Payday loans are small, short-term cash loans that are designed to act like an advance
or sub on your wages. You, therefore, borrow the money you need now, when cash is
tight, and then repay it with interest on your next payday, when your bank account
has been topped up.
No fax payday loans are payday loans that can be applied for and approved online.
In the past payday loan companies required customers to fax them a heap of documentation,
which they would then base their approval decision on. Thereafter they would send
customers a Credit Agreement to sign and fax back.
However, in order to make the application process as quick and easy as possible
to be able to get you the cash you need fast, we now offer an online application
form, where you can apply for a payday loan in around 4 minutes and you will receive
an instant approval decision.
In order to be able to approve your loan while you are applying online we will carry
out quick identity verification and credit checks, so that you can be approved within
seconds, rather than hours or days.
If approved, you will then be directed to a page containing an Electronic Credit
Agreement, which you can sign online by submitting your name and the current date.
- To be over 18 years old
- To be a UK resident
- To be in full time employment in the UK, earning a minimum of £750 a month after
tax
- To have your wages paid directly into a bank account that has a debit card
So that we can approve your application online, rather than having you send in a
raft of documents to approve manually, which of course is not a quick and easy process,
we carry out a credit check during on all first time applications. This means you
can be notified instantly of whether or not you’ve been approved for a loan.
The credit check will leave a footprint on your credit file. However, when you repay
the amount due on your payday (whether this is the full amount, or the extension fee, if you have elected to extend the repayment to the following month),
we will report this to the Credit Reference Agency
we use, which could have a positive impact on your credit rating. Each time you
take out one of our payday loans and repay it on time we will report this to the
Credit Reference Agency, which can help improve or repair your credit rating. In
future you may then find that you are able to be accepted for different financial
products that you might in the past have been refused for, and you may also be able
to increase your payday loan limit with us, subject to earnings and affordability.
If customers do not repay their payday loans on time, and fail to contact us in
this regard before their payday, we will also report this to the Credit Reference
Agency, which may then have a negative impact on their credit rating.
You can use a payday loan for anything you might need a small amount of extra money
before payday for.
Most of our customers use payday loans to help cover emergency expenses that disrupt
cash flow within a month, as they were not planned for. If, for example, your fridge
breaks and needs to be replaced or your car breaks down and needs to be fixed urgently
to get you back on the road, and you can’t wait for payday to make these payments,
a payday loan can help you out by getting you the extra cash you need instantly.
Payday loans are also an affordable alternative to the unarranged overdraft charges
some banks impose.
You simply need to complete the online application, starting on the Home Page of
our website, and you will be advised in minutes whether or not you have been approved
for a payday loan.
If you are approved, you can sign your Credit Agreement online, by submitting an e-signature.
We then transfer funds every 45 minutes 7 days a week. While the majority of our customers get
their money transferred within 45 minutes, subject to status, we may need to take additional steps
to verify your details. If we need to do so, we will contact you between 8am to 7pm Monday to
Friday or 9am to 1pm on Saturdays and your funds will be transferred after we have successfully
contacted you and verified your details. If additional verification is required, your money should
still be transferred the same day for applications completed prior to 5pm on a working day, while
those made after this will be transferred by the following working morning.
If you have had a loan out with us in the past, even if this was quite some time
ago, simply go to the ‘Existing
Customer’ page of our website and complete the brief application form.
Please note, we can only transfer you as much cash as is available within your credit
limit, even if you apply for more.
If you have cleared your loan in full 2 or more times you may be eligible for a
limit increase – please call one of our agents on 0800 652 4660* if you wish to request
an increase.
We transfer funds every 45 minutes 7 days a week.
The majority of our customers will get their money transferred within 45 minutes. However,
as a responsible lender, we may take additional steps to verify your details following the
submission of your application and agreement.
If we need to contact you to verify any details, your funds will be transferred after successfully
verifying these during our working hours of 8am to 7pm Monday to Friday or 9am to 1pm on Saturdays.
Applications completed prior to 5pm on a working day should still be transferred the same day, and
those made after this will be transferred by the following working morning.
Please note that, if we are unable to complete this verification, it may result in a delay in the transfer
of the funds to your account, or even a retraction of the loan offer.
We will contact you (via email, text or phone call) to advise when your funds will be transferred to your
bank. If your bank operates Faster Payments, your funds should clear immediately after being transferred.
However, please be aware that some banks may take up to 3 working days to clear the funds.
We charge 29% interest on top of the amount borrowed.
Representative Example
If you borrowed £200 for 28 days you would repay a single payment of £258, with an interest rate of 378% variable per annum. 2670.8% APR representative.
For ease of understanding, here is a table showing the total charge for credit,
and the corresponding interest charged for different loan values:
| You Borrow |
You Repay |
| £80 | £103.20 |
| £100 | £129 |
| £200 | £258 |
| £300 | £387 |
| £400 | £516 |
| £500 | £645 |
| £600 | £774 |
| £700 | £903 |
| £800 | £1,032 |
It is transferred directly into your bank account by same day priority payment,
if you are a new customer. (Existing customers need to select whether they want
their funds transferred by same day or two day transfer.)
We transfer funds every 45 minutes 7 days a week.
The majority of customers will be transferred their money within 45 minutes from completing their application.
However, as a responsible lender, we may need to verify certain details following your application.
If we need to do so, we would contact you between 8am and 7pm Monday to Friday or 9am to 1pm on Saturdays.
If we’re able to contact you and successfully verify these details, your funds should be received the same day, if
you completed your application before 5pm, otherwise they would be transferred by the following working morning.
Funds are transferred by priority same day payment for all new customers. If your bank operates Faster Payments
then you should receive your money shortly after it has been transferred. However, please note that exactly
when the money clears in your account is dependent upon your bank and some banks may take up to 3 days to clear the funds.
If you are an existing customer you will need to select same day or two day transfer. If you select same day
transfer, you should get your money transferred within 45 minutes of completing your application.
In the event that we need to verify any details we will do so between 8am and 7pm Monday to Friday or 9am to 1pm
on Saturdays and transfer the funds after successfully contacting you and verifying these details.
No – we need to pay loans into the account the loan was approved for, which is the
account your wages are paid into.
Your wages need to be paid into your bank account by bank transfer - we cannot approve
customers that are paid by cash or cheque.
No – it does not matter to us what your housing status is.
We cannot provide you with a payday loan unless you have a debit card – a cash card
(or no card) will not be accepted.
We do – as long as you are living and working in the UK.
No – we do not loan to self-employed customers, as we require wages to be paid directly
into one's bank account.
Yes, this is possible, as long as you earn more than £750 per month after tax
and will have sufficient money on your payday to be able to repay the payday loan.
No – employment is a prerequisite of getting a loan.
If you do not yet have a job you will not be accepted for a loan.
Yes – as long as you will be able to pay back the loan on your payday.
We cannot accept anyone that is not employed, even if you do receive other forms
of income.
Your wages need to be paid into your own account, and you need to have a debit card
for that same account.
On your payday we will collect the money from your debit card.
We will apply a default fee of £15 per missed repayment.
This does not matter - the loan will become repayable on the fourth payday after
the funds are granted. Alternatively the repayments can be staggered over your next
four paydays.
We are fair – we don’t expect you to pay back a loan after a few days. If you apply
for a loan 0-7 days before your payday you will be expected to repay it on your
following payday. For example: If you are paid on 28th of every month and apply
for a loan on 22nd August, you will only need to pay it back on 28th September.
No – during the application process we assess how much you are likely to be
able to pay back on your payday and this is the amount you are approved for initially.
You can of course select to borrow less than the amount you are approved for.
If you are approved for more money than you want, you can choose to receive less
than your full available limit. We pay our cash loans in denominations of £10.
So, for example, if you are approved for £500, you can select to borrow any amount less than this, down to £80, if this is all you need.
At a later date you can take out a subsequent loan, using the remainder, or part of, your
credit limit, by filling out the form on the Existing Customer Page.
If you have not borrowed your full limit, you could borrow more funds up to your
loan limit. If you have already borrowed up to your full limit, however, you cannot
take out a further loan.
Payday Loans are designed to be paid off on a person’s next payday. If you cannot
repay the loan in full on your due date, you could request to extend the repayment
until your subsequent payday, and you would just be charged the interest already
accrued on the amount borrowed. This will not reduce your balance and the full amount
borrowed plus interest will then be due on your following payday.
However, we do not recommend that you
extend your loan repayments. If you need a
loan for an extended period of time, we recommend that you clear the Payday Loan
and take out another type of loan designed to be paid off over a longer period of
time.
After a first loan, you will be become an existing Payday Express customer. You
then simply need to submit an online Existing Customer Application from the Existing Customer page
of this website.
Because employment is a prerequisite of getting a payday loan, we may contact you
at work. We will never disclose where we are calling from if someone other than
you answers the call.
If possible, please apply with a direct telephone number for your place of work.
If we cannot verify your employment there is a chance that we may need to see a
bank statement showing your most recent wage payment.
No – apply with the details of the place you actually work, rather than the details
of your employment agency.
Unfortunately our website is not currently compatible with mobile devices, but this
is something we are looking to change in the future.
Contact Payday Express direct on 0800 652 4661* or
info@paydayexpress.co.uk