Lender in Focus 3.5: PaydayUK FAQ

PaydayUK FAQ

PaydayUK FAQ

The PaydayUK FAQ page can help to clarify everything. From their application processes for short term loans and instalment loans, to their charges.

CashLady looks at the PaydayUK FAQ for further information and clarity.

How do I know which loan term is most suitable for me?

PaydayUK will assess your affordability. They will then be able to present you with the offers that are available to you.

It is up to you to decide upon the loan term that is most suitable for your financial needs.

PaydayUK will make sure that all the options you are offered are based upon their affordability assessments.

How much does a loan with PaydayUK cost?

How much your loan will cost depends on the amount you want to borrow and how long you would like to take to pay it back. PaydayUK’s interest rate is charged at a daily rate.

The Representative Example displayed on the Payday UK website states:

£280 borrowed for 3 months. Annual interest rate of 292% (fixed). Total amount repayable is £467.73 in 3 monthly instalments of £155.91. Representative 1169% APR.

PaydayUK does not have any hidden costs or any other fees.

How do I apply for a loan with PaydayUK and what information will I need?

If you want to apply for a loan, you can click here and complete their loan application form.

You will need the following information when you complete PaydayUK’s online application form:

  • Name and address
  • Date of birth
  • Contact email and telephone numbers
  • Employment and/or regular income details
  • Monthly expenditure figures
  • Debit card and bank account details

How do I get my documents to PaydayUK?

You are able to submit your documents by logging in to your account online. Here is what happens when you login to your online Account Management area. You should be able to view any documents that PaydayUK need to process your application.

PaydayUK’s customer validation department will process these documents. Yet, when they are received on a first come, first served basis. Once your documents have been processed, PaydayUK will contact you via email.

How long will it take for the money to arrive in my account?

The majority of PaydayUK’s customers will get the money transferred the same day as they apply if they apply for a loan online.

Applications by new customers must be submitted before 3 pm in order for them to receive their money on the same day.

All PaydayUK’s loans are subject to a credit check. Along with, their lending criteria and their affordability assessment.

Why could my loan application with PaydayUK be rejected?

PaydayUK’s loans are subject to their affordability assessment. As well as, their lending criteria and a credit check. This means that some applications are rejected because of these checks.

What if you wanted to obtain more information about your credit file? Then, you could contact credit reference agencies Experian or Call Credit.

Does PaydayUK carry out credit checks on applicants?

Yes. PaydayUK does this to ensure they lend to you responsibly.

Can I still apply to PaydayUK if I have bad credit?

PaydayUK’s loans are subject to their affordability assessment. And, their lending criteria and a credit check. They will look at every application based upon the applicant’s recent circumstances.

When might PaydayUK contact me?

PaydayUK may contact you whilst your loan is still outstanding. They do this to make sure that they have the correct information for your repayment and to check that you are still able to make your payment on your due date. Alternatively, they may contact you if you have gone into arrears.

What will happen if I cannot afford to pay PaydayUK?

PaydayUK understands that financial and personal circumstances do change. If this applies to you, you should let Payday know of any changes as soon as possible so that they can try to help.

You can call PaydayUK on 0330 024 1642 if you have any problems making a payment and they can talk you through your options.

There are places where you can get free, impartial debt advice if you need to, such as Citizens Advice, National Debtline and Step Change.

PaydayUK FAQs also deal with ‘Debt Sold’

Why is PaydayUK selling my account?

PaydayUK could sell your account. Because they have reached a decision when your account has reached a stage within the Collections journey. Tt may be sold to a third party company for collection. From this point onwards, your account will be owned by PRAC Financial limited. Your account will be managed by BW Legal.

Who is BW Legal?

BW Legal is a debt recovery law firm.

How can I contact BW Legal?

You can telephone BW Legal on 01133 234497.

You are also able to email them at contact@bwlegal.co.uk.

Alternatively, you can write to BW Legal at;

BW Legal, The Tannery, 91 Kirkstall Road, Leeds, LS3 1HS

You are also able to log on and then register and manage your account with BW Legal. You can do this through this link https://customerportal.bwlegal.co.uk/

What does this mean for me?

Your account will no longer be owned by Instant Cash Loans Limited. From now on, all contact about your loan will be with BW Legal.

What happens if I am in an IVA/Bankrupt/DMC?

You should send your correspondence to BW legal.

Do I need to take any further action?

It is important that you contact BW Legal. They are now dealing with your account and your future payments will need to go to them.

PaydayUK FAQ also mention their ‘Refund Exercise’

The refund exercise – what exactly is it?

PaydayUK recently undertook a review of their procedures for issuing loan agreements. This followed the introduction of new rules governing consumer credit.

Some of PaydayUK’s customers may have been lent more than they could afford to pay back. Where this has happened, PaydayUK is now making the ‘unaffordable’ part of their loan/s interest-free.

While undertaking the review, PaydayUK identified they had a problem within their administration system. Between 1st January 2013 and 1st April 2015, some customers may have been charged extra default fees and interest on those fees in error.

How do I know if I have been affected by the refund exercise and what do I need to do next?

PaydayUK is writing to any customers who were affected by the changes in lending regulation with the details of any refund they are due. They are still carrying out this process so it is possible that if you were affected, you may not have received your letter yet. PaydayUK says that they are working hard to get your letter to you as quickly as they can.

If you would like to contact PaydayUK about this, you are able to directly email their team on CET@dfconline.com

PaydayUK FAQ also answer questions on changing your contact details

PaydayUK Frequently Asked Questions

How do I update my contact details with PaydayUK?

You can update your contact details by logging into your Account Management area. It is very simple to use. You just need to click on ‘Update Details’ at the top of the page and update your information.

How can I update my payment details with PaydayUK?

If you need to update your payment details, you should call PaydayUK on 0330 024 1642.

I have changed my surname – what do I need to do?

PaydayUK may need supporting documents. such as a ‘Deed poll certificate’ or ‘marriage certificate’. This is as proof that you have changed your name.

You should send PaydayUK proof of your name change by attaching your proof to an email and sending it to:

documents@paydaycontact.co.uk

It is important you confirm the full name that Payday currently hold for you, your date of birth and your full address including your postcode. This will enable PaydayUK to find your account quickly to update your details.

My payday has now changed – how do I update this with PaydayUK?

You only need to update your payday if you are applying for a new loan with PaydayUK or if you want them to change the date that they take your repayments.

To do this, you will need to call PaydayUK on 0330 024 1642 or use their Live Chat service.

How do I login to PaydayUK?

When you are logging into PaydayUK, you should ensure that you use the email address you registered with them. Along with, the password you previously used and that your date of birth is in the dd/mm/yyyy format.

Your password must include a number, a capital letter and be at least 8 characters long. If you have forgotten your password you can click this link.

If you want to learn more about PaydayUK, read the next chapter and please share.