All About Payday Loans FAQ

Payday loans are a relatively new form of borrowing designed for a temporary stop gap between pay periods. Payday Loans are relatively small, usually up to £1000 or less and for a period of less than 30 days. Here are some of our most commonly asked questions about payday loans.

Do I Need to Be Credit Checked?
Some payday lenders credit check, others do not. Even those who do credit check tend to be quite lenient with their lending as payday loans pose relatively little risk to the lender. Everything Payday and Purple Payday both offer loans with no credit checks

How Soon Do I Get the Loan?
Cash is usually in your account the same day and for some payday loan companies in as little as one hour. Cleared funds require your bank to be able to accept faster payments - most UK banks do.


What Do I Need to Get a Payday Loan?
Different companies have different criteria. Most require you to be over 18, a UK resident, with an income of £500 or more and an UK bank account. As most payday loans are repaid by debit card, some companies will require you to have a debit card linked to your account in order to make repayments.

I Dont Have a Debit Card - Can I Get a Payday Loan?
Not all payday lenders require a debit card. Purple Payday require a bank account which can accept direct debits.

Arent Payday Loans Expensive?
In some ways yes, The interest rate you pay reflects the short term nature of the loan and the convenience of arranging it online. The old system of calculating interest rates in the UK was APR which worked out the cost of a loan over one year. The new system is called representative interest

Can I Get a Pay Day Loan if I am Self Employed?
Yes, being self employed will not affect your ability to get a payday loan. So long as you earn over the lenders required minimum and can meet the repayment on the given day there should be no problem.

Can I get a Payday Loan for longer than one month?
Yes some lenders will allow you to borrow for two pay period. Quick Quid allow loans for up to 60 days and will also allow up to four rollovers if you are unable to repay the loan in time.