Frequently asked pay day loan questions and answers
|Where can I get Free debt advice?|
|Organisations offering free debt advice|
We recommend that you contact the following organisations in the event of financial difficulties. All of these offer free advice and may be able to help you.
Money Advice Service – an independent service, set up by government to help people make the most of their money, providing free, unbiased money advice to everyone across the UK – online, over the phone and face to face. www.moneyadviceservice.org.uk or on 0300 500 5000
National Debtline – a free, confidential and independent telephone helpline for debt problems. www.nationaldebtline.co.uk or on Freephone 0808 808 4000 (England, Wales, and Scotland)
Advice UK - a network of independent advice-providing organisations. Telephone 020 7469 5700, or visit www.adviceuk.org.uk
Citizens Advice Bureau – a network of local offices offering free, confidential independent advice - www.citizensadvice.org.uk (England, Wales and Northern Ireland), or www.cas.org.uk (Scotland)
Christians Against Poverty – free advice with local networks www.capuk.org or tel 01274 760720
Step Change – free, confidential advice and support – www.cccs.co.uk or tel 0800 138 1111
Credit Action – www.creditaction.org.uk or tel 0207 380 3390
Payplan – funded by the credit industry but is impartial and deals with all creditors. www.payplan.com or tel 0800 280 2816
|What is APR?|
|The term APR stands for Annual Percentage Rate. It is the interest payable plus any administrative fees applied expressed as an annual rate of charge. The rules and regulations that govern Consumer Credit providers like ourselves state that they must quote their APR before you (the customer) sign a regulated consumer credit agreement.|
However the term expresses the rate of interest and other fees as an annual percentage, irrespective of the duration of the loan and is typically best suited to show you the cost of loans over 12 months and more. If you took out a WageDayAdvance of £100 over a month and paid back £29.50 every month for a year it would be very expensive but our cash advances offer a solution to short-term financial needs. You are expected to repay your loan in full on your next pay date.
The actual cost of borrowing from WageDayAdvance will be £29.50 for every £100 borrowed per loan period of up to 40 days and is intended to solve your short-term cash flow problems without requiring any long term debt.
|What is a continuous payment authority?|
|A continuous payment authority is a type of regular automatic payment arrangement that can be set up using your debit card and is linked to the bank account of the debit card details that you supply. A continuous payment authority is different from a direct debit or standing order, as the timing and amount of payment(s) may vary. When you provide your debit card details to us you permit us to use the continuous payment authority to take payments from your account. We will only take payments on the dates and for the amounts set out in your loan agreement. You have the right to cancel your CPA by contacting us, or your bank.|
|How do I cancel a continuous payment authority?|
|To cancel a continuous payment authority you may contact your bank directly. Alternatively, you may ask us to cancel it by giving us notice either in writing or verbally over the telephone using the contact details provided in the 'contact us' section. If you cancel the continuous payment authority you will still owe any outstanding debt under the loan agreement with us and will need to provide an alternative method of payment to avoid going into default. |
|What is a payday advance?|
|A payday advance is a small loan which is repayable on your next payday - a maximum of 40 days away. We offer loans of between £80 and £750. Loans for first time customers are limited to a maximum of £300. All loans are subject to our assessment of affordability. |
|Will you perform a credit check against my application?|
|We do not ordinarily do external credit reference searches other than to verify your identity. We base our lending decisions on our own unique internal credit worthiness and affordability scoring mechanisms which we have devised and developed on the basis of our lending experience. The company is required to perform a CallValidate search to ensure we comply with anti-money laundering legislation. You may find a ‘soft footprint’ left behind; however, this will not have any negative impact on your credit file and will not be visible to any other lender when assessing an individuals credit file or used within their credit scoring system.|
|How do I repay my loan?|
|We use debit card or direct debit to deduct money from your current account to take repayment of your payday advance on your next payday.|
|Can I extend or defer my loan until my next payday?|
|Deferrals/Extensions are only permitted at the discretion of WageDayAdvance and only to the extent that we are satisfied that it is responsible to permit you to defer/extend your loan.|
Payday lending is an expensive form of credit and is not suitable for long term lending. We encourage you to repay your loan on a timely basis in accordance with the terms of the agreement. Extending your loan will cost you more in interest and prolong your period of your indebtedness. To view an example of deferring repayment of a loan click here.
|How soon will I receive my money?|
|If your loan is approved and we receive your signed online agreement before 6pm Monday to Friday, or 2pm Saturday, you can choose to receive your WageDayAdvance via BACS and will receive your money within 3 working days. This service is FREE of charge. You also have the option to receive funds quicker via an Express Payment option. This optional service incurs a £15 charge which is deducted from your loan amount (unless you pay by another means prior to transfer) and you should receive your money on the same day excluding Sundays. If you applied on a Sunday, your application will be processed the next working day.|
|Will I need to supply any documents?|
|In some circumstances, if we are unable to verify any contact information you have provided, we may require you to forward documentation to support your application.|
|Do you charge commission if I am introduced to you by a third party?|
|If you are referred to us by a third party (a broker) we will pay commission directly to that broker. For more information regarding the levels of commission that we pay to our brokers, see our affiliate scheme page. |
|Whom Do I Contact If I Have a Complaint?|
|Please let us know about your concerns. If you are dissatisfied with any aspect of our staff service or products it is important that you tell us about those concerns. It is equally important to us that we rectify an error that may have occurred or simply explain in further detail something that you do not understand. We would like you to contact us in anyway convenient: Call us at 08443 248507; Send an email to Complaints@wagedayadvance.co.uk; or Mail a letter to our Compliance Team, Wage Day Advance Ltd, Unit 7, Acorn Business Park, Skipton, North Yorkshire, BD23 2UE. |
In the case that you are still not satisfied with our internal review, you are eligible to have your complaint reviewed by the Financial Ombudsman Service, which is an independent service for settling disputes between businesses providing financial services and their customers, at the following address: The Financial Ombudsman Service: South Quay Plaza, 183 Marsh Wall, London, E14 9SR.