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 CashLady, 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 PayDay Express. In this blog post, we’re going to be talking about some of the most commonly asked questions around taking out a loan with PayDay Express.
How much money can I borrow with a loan from PayDay Express?
If you are approved for a loan with PayDay Express, you can borrow between £100 and £2000. The maximum amount you can borrow is subject to your eligibility criteria and is based on several factors – including your credit score.
What are the requirements for taking out a loan with PayDay Express?
In order to take out a short-term loan with PayDay Express, you will need to see the following criteria. You need to be:
- Over 18 years old
- A UK resident
- Be in permanent employment or receiving a pension or disability benefit
- Receive at least £417 per month after tax
- Have a bank account that has a debit card
- Meet the minimum credit and affordability assessments
Can I borrow from PayDay Express if I’m not a homeowner?
Yes, you can. There’s no need to be a homeowner if you want to borrow from PayDay Express. Their loans are open to tenants and homeowners alike.
Can I borrow a loan from PayDay Express if I’m self-employed?
As PayDay Express require you to have your wages paid directly into your bank account, you cannot take out a loan with them if you are self-employed.
Can I get a loan from PayDay Express if I am unemployed?
As long as you meet the minimum requirement of £417 per month after tax, you are eligible for a loan with PayDay Express.
How long will it take for me to get the money in my account?
For most of PayDay Express’ customers, they will have the money transferred into their bank account on the same day that they apply for a short term loan. In a small number of cases, however, PayDay Express may take additional steps to verify the veracity of your details.
As a responsible lender, PayDay Express may need to verify that you are able to repay the loan correctly and on-time, as well as verify certain details of your identity. PayDay Express will let you know if they need to carry out additional checks after you have submitted your application and agreement.
If PayDay Express do need to verify your details, your funds will become available and transferred to you once these details have been verified. These details will need to be verified during working hours (8 am to 7 pm Monday through Friday, or 9 am to 4 pm on Saturdays).
If an application – and the necessary checks – are completed by 5 pm on a working day, the loan is usually transferred at the same time. Applications completed after this time will be transferred on the next working day.
PayDay Express FAQ: Faster Payments
All loans are transferred using the Faster Payments service. This can take up to 2 hours to process a payment, but loans are typically cleared by midnight on a working day. However, it is up to you to check if your bank accepts Faster Payments – as not all do. Faster Payments is free of charge.
Please note, if PayDay Express are unable to complete the necessary verifications, it may result in a delay in the transfer of the funds to your account, or even a retraction of the loan offer.
PayDay Express will contact you, either via email, SMS or phone call, to let you know when your funds will be transferred into your bank account.
Will PayDay Express carry out a credit check?
PayDay Express will carry out a standard credit check on everyone that applies for a loan with them. The findings of this credit check helps them determine whether the applicant can afford to repay the loan and whether they should be approved for a loan.
It is important that all the information you supply is accurate, as the credit check will need to back up the information supplied in your application.
The credit check can also help make up the decision on how much you are allowed to borrow from PayDay Express.
Even if you are declined for a loan from PayDay Express, this can be recorded on your credit history for other lenders to see.
How much does a loan from PayDay Express cost?
The loan rates from PayDay Express will range from between 0.36% and 0.8%. The actual interest rate depends on the length of term that you borrow the loan for.
A 0.36% interest rate means you will pay 36p per day for £100 borrowed, and 0.8% means you will repay 80p per day per £100 borrowed.
What happens if I miss one of my PayDay Express repayment dates?
If you think you are going to miss a repayment date with PayDay Express, you should notify them immediately. They won’t charge you a late fee for missing a payment, but it can be recorded on your credit history.
Contact PayDay Express via their contact page and let them know your circumstances. They may be able to help you if you are in financial difficulties. As a responsible lender, they will do everything that they can to help you.
If you think that you may be in financial difficulties, it is important to talk to PayDay Express sooner rather than later. The sooner you get in touch, the earlier they can help you.
Still, have unanswered questions about 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 a loan online with Cash Lady – we’re here to help you.