Lender in Focus 3.1: PaydayUK Overview and History

Learn about PaydayUK

Learn about PaydayUK

PaydayUK offers customers both short-term loans and instalment loans between £100 and £2,000. These loan products are repayable over terms of 1 to 12 months.

When you apply for a loan through PaydayUK, you will need to select how much money you want to borrow and the loan term you would like to repay your loan back over. Instalment loans are a type of loan paid back in many regular payments. At least two separate payments need to be agreed, else it is a traditional payday loan.

Payday loans are technically defined as a loan that is taken out for a period of one month or less. You would normally pay back a payday loan when you get your wages for the month during which you took out the loan.

As PaydayUK offers flexible loans payable from 1 and 12 instalments, they essentially offer both payday and short term instalment options.

More than just straightforward, no fuss, loan options – Payday UK do not charge customers any set-up fees or admin fees.

Company information

PaydayUK is a trading name of Instant Cash Loans Limited.

They are registered in England and Wales as Instant Cash Loans Ltd.

Registered Address: 6 Bevis Marks, London, EC3A 7BA.

Instant Cash Loans Ltd is a subsidiary of Dollar UK.

PaydayUK’s website address is: www.paydayuk.co.uk

Legal information

PaydayUK has various policies. You should read these before you take out a loan with them to make sure that you fully understand their terms and conditions.

FCA registration

PaydayUK is a trading name of Instant Cash Loans Limited, which is authorised and regulated by the Financial Conduct Authority. Their registration number is 681750.

Other regulatory bodies

PaydayUK is also a member of the Consumer Finance Association (CFA), Lending Code for Small Cash Advances, cifas Lenders in fraud prevention and Qualys Secure.

Data Protection

PaydayUK’s data protection policy is available on their website.

They state they have put various measures in place so any personal data they obtain from their customers while they are visiting PaydayUK’s website, is processed and maintained under the accepted principles of good information handling as well as, under the Data Protection Act 1998.

You are able to browse their site without providing any personal information (although this must be read in conjunction with their ‘Cookies’ section). But they will collect information about you if you email them (account.services@paydaycontact.co.uk). Or if you register your interest in one of their products.

In their data protection policy, they list how they will use the information they collect about you. Such as, to verify your identity or to collect unpaid loans and debt.

They also say that they may share your personal information with any member of their group of affiliated companies. Also, they make it clear in some circumstances, they may pass your details to another lender outside of their affiliated companies, who may be able to offer you a payday loan.

To read their full data protection policy, you should visit their website.

Promotional activities

Does PaydayUK have a television advert?

PaydayUK has had television advertisements in the past.

Their adverts involved a parachute and a command centre. There were also a number of ‘quick ads’ such as ‘What a night’.

Do they advertise on Google?

No, they do not have current Google ad campaigns showing.

Does PaydayUK charge fees?

PaydayUK does not charge any setup or admin fees for any of their loans.

Has PaydayUK ever been fined?

Back in October 2015, the FCA reported that Dollar Financial UK, trading as The Money Shop, PaydayUK, Payday Express and Ladder loans, had entered into an agreement with the FCA to provide £15.4 million redresses to 147,000 customers for unfair practices.

Since then, Dollar Financial UK agreed to some changes to its lending criteria in order to meet the FCA’s requirements for high-cost short-term lenders.

At the time, this £15.4 million repayment by Dollar Financial UK was reported to be the third-biggest repayment by a payday lender.

Anything I need to be aware of about PaydayUK?

Further information about PaydayUK

If your account reaches a certain stage within the ‘Collections journey’, PaydayUK say that they may sell your account to a third party company for collection. From this point onwards, your account will be owned by PRAC Financial Limited and will be managed by debt recovery law firm BW Legal.

You will also need to give PaydayUK continuous payment authority (CPA) when you sign your loan agreement with them.

Social Media

*Note – information below was correct as of December 2016

Facebook

PaydayUK has a Facebook page with 3,008 likes and 2,844 followers at the time of writing.

Their last post on Facebook was in July 2014. However, they responded to a customer’s comment on their Facebook page back in July 2016.

PaydayUK does not seem to be particularly active on Facebook currently.

Twitter

PaydayUK has a Twitter account with 2,509 followers at the time of writing.

They do not seem active on Twitter either, as their last post was back in December 2015. However, they do appear very responsive to customers enquiries, with their last reply to someone being on 1st December.

They generally published links to their blog posts on Twitter.

Instagram

PaydayUK does not have an Instagram account.

Do they have an App?

CashLady could not find an app for PaydayUK customers.

Learn more about PaydayUK in the next chapter and please share.

00000