ABOUT PAYDAY BANK UK-
Payday Bank is one of the UK’s more established online and payday lending companies, and offer a speedy yes professional service aimed at low to middle earners with poor or non established lending histories who need a fast decision on an un secure loan application over a short term period.
Payday bank aim to be able to make a decision within minutes and have the money wired directly into a UK bank account as quickly as possible with very little fuss.
Of the applications that we made, most were decided and paid on the same day!
THE APPLICATION PROCESS-
Applying for a Payday Bank Loan is a very quick and painless process that actually only took us 2 minutes per application for this review as opposed to over 15 minutes for some other lenders.
We found the website clear and very easy to navigate, and we were pleased to see that all of our user information was dealt with over a secure HTTP address ( meaning that there was no chance of our personal details falling into the wrong hands)
MAXIMUM PAYDAY BANK LOAN
For the purposes of our review we applied for 10 amounts ranging from £100 to the maximum amount that you can borrow at one time from Payday Bank of £750.00 pounds,.
PAYDAY BANK LOAN REPAYMENT
All loans from Payday Bank need to be repaid within a maximum term of 70 days, but most applications are dealt with on a “next payday” basis, meaning that you will repay the entire loan on the date that you have indicated that you will next be paid by your employer
PAYDAY BANK CHARGES AND COSTS
Like all lending companies in the UK paydaybank, have to quote their repayment in terms of an ANNUAL cost – and taking a loan over a year would incur interest of 1355%.
EXTEND PAYDAY BANK LOAN
Like most online payday lenders you are able to extend your loan for a small fee that is equal to £25 per £100 pounds that you have borrowed. This payment will extend your loan up until your next expected payday, when you will be expected to repay the full amount that you borrowed initially.
PAYDAY BANK LENDING CRITERIA
PaydayBank are clearly set up to deal with those with very poor credit histories, and their lending criteria reflect this in the fact that they do not do any credit checks at all. To apply for a loan all you will need is:
- Your name and current address
- Two contact phone numbers and your email address
- Your work and income details
Your bank account details
To qualify for a loan you will need to be:
- Aged 18 or over
- A UK resident
- Have a UK bank account that your wages are paid into
CHANCES OF A PAYDAY BANK LOAN-
When doing this review, we applied 10 times using different details from a wide range of volunteers, who have varied lending histories and of the 10 applications 8 were accepted and 3 needed further information. Leading to an 80% approval rating .