Common Questions about PaydayDeals.co.uk
What is a payday loan?
A payday loan is a financial product that allows you to borrow just enough money to get you through until your next payday.
Do I qualify for this type of loan?
If you are a resident of the United Kingdom, at least 18 years of age and are currently employed and paid by direct deposit, you could be eligible for a loan from one of our responsible lending partners.
How much will this cost?
The fees vary per lender. The average fee is £29.98 for each £100 borrowed. This is a flat fee and we will only match you with a lender who offers a flat fee rate. This way you can ensure that you will never pay more than what you originally agree to. In terms of APR, a 31-day loan would be 2255%. Please note that a payday loan is a short-term solution and most lenders have a 31-day maximum term.
Is there a fee to be matched with a lender?
There is no fee to use the PaydayDeals.co.uk matching service. The only fees involved with your loan are the flat fees set forth by the lender.
How much may I borrow?
Loan limits vary based on a person’s take-home pay. Once you have an established relationship with a lender, your loan limit could be increased at the lender’s discretion. You could be able to loan up to £1000.
Are any documents required?
In most cases you are not required to send documents. If the lender with whom you are matched requires additional information to process your loan, it usually can be done online or via free phone.
What if I need more money after the first loan is repaid?
All of our responsible lending partners offer next-day loans. This means that once you have successfully repaid your first loan, you will be eligible to take another as early as the following day. This process is simple as the lender will already have your information on file.
How do I repay my loan?
The total amount of your loan plus lender’s fees will be automatically withdrawn from your bank account on your scheduled repayment date. The lenders will send you a reminder prior to this date.
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