on our website it takes up to 30 minutes for your application to be processed and approved or disapproved. If approved, you will be contacted directly by the lender you are matched with by phone or email.

Please note the money deposited into your account is subject to approval times and the lenders' own policies. In most cases, funds will be deposited the same working day, if approved by 14:30 pm. Once you submit your application it can take up to 30 minutes for the approval process to be finalized. Please be sure to read the terms and conditions of the lender you are matched with to understand specifically when the money will be transferred to your bank account.

Can I still apply for a payday loan even with a less than perfect credit history?

Yes, you can still apply for a payday loan with a less than perfect credit history. Some of the lenders we work with accept all customers regardless of credit history.

All loans are subject to credit approval. Credit checks may be performed by the lender you are matched with before your loan is funded. Traditional credit checks are used to verify the applicant's credit with the help of various national databases.

Most of the lenders working with NOW! PayDay.co.uk may still accept your application even if the credit check shows you have a less-than-perfect credit history.

Please note that a payday loan is a short term loan that can be used to cover urgent expenses. 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 for financial difficulties.