Frequently Asked Questions
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- Who regulates the UK payday loan industry?
- How to recognize a legal payday lender from payday loans scams?
- How to make a complaint if anything goes wrong?
- What is The Financial Ombudsman Service?
- How do I stop receiving email and text messages from the companies?
- I need an independent advice, where I can find it ?
- Am I eligible to use the services of 24getmoney.co.uk?
- How to use 24Getmoney.co.uk?
- What is 24Getmoney.co.uk?
- Will I be approved for a payday loan if I am self-employed?
- Can I get a loan if I'm part-time employed or a student?
- Does it matter if I am not a homeowner?
- What if I don't want to borrow as much money as I'm approved for?
- Will I be approved for a loan if I am not employed but receive regular tax credits, benefits or other income?
- Can I be accepted for a loan if I am in overdraft?
- What if I have just moved in a house and don't yet have a bill on my name?
- What if I have lost my bank statements or I don't have bank statements?
- What if I have lost my payslips or I don't have payslips from my employer?
- I have another question that isn`t here
- What if I don't stick to my side of the deal?
- My payday or bank details have changed. What should I do?
- How do I cancel a Continuous Payment Authority?
- What is a Continuous Payment Authority and how is it used?
- What kind of information payday lender collects?
- Do you collect my personal data?
- What if the lender refuses me a loan?
- Do I need to provide copies or originals of documents when applying online?
- Can I extend my loan?
- If I already have an outstanding loan, can I get another payday loan?
- Does it matter what I want to use my loan for?
- How long does it take to get the money?
- What types of fees are involved in the payday loan process?
- How can I get the funds if I am approved for a payday loan?
- How much money can I be apply for?
- How quick the lender will examine my application?
- Will the companies contact my employer?
- Can I repay my loan early?
- How to apply via SMS or MOBILE?
- How to apply through loan agent?
- What is Cash Store application?
- How to apply online?
- How can I apply for a payday loan?
- Why is the APR so high?
- What are payday loans?
The Financial Conduct Authority is responsible for the regulation and conduction of the financial services in the UK. The FCA serves as independent government body financed by fees from its members and regulates the companies providing financial services to customers. FCA sets the standards in the payday loan industry and watches closely for the execution and implementation of the laws.
Since 1st of April 2014 FCA has taken the responsibility to regulate the consumer credit industry.
Before considering applying for a payday loan you need to be sure that the loan provider is entitled to offer loans legally in the UK. Since 1st of April 2014 the regulations in the industry are tougher and payday lenders are facing stricter rules and regulatory pressure. There are few checks to make before making a step further in your loan application:
1. The lender or the broker must be registered with the FCA with visible license number on their website platform.
Most payday loan lenders are supposed to follow a Good Practice Customer Charter and the Financial regulatory body in this sector – the FCA. If they don't follow the Charter and you feel you been treated unfairly, it’s your right to complain. You should first contact the loan provider and try to sort things out. They are supposed to give you an answer within eight weeks period.
The Financial Ombudsman is an independent authority which deals with problems and cases between consumers and businesses. The Ombudsman has the right to make a decision upon your complaint and judge fairly. If you believe you have been treated unfairly by your loan provider you can address a complaint to this independent authority:
0300 123 9 123 or 0800 023 4567
Monday to Friday – 8am to 8pm
Saturday – 9am to 1pm
If you are subscribed to receive emails and text messages, you can use the option Unsubscribe or write an email to the lender directly. You can also write them to stop the unwanted messages, emails or phone calls.
If they continue to send you SPAM messages or disturb you by phone you can contact The Information Commissioner’s Office and make a complaint at their website http://www.ico.org.uk/.
If you wish to take independent advice, the following organizations may be able to assist you:
Citizen's Advice Bureau (CAB)
Helps people resolve legal, money and other problems by providing, free face-to-face, information and advice in your community.
The only criteria that you have to meet is to be 18 or over.
In addition we recommend to be in good emotional condition to make a proper choice without additional risk.
We strongly advise you before you make a step and decide to apply for a payday loan to read in details our FAQ section. This will give you a broader image of what you can expect and how to deal with different issues. More, reading our FAQ section will protect you from getting into financial troubles.
With our easy to use filter you are just a few clicks away from finding a lender or broker that suits your financial needs.
Simply click on the Loan size button and choose the amount that you need, then click if you need the funds in the weekend.
The next option you can choose is how to apply, online or by mobile device. You can add your employment status by choosing between employed or self employed.
We have created a free and easy to use comparison guide and dedicated database of almost every active lender or broker in the UK organized in comparison tables, a panel of lenders and brokers by location and a database of every single company with detailed information about each one.
24getmoney.co.uk is your ultimate UK comparison guide if you decide to take a payday loan or you have issues with existing one. Our team has researched for you hundreds of lenders, brokers and is giving you answers to almost every question you might have.
Most UK lenders will accept your payday loan application if you are self-employed. You need to prove that you have a stable monthly income and you are in position to repay your short-term loan on your due date.
The lender might ask you for additional documents to your application.
Yes, this is possible, as long as you are deemed to have sufficient income to be able to pay off your loan. There are loan providers which are dealing with student payday loans.
Payday loans are designed for people with different financial backgrounds. In most cases it wouldn’t be a problem if you are not a homeowner. No matter what your housing status is, loans are available for anyone with a permanent UK address.
Simply borrow the amount that you need at the moment. Don’t be tempted in borrowing more money as higher loans means higher interests.
Realize that at the end of the month or at your next payday you should pay back your debt to the loan provider. For example, if you apply for £300, but you are approved for £500, stick to your needs and borrow the lower amount.
It depends on the lender. Some lenders may accept your loan request and approve it, some might not. There are UK loan providers specialized in floating loans to unemployed people.
However these lenders might have higher interest rates because they are taking the risk of providing funds without any security.
Most lenders will take seriously the fact that you have outstanding overdrafts. They can even refuse you a loan for this reason. Most loans are paid into a bank account and you will need to take into account the overdraft amount for your cleared/available balance.
There are number of options if you don’t have a utility bill on your name or you just moved in a new place. The loan providers might accept tenancy agreement or contract.
Another option is to change your bank account address and ask your bank for a bank statement and send it to your lender.
If this doesn’t work we advise you to speak with your lender and ask for alternative way you can prove your home address.
It shouldn’t be a problem. Actually very few of the lenders will ask for bank statements.
The loan provider may require your bank statements in case if you have a bad credit history. Then the decision and the approval are based on your incoming and outgoings in your bank account. With bank statements you can prove that you are able to repay your loan.
We advise you to speak directly to your potential lender and explain them the situation. Most of the lenders may accept a letter from your company or employer verifying your position at the company, the wage that you earn and the bank account your wages are regularly paid into.
If you don’t keep your side of the agreement then costs of your loan can grow above and beyond those advertised and it can badly reflect over your credit score. Basically, if you need to change your repayment date, or you are not sure you have enough money in your account for the automated collection then you will face extra costs.
If your payday or any details have been changer, or you have a new debit card, contact your lender as soon as possible and they will make the necessary changes.
Most important thing is to remember that you have the right to cancel your CPA at any time. If you desire to cancel your CPA contact directly your loan provider and card issuer and notify them.
It is a good practice if you write an email or letter to both your lender and bank to stop payments immediately. If anything goes wrong you will have a written evidence of your cancellation request and you can reclaim your money if the lender has been taking it from your account without your permission.
Always check your bank statements to ensure your CPA`s has been cancelled.
Continuous Payment Authority (CPA) is a financial tool that gives permission to a loan provider or other entity to withdraw money that cover your loans or other expenses from customer`s personal or business account without the need of authorization for each money transfer.
CPAs are widely used in the purchasing of goods and services industries such as broadband and mobile phone services, water and gas companies or insurance services.
Most often during your loan application process you will be asked to provide personal information so the loan provider can make a detailed profile of you as a potential borrower and this information serves as a starting point for their decision on your loan request.
No, at 24getmoney.co.uk we do not collect any personal data or information for our customers and visitors on the site, except cookies which we collect to enhance user`s experience. We do not pass any personal information to third parties.
If anywhere on this particular website we ask for your personal details, this is going to be with your own permission.
Sometimes it happens payday loan lenders to take wrong decisions about your application. If you believe you have been refused credit unfairly, you need to contact the loan company and insist the lender to give you the reasons for the denial.
You can request a copy of your credit reference file from any of the three main consumer credit reference agencies in the UK.
Most of the companies will ask you for copies of your original documents. In rare cases the payday loan provider may ask for originals, take copies and return them to you. However this is not a common practice and you carry all the responsibility on these documents.
If you have problems in paying the debt on the paydate, you should contact immediately your payday lender and sincerely explain the situation.
Payday loans` main purpose is to fill the financial gap until your next payday and they should be used only if you need emergency cash. They are absolutely not appropriate for long time borrowing and usage. If you have constant and serious financial difficulties contact www.moneyadviseservice.org.uk
All loan providers do not encourage outstanding loans. You cannot have more than one loan at a time, but you can apply for an increased loan amount, next time you apply.
However we advice you to contact your lender and discuss your current financial status with them. If you currently have a loan it’s more likely that you need the services of Debt Management or Debt Consolidation companies.
You are not required to explain this in our website since we are not a lender or a broker. Some of the lenders might ask for this information and be prepared to explain with few sentences the reason for your loan request.
Depends on the loan provider you choose for your loan. After the loan approval, the lender could deposit the funds directly into your bank account within 24 hours or even within an hour.
If you decide to use the Fast funding service and pay the fee you can be sure that the funds will be transferred into your account the same day. You have to check if your bank is offering fast funding services.
Fees vary by every lender or broker. They are often lower than bank overdraft fees and credit card interest. One example of a flat fee for lending is a £29.00 fee per £100.00 borrowed for a period of 30 days.
Depends on the lender and their Terms and Conditions. In most cases they send the money to your bank account. However, some of the lenders provide the option to receive the money in their cash stores. Others are using agents to meet you in person and deliver you the funds in cash.
Depends on the lenders, finders, brokers and your current financial status and most important needs. Typically first-time customers may borrow up to £300.00 (return customers can borrow up to £1000.00). The amount is based on your wage size, credit score and ability to repay the loan.
Most of the lenders in our panel do not offer large loans to first-time customers, however, if you prove that you are trustworthy (which you can do by re-paying your loan on the due date) lenders might increase your loan limit at their discretion.
In most cases the online and mobile applications are examined within an hour by the loan provider. If you are using the online application form most of the lenders will send you their response on your email within minutes or contact you by phone.
If you are using the mobile application, you will receive a code and further instructions on your phone if your application is approved. If you are meeting with a loan agent he will give you additional information.
It depends, most of the lenders do not practice this. However, some of them might require additional information from your employer so be prepared to supply such information and inform your employer for such possibility.
If you do not want the lender to contact your employer stress on this in the application form or contact your loan provider and notify them before signing the Loan Contract Agreement.
Absolutely, just transfer the amount through your bank account or contact your loan agent.
Some lenders might charge you additional costs for this, usually this is described in the Terms and Conditions in the lender`s website and in the Loan Contract Agreement between you and the Lender.
If you consider applying with your mobile phone first you need to be a returning customer or if you are a new client to fill your details to the lender`s website.
If you are a returning customer to a certain lender that offers SMS loan application you need to send a text message with details that you have previously provided in your original online application and wait for further instructions by the lender.
Some of the loan providers maintain a local agents structure which gives you the opportunity to meet with their representative, which is called loan agent and discuss your loan options. The loan agent will collect your personal information and guide you through the application process.
Usually the loan agents are operating in the same area in which you reside or work, so they can assist you through your loan application in quickest way.
Some of the lenders have stores where customers can apply for loans in person. Many pawnbrokers or companies with loan agent structures maintain offices.
The office is a convenient method for applying if you currently don`t have a bank account or your bank account does not correspond to the requirements of the lenders or you just don’t have access to Internet. If you consider visiting a cash store it is better if you call them before and ask what documents you should bring with you.
The online application is the most popular way of applying for quick cash loan among UK customers and is entirely faxless and paperless. 99% of the lenders provide this option for their clients.
The process starts when a potential borrower visits the website of the lender. On the website the client chooses the needed amount of loan (usually most of the websites has convenient online sliders with amount of money and period of paying back to chose from).
There are several different ways of applying for short-term loan. The most popular and convenient method is to apply online, by visiting the lender’s website, filling your data information and submitting it to their platform and then wait for their decision. Some of the loan providers offer customers a mobile application or applying via SMS, cash store application or meeting with a representative agent to discuss the potential
The APR (Annual Percentage Rate) was primarily used to calculate over loans that are given out for a long period, or for credit cards or even for mortgages. Because payday loan is strictly used for such a short amount of time (generally 30 days), it's an awkward measurement to use. It makes it seem a lot more expensive than it actually is, since the APR shows what the percentage would be if you paid at the same rates for a year. It is a legal requirement for this rate to be shown on all credit and loan products.
Payday loans or also known as short-term loans are usually a small amount of money (£300.00 to £500.00) offered by non banking institutions or so called lenders to individuals on high interest rates for a short period. They gain more and more popularity among people as they are easier and quicker to be obtained than the traditional banking loans.