1. How much money can I borrow for my first loan?
As a new customer, for your first loan you can borrow up to £480. You will be eligible to borrow up to £1000 for any future loans, based on your previous record.
2. When will I receive my cash and how long will it take?
You have two options. You can receive the cash within 24 hours, with our Express Cash transfer, and the transaction fee for this express transfer is £15. You will receive the cash within 24 hours, only if your bank has the Fast Payment Service (FPS) enabled. The second option is the free BACS transfer, with no transaction fee. It takes about 3 working days to complete.
3. Am I eligible to apply for a loan if I am in overdraft?
No, you are not eligible to apply for a loan if you are in overdraft.
4. What if I want to extend my repayment term?
When you get a loan from us, we offer you a flexible repayment plan. Depending on the loan amount you want to borrow, there are 3 different pay cycles, varying in length. The pay cycles are 4 , 5 and 6 months pay cycles.
5. What is the flexible repayment plan?
We have created a flexible repayment plan that makes it easy for you to repay the loan, in parts, over 4, 5, or 6 months. Your repayment schedule is structured to follow a 4-month cycle if you borrow up to £100, it will follow the 5-month cycle if you borrow between £100 and £170, and it will follow the 6-month cycle if you borrow £180 or above.
The repayment cycle is also simple. On your first pay day you will have to pay only the interest. For the rest of your pay days you will have to pay a part of the principal and the corresponding monthly interest. You can also make early repayments and clear the loan early at any time, with no early payment penalties. This is beneficial for you, since it assures least total interest.
6. What if I fail to repay the loan amount on the due date?
A payday loan is best utilised as a short term option, and so we advise you not to extend the due date of your loan repayment unless it is inevitable. You should not depend on a payday loan for a financial solution to your long term debt problems. If you find yourself constantly in debt, then you should approach those agencies that will help you consolidate your debt, for example, the Consumer Credit Counselling Service. However, if you are certain that your situation demands that you extend your due date then you can call us or send us an e-mail requesting a loan extension. If you are unable to make the repayment, and unable to inform us in advance, then your account will fall into the collections process, and you will be charged a £40 fee.
7. Am I eligible to apply for a loan, if I am paid on a weekly basis?
Unfortunately, we currently provide loans only to customers who are paid monthly. Please do keep checking our website for this update, as we intend to revise this condition shortly.
8. How can I repay the loan?
The loan repayment amount will be deducted from your debit card on your next payday.