Payday UK - Payday Loan Lender Review
Payday UK are a direct payday loan lender.
They are a well established loan company in the UK and have been around since
October 2003. They are the market leader for Payday Loans in the UK. They have
a secure online application form and procedure so there's no need to worry
about the security of the details you need to submit.
There are no arrangement fees or hidden fees
when obtaining your personal payday loan through this company. They charge the
standard £25 for every £100 borrowed and because there are no hidden fees the
APR rate of 1737% is on the lower side for the payday loan industry.
With Payday UK, customers can apply for payday
loans starting from £80 and going up to £750. The maximum loan amount available
to the individual depends on their personal circumstances, so not everyone
qualifies for £750.
They use the Faster Payment Service to ensure
a same day transfer service, 7 days a week. All you have to do is check whether
your bank supports this service. If not then they also offer a BACS transfer
service (can take up to 3 working days).
If for a good reason you cannot repay your
loan by due date then you have the option of deferring the loan. This is also
known as rolling over the loan. If you do this you will have to pay the
interest charge and one-quarter of the loan balance. If you pay back the entire
loan you can take out a new one - this can be done as many times as you wish
(provided they approve you each time).
One can apply by phone, as well as online, for
a payday loan with Payday UK. They have friendly, helpful staff taking calls.
They offer a fully online and no fax payday
loan service. Occasionally they will ask for some documents to be faxed in if
they cannot identify you or if they need further proof of income.
Payday UK uses the help of Credit Reference
Agencies to determine their customers' suitability for a payday loan.
Prospective borrowers must be in permanent
employment and earn a minimum monthly net income of £750. Only those applicants
who earn a monthly salary are accepted.
In order to be approved for a loan at Payday
UK, you must have a bank account with a valid debit card.
Main Advantage highlighted in this Payday UK
Review: They understand that occasionally some customers will need to borrow
money for a second month. So they allow customers to defer their payday loan to
the next month - but the interest charges for the current month must be paid.
Also, as a responsible lender, Payday UK encourages you to pay-off as much of
your initial month's loan principle as possible so that your next month's
interest charges are lower.
Additionally, with the only charge being the
twenty five percent interest fee, they are among the cheapest loan lenders in
the UK. The fact that they were the finalist of CreditToday awards11 attests to
the quality of their service.
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