Lender in Focus 15.2: PayDay Express Advantages

payday express advantages

payday express advantages

PayDay Express is a short-term loan company that offers short term instalment loans to those struggling with financial troubles or cash flow issues.

At Cash Lady, we want to help you understand all aspects of financial lending, not just cash loans. So we’re here to help you really understand everything you need to know about WageDay Advance. Today we’re looking at the benefits WageDay Advance can give you.

Borrow exactly what you need

With PayDay Express, you can borrow exactly what you need for the time that you need. The amount that you can take out with a loan from PayDay Express ranges from between £100 and £2,000. You can select exactly how much you need before you take out the loan, to ensure that you are only borrowing what you need.

When you are taking out a loan with PayDay Express, you can also select the amount of time that you need to borrow the loan for. This can range from between one and twelve repayments.

Payday Express offers short term instalment loans with terms ranging from 1 to 12 Instalments in monthly repayments aligned to your payday.

You’ll know exactly how much you need to repay

PayDay Express have a useful loan calculator on several of their pages, which you can use to help work out exactly how much to borrow, as well as how much that will cost overall. By adjusting the amount you need to borrow, as well as over what period of time, you can see exactly what the loan will cost you upfront.

The loan calculator uses an example APR, however, so it’s important to keep in mind that the actual amount may vary somewhat. However, the loan calculator is very useful for being able to see exactly what a loan with PayDay Express will cost overall.

Simple application process

If you’re looking to take out a short-term loan with PayDay Express, all you have to do is fill out their quick and easy online application form. PayDay Express’ application form is designed to be simple and easy to use, as well as to collect all the necessary information that they will need to determine whether you are eligible for a short term instalment loan with them.

You can apply for a loan with PayDay Express completely online. There’s no standing in queues at the bank, or rushing around to collect your paperwork, you simply upload what you need online and PayDay Express do the rest. Then you’ll get a simple notification to say whether you have been approved or not, and the funds can be in your account on the same day.

Get your money on the same day

The majority of people who apply for a loan with PayDay Express can expect to get their loan on the same day that they apply. In some cases, however, PayDay Express may require more details from a borrower in order to complete their application.

PayDay Express is a responsible lender, so in some cases, they may ask for applicants to verify some of their details upon submitting their application. This is simply to either verify the applicant or to ensure that they can afford the repayments that the loan comes with.

If PayDay Express find that they have to contact you in order to verify some of the details that you have submitted on your application, then the full loan amount will be transferred upon the verification of the details.

Loans can only be transferred during working hours – 8 am to 7 pm Monday to Friday, or 9 am to 4 pm on Saturdays. If you apply on Sunday, you will need to wait until the following Monday to receive your money.

Unless PayDay Express requires you to make any additional checks or verifications, any application that is submitted before 5 pm on a working day should be transferred on the same day. Any made after this time will be transferred the following working day.

All loans are transferred via Faster Payments. Faster Payments can take up to 2 hours to clear, so in some cases, the money may not clear until midnight on a working day. Check with your bank if they accept Faster Payments, as some do not.

There are no charges for depositing your loan via Faster Payments.

Quick and easy repayment process

PayDay Express make it nice and easy for you to repay your loan on time. When you are setting up your loan, you will agree some predetermined dates for you to repay the loan on. When these dates arrive, PayDay Express will automatically withdraw the agreed amount from your bank account, using a Continuous Payment Authority (CPA) from the debit card details you provided.

No late fees

WageDay Advance let you know upfront how much it will cost to borrow from them. There are no hidden fees and no nasty charges. If you take out a PayDay Express loan, there are also no late fees.

However, while PayDay Express do not charge late fees, you should always contact them if you think you are going to miss a repayment date. By talking to PayDay Express and letting them know the situation, you can minimise any damage to your credit history. You can contact PayDay Express on their contact page, which you can find here.

It is very important that you respond to any attempts by PayDay Express to get in touch as if they cannot contact you, they have no way of knowing why you have not repaid. If you consider yourself in financial difficulty, then the earlier you get in touch, the sooner PayDay Express can help you.

Not sure whether to go with PayDay Express or to try a different provider? Still, have questions about the advantages of using PayDay Express? Leave a comment below, or drop us a line on Facebook or Twitter. Remember that if you’re stuck in a financial emergency, you can always apply for an online loan from Cash Lady – we’re here to help you.

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