Payday UK Loans - PDUK
PaydayUk is the trading name of Instant Cash Loans Limited. They are regulated by the Financial Conduct Authority. They offer short term loans ranging from £100 to £1000 (£650 for new customers.)
If you require more money to borrow they direct you to Ladder Loans , a company that will lend from £400 to £1500 with repayments over 3, 6, 9 or a 12 month period.
They describe themselves as a responsible lender with USP’s focussing on assessing customers’ ability to pay and being transparent and clear. They specifically say that they will not target customers withy debt problems.
You apply online by selecting how much you want to borrow and the number of instalments you want to repay over. Applications can also be made by phone to a real person. The customer service team is available 8Am to 7Pm Monday to Friday and 9AM to 4PM on Saturdays.
When you are applying have the following information to hand-your name and address, date of birth, contact telephone numbers and e mail, employment details, income and outgoings, bank details and credit card details.
During the application process a credit check will be carried out to ensure that you are able to repay back the loan. Once agreed the money will be with you within the hour. Applications must be received by 3.30pm and completed by 5pm for same day transfers. Deposit times run 4AM to midnight. The loan is paid directly into your bank account. You cannot have two loans with the company at the same time. You will need to repay one loan before you can apply for another.
You must be 18 or over, be in permanent employment, earn more than £500 after tax each month, have a bank account with valid debit card, meet the credit criteria and affordability assessment.
Repayments will be taken from your debit card using CPA(Continuous Payment Authority )which authorises the company to take the repayment out of your account each month. Loans are repaid over 1 to 5 instalments. The date of the repayment has to be the same as you pay date.
If you miss a payment you may be liable to a £15 fee. The company may agree to extend your loan.
When selecting a loan repayable over 1 to 3 instalments you will be charged a daily interest rate of 0.8% per £100 borrowed. For loans paid back over 4 to 5 instalments the daily rate is 0.73%.