Frequently Asked Questions
What is a payday loan?
A payday loan is a short-term solution for a temporary cash crisis. People apply for payday loans when they are unable to meet their financial obligations before their next payday. A payday loan is not meant to be a long-term solution for financial troubles. If you are concerned about your financial wellbeing, please contact a credit councilor.
How much may I borrow?
You can borrow up to £200 for your first loan. Once your first loan has been repaid in full, you could be eligible for a loan limit increase at the lender’s discretion, with a maximum £1000 for each subsequent loan. The maximum amount that you may borrow is based on your take home pay.
How much do I need to be paid in order to qualify?
You must have a minimum take home pay of £333.50 after all taxes and deductions.
What if I am self-employed?
Unfortunately, our lending partners do not provide loans to those who are self-employed.
Do I need to have my salary paid directly into my bank account?
Yes, in order to qualify from a loan from one of our lending partners your salary must be paid directly into your bank account by your employer.
For how long may I have the money?
Loans must be repaid on the day that you receive your next regular paycheque. The maximum duration of the loan is 31 days.
What fees are involved?
The fees vary per lender. It is important to note that UK Cash Advance Loan is a matching service and not a financial institution. An example of a flat-rate lending fee is: £29.98 for every £100 borrowed which must be paid in full upon the repayment of the loan. This fee includes all costs of the transaction.
| 31 Day Loan would be 2255% APR Typical. |
How do I repay the loan?
On the date that your loan is due to be repaid, the entire loan amount plus the fees will be debited from your bank account. You will then be able to request another loan the very same day.
