What is a Payday Loan?
A Payday Loan is a simple, straight forward short term loan that you repay on your next payday. They are designed to solve short term cash flow problems rather than long term debt problems.
Our short term loan is known as PayDayAdvance, and offers loans between £80 and £750. First time customers however, are limited to a maximum of £350 and all our loans are subject to our own assessment of your creditworthiness.
Payday Loans – the Pros and Cons
A payday loan can be a useful way to help when you need cash quickly and you are sure you can repay the loan plus interest on your next pay day. They are simple, can be arranged relatively quickly, and can be cheaper than an unauthorised overdraft.
However, Payday advances are an expensive method of borrowing and should be used for short term financial needs only, not as long term financial solutions. Failure to make timely payments may result in default charges and daily interest. With WageDayAdvance, if your account remains in default for a minimum of 35 days, it may be turned over to a 3rd party collection agency who will apply further charges.
Customers with long term credit difficulties should seek credit counselling – click here for a list of organisations who may be able to help.