Payday Loans FAQ
What is meant by a payday loan or cash advance?
A payday loan or cash advance is basically an unsecured, short-term cash loan that helps you until your next payday arrives. Customers head for these payday advances to wrap up their unanticipated expenses at the same time keeping off the expensive bounced-check fees and late payment penalties.
At Payday Inn UK, simply apply online for a payday loan and your advance by the electronic means will be deposited to your checking or savings account.
How an individual utilizes a payday loan?
Whether it’s paying off bills, celebrating a special occasion, or casing an unexpected cost, you can indulge the grants of a payday loan in accordance to your own prudence.
How much can I acquire?
Initially your first loan is based upon the information you have presented in your preliminary loan application. Soon after your flourishing repayment, we may amplify your loan amount on any of your upcoming loans.
What makes you eligible for a payday loan?
An individual’s basic eligibility criterion for a payday loan is:
- Should be currently employed (or receive a regular income)
- Be 18 years of age or older
- Must be a resident of the United Kingdom
- Have a checking or savings account with direct deposit.
It is imperative that you follow all of the above requirements. There is no such requirement of credit check executed at the Paydayinn.co.uk. This makes the succession for a payday advance easier than for traditional credit.
What is the progression of applying for a payday loan online?
In order to apply for a payday loan online, simply fill-in and submit the application available on our website. The moment you have filled and forwarded- the lender will instantly take care of the approval course in rigorous action. Within a shortest span your status will be reported.
What are the certain requirements needed to complete the application?
In order to succeed through the loan appeal you desire, you are frequently asked to furnish your name, address, employment information, banking details, and picture identification.
How secure is my preceded personal and financial information?
We take it as our responsibility to take care of your information that you proffer us on the basis of trust. We thereby respect our customer's right to privacy in administrating their personal finances. Our site runs a range of security measures in practice that specifically endorses the safety of your personal information. All sensitive data transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.
Is there an application fee charged?
Payday Inn UK by no means charges its valuable applicants to pay a fee in order to qualify for a payday loan.
Does submitting an application implies the obligation of taking out a loan?
No, this is not the case. An application submitted simply states that an applicant desires an assistance regarding the payday loan options. The applicant also wishes for any of our agents to approve and respond back. You may ask us any questions, and extort your application if you prefer. If you agree and are willing to proceed, you may authenticate your information and terms in form of an official agreement with one of our representatives.
What if I boast a bad credit?
It’s expected to comprehend that we do not perform credit checks. Therefore your bad credit will not be an obstacle for you from receiving a payday loan at paydayinn.co.uk. You do not need to agonize if you have been abandoned by other lenders. Our skillful and welcoming managers will be endeavoring with you.
Does being a tenant influence my eligibility?
It doesn’t matter if you are on rent or own your home; it does not create any affect on your eligibility to acquire a payday loan.
Do I need to fax any of my information?
At Payday Inn UK, you are simply not required to fax any of your personal details. The company instantaneously collects the obligatory information through online application that you put forward.
Can I collect more than one payday loan at a time?
No, the fact is that until and unless you reimburse your prior loans- you may not be granted a new payday loan.
Does Payday Inn UK contact their current or former employers?
Do I need a direct deposit?
It’s great if your bank account has created a set up with direct deposit to become certified for a cash advance. This is essentially the most protected way to tender loans promptly as we execute.
When will I receive my payday loan?
As soon as the lender receives your application, it will be processed within 30 minutes. Once you are approved, you may accumulate your loan on the subsequent business day. After that a schedule of a repayment date is formulated and notified to you. Hence this facilitation makes you not to be anxious about bouncing a check or missing a deadline.
How will I know that my loan has been approved?
You will receive an email notification once your loan has been approved. Payday Inn UK reserves the right to make adjustments to your loan approval up until you receive the funds in your bank account based on new information received regarding your application.
When will my loan be due?
In general, the settlement of the loan amount is scheduled to be compensated on your next payday that relies between 8 and 25 days.
What if I want to pay back my loan early?
In this case, you just have to contact us if you are willing to pay off your loan before the scheduled due date. In liability to this, you may be unconstrained of any fractional refunding of your loan fee.
What if I am incapable to pay off my loan by the scheduled due date?
If you somehow cannot administer to repay the full amount of your loan by the due date, you may easily negotiate with the lender and apply for a loan expansion. The following payment options are available:
- Pay the loan in full on the maturity date listed per your loan agreement.
- Pay the finance fee and a portion of the principle on or before the maturity date.
- Pay only the finance fee on the maturity date.
How frequently can I be granted for a payday loan?
We are available and easily accessible for you any time you need a financial assistance. We hearten our clients to utilize these loans dependably. They just need to keep in mind that a payday loan is a short-term solution to an urgent cash need. It should not be taken out repetitively- merely if you want to pact up with your incessant funds.