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What You Need to Know in Getting a Quick Payday Loan

When you avail for a quick payday loan, you are agreeing to a short-term, unsecured loan where the application is free, easy, and quick. It only takes a few minutes to submit your application and an approval response takes just as instant. Once you’re approved, it takes less than a couple of days for your money to be transferred directly into your bank account. Mostly, you are given until your next payday to pay back the loan and some additional fees including interest rate that the lender charges. If you, or someone you know, are contemplating on taking a payday loan, there are certain universal rules and guidelines that might prove useful in the event and this article will talk about them in detail.
A loan can only be rolled over Twice
If you have already reached the deadline in paying back your loan but still don’t have the money to repay it, you have the option to roll it over to the next month. This added flexibility, however, can be a curse more than a blessing because rolling over a payday loan balance for another month incurs further charges and this can quickly turn a small short-term loan into a prolonged costly debt. To prevent this from happening, the FCA or the Financial Conduct Authority, implemented a cap on extending loan payments permitting only two rollover options before the balance will be due. This protects borrowers from getting into a spiral debt but still leaves some flexibility if ever there is a necessary need to extend a loan.
Lenders Can Directly Collect Payment From Your Bank Account
You need to be aware that lenders have the power to take money from your bank account if they wish to, as a means to ensure repayment, through the CPA (Continuous Payment Authority). This gives the lender a quick and flexible means of collection and secures the borrower from taking in additional charges from missed payments. But while it is the lender’s responsibility to inform you if they intend to take payment from your account, not everyone will and this can lead to some serious financial problems especially if the money that has been collected in advance was intended for paying off important bills like mortgage or rent.
CPA Limitations
The good news, however, is that the CPA has limitations. Lenders are only allowed to collect money from your bank account twice and there is also a cap on how much money they will be able to take out. They are not allowed to empty your account if does not hold enough money to pay the loan in full allowing you to pay off other essential bills and keeping you at a safe distance from the danger of getting into further debt. The lender will also need to ask for your consent if they wish to take out an impartial amount from your bank account if the money is not enough for full repayment of the loan. It is important to know that this limit can be reset once you decide to roll over your loan or refinance your credit.
You have the right to be informed
It is also a payday lender’s legal obligation to inform you about the different risks involved in availing for their loan. A clear warning must be given to borrowers in the event of late repayments and violation of agreed terms and conditions. If you see online lenders who do not display clear warnings on their website, you can report them to the FCA right away. They are either irresponsible lenders or scam artists and the world is better off without them.
You can get free financial advice from your lender
Payday lenders are also obliged to help you on how and where you can get free debt education and advice once you decide to refinance or roll over your loan. This is designed to provide proper guidance on borrowers on how they can properly manage their credit, protecting them from suffering the risk of a spiraling debt. In the event of an extended loan payment, the lender will have to offer you with a genuine information sheet that shows debt advice providers that are free of charge.
Payday loans can become a portal to a financial nightmare especially if a borrower is uninformed on the possible costs that he will have to shoulder once he decides to use it. If you are contemplating on availing for one, you should know that you have the right to be informed and educated and the lender is also responsible for helping you pay off your debt without sacrificing your financial ability.

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You will need to be over 18 and a UK resident with a valid UK address.

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5 most recent personal loan reviews

Review of Wage Day Advance

After being turned down everywhere for a loan even know I had more than enough coming in my bank to repay I was being turned down. Then my last hope was Wage Day Advance. They don't judge by previous mistakes in life they were simply looking for a promise of payment which I said I can do. I used a close and helpful friend to cover my back and we had the money In my bank account within 2 hours! Guys if your like me and seriously need that debt consolidation then these guys will help you out! Highly recommend! Best company by far.

Review posted by Benn Stokes, Peterborough

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Compare The Market

Fantastic service from compare the market! Application was quick and easy. The website is very straight forward and the staff are very friendly, polite and helpful.

Review posted by Jade Woodward, York

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of UK Fast Loan

The process was very quick and customer service I received was 10/10, rate and interest are not ridiculously high and I was able to pay off all the debts and clear them, I would definitely recommend them to anyone!

Review posted by Hannah Wright, Swindon

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from Trust Pilot to ensure an entirely nonbiased basis of accounts.

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

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