1. What is a payday loan?
A payday loan is a practical choice to cover your short-term emergency expenses. It is a short-term loan, paid back when the borrower receives his or her next pay cheque, usually within one to two weeks. With payday loans you can borrow up to £1000.
There are many other names of payday loans such as cash advance, cheque loans, payroll advance loans, no credit cheque loans, and pay cheque loans.
2. Who can get a payday loan?
Anyone with a steady income can get a payday loan. In order to apply for a Quiddi Compare payday loan, you must fulfil these basic requirements:
- You must be at least 18 years of age.
- You must be employed and have a steady income.
- You must live in the UK.
- You must have a UK bank account with a valid debit card.
3. What are the fees associated with a payday loan?
The fee charged on a payday loan can be a percentage of the total amount borrowed, or it can be based on increments of money borrowed; for example, certain fee for every £100 or £500 borrowed.
The annual percentage rate and charges for getting a loan from vary from lender to lender. When you apply for a payday loan, all applicable fees and charges are mentioned in your loan agreement.
4. What happens if I am unable to pay back the loan in time?
A payday loan broker will work with many lenders, all of whom have their own distinct terms and conditions. The common consequences of failing to pay back the loan in time include:
- You may ‘roll over’ your loan, but this means that you will be paying more charges and interest.
- You might face difficulty in obtaining loans in the future.
- You may have to pay default charges to the lender.
- The lender may report you to a credit reference agency.
5. How can I apply for a Payday loan?
Applying for a payday loan is very easy and simple. You have to enter your details in our online application form and we will connect you to a lender. It is very important that you enter accurate information because it is used to match you to a lender who will be the most appropriate for you.
Once you have submitted our online application, our system will search the panel of payday lenders and match your application to an appropriate lender within a few minutes.
6. When will I receive my payday loan?
If your application is approved by the lender, your payday loan will be with you within 24 hours. Some of our lenders may require you to submit additional documents before the money is funded to you.
A reliable credit brokerage company that can help you in getting a payday loan from the most reliable lenders in the market is essenntial. If you have more questions about payday loans, you can have a look at some other articles about payday loans on our site.