Payday Bank is one of the UK’s leading payday loan brokers providing short- term cash loans and specialise in providing payday loans. As a broker and not a direct lender they utilise a dedicated panel of lenders that evaluate all payday loan applications. Using a large panel of different lenders allows Payday Bank to secure a loan solution for most customers, resulting in very high acceptance rates when compared to other online payday loan providers.
Payday loan application process
All UK applications must be submitted online using the Payday Bank website. Payday loan applications can be made by filling in a simple online application form. Subject to meeting Payday Banks initial qualifying criteria, loans are approved within 1 minute. In most cases, funds are deposited into your bank account on the same day.
All applicants must be over 18 years of age, be a resident of the United Kingdom, must be in regular employment, and have a valid bank account.
How much can you borrow?
You can apply for a Payday Loan of up to £750 with the smallest loan starting at £80. Loan decisions are based on your financial status as well as your ability to repay the loan by your next payday.
Is it possible to extend you loan repayment period?
Yes, you can extend your initial repayment period. Payday Bank will allow you to roll over your payday loan. However after rolling over your loan more than 2 times, you will then be required to reduce your balance.
How do you repay your payday loan?
Payday Bank short term loans are usually repaid using a debit card transaction. Loans should be repaid on your next payday, usually up to 31 days.
Can you apply for a Payday Bank loan if you have a poor credit history?
Yes, poor credit history will not necessarily affect your ability to obtain a short term payday loan. Payday Bank considers all applications based on ability to repay the loan on your next payday and your financial status.
What are the finance charges on Payday Bank loans?
Payday Bank loan charges are based on a fixed flat rate fee. For every £80 you borrow you pay £20 in finance charges. For example, a payday loan of £500 will cost you £125 in finance charges.
Other Information
Company Owner: PDB UK Limited
Member of Regualted Body: Consumer Finance Association
Maximum Loan Amount – Existing Customers: £750
Typical APR: 1737%
Flat Rate of Interest: 25%
Cost to borrow £100: £25.00 per £100 borrowed.
Deferred Payment Option: Yes
