Your questions answered
What is a Pay day Loan?
A pay day loan is a cash advance that solves temporary cash flow problems by bridging the gap between pay days. In many cases a payday advance is a cheaper alternative for individuals who might otherwise be forced to pay high interest rates and pay costly bank penalties.
A pay day loan is not a long term solution to ongoing financial problems. We strongly recommend against using this product to help pay for regular credit commitments. If you already have problems managing your existing levels of debt we recommend you look at the "Managing Your Money" section of this web site.
How long does the application take?
Applying for a pay day loan is very simple and fast ! It only takes five minutes from start to finish this includes digitally signing for your loan!
How much can I borrow?
You can borrow from £80 up to £1000 depending on your personal circumstances. Money is sent into your account the same day!
Can I get a Pay day Loan?
If you are over 18, in full OR part-time employment (but not self-employed) and earning more than £350 a month*, you are likely to qualify. All you then need is a bank account for the lender to pay the loan into, and a debit card to repay with. And, it doesn't matter whether you are a tenant or a homeowner. If you don't think you meet these criteria then Provident Personal Credit can probably provide you with the small cash loan you need.
Would bad credit affect my loan application?
No – As with any loan application the lender looks at your current financial performance to ensure that you will have sufficient funds in your bank account on pay day to cover your repayment and meet all your other financial commitments.
How much do I need to repay?
The fee for a Pay day loan is £25 to £30 for every £100 borrowed (dependant on the lender). For example, if you borrow £200 the total fee is £50 - £60. There is more information about costs here. You normally repay the cash advance on your next pay day, but you can roll it over for up to two months though you will incur extra costs. After that you need to reduce the balance.
What information do you need from me?
Our simple online form only requires the following information:
- Your name and address
- Your date of birth
- Your contact telephone numbers and email address
- Your work and pay details
- Your bank account and debit card details
Your employer will not be contacted, and you will not bes asked any awkward questions.
What do I have to do to get my pay day loan?
Complete our quick application online. If you are approved, you will be asked to complete your bank and debit card details and then sign your loan agreement. The payment to you will then be arranged for the same day.
When will I receive my loan?
The funds will be sent to your account on the same working day as your loan is completed. Please note that some banks take up to 48 hours for money transfers to clear.
How will I get my money?
It's paid directly into your bank account so you can access it as you would normally take money from your account.
How do I repay my loan?
Easy – the lender takes the agreed repayment amount from your debit card on your next payday there's nothing else for you to do. You can defer your repayment, as mentioned above, but you will incur new charges for each month.
What if I have problems repaying?
We understand that people's circumstances can change. If this is the case, you must let the lender know as soon as possible and they will do their best to help.
The most important things to note are:
- Don't borrow money you don't think you can pay back
- Talk to the lender and they will help as much as possible
