Frequently Asked Questions About Payday Loans
At Payday Pig ® we aim to give you the best service possible. If you have a question then our friendly staff will try to answer your questions within an hour or two. Please use our Contact Page to ask us a question or send us feedback. However we request that you first check our FAQ first as it contains the answers to most of the common questions we get asked:
- What is a payday loan?
- Is Payday Pig ® a lender or a broker?
- Does Payday Pig ® charge a fee?
- How long does the application process take?
- How much can I borrow?
- When will I receive my funds?
- Do I qualify for a payday loan?
- Do you accept applications from people with a poor credit history?
- What is APR and why is your's so BIG?
- What will a payday loan cost me?
- Can I roll-over my loan to the next month?
What is a payday loan?
Payday loans are unsecured, short-term loans designed to be paid back within
31 days, or at your next pay day. Payday loans are designed to be a convenient
way to borrow money. The entire process can usually be completed online without
the need for time consuming paperwork.
Is Payday Pig ® a lender or a broker?
Payday Pig ® is a loan broker. In fact we are one of the
UK's leading loan brokers. We have the top UK loan providers on our panel,
and so the advantage of applying for a loan through Payday Pig ® is you only need to apply once. This saves you time and hassle.
Does Payday Pig ® charge a fee?
Payday Pig ® does not charge you a fee for the service we
provide and we never take money out of your bank account.
And we do not work with any fee-charging brokers.
How long does the application process take?
Our online application form is designed to be as straight forward
as possible.
We ask the minimum number of questions required in order to place your application
with a loan provider.
So completion of the form should only take minutes.
Once you have pressed the submit button we then aim to match your application with our lender panel.
This will take less than a minute or two.
If you are provisionally accepted we will redirect you to the loan provider's
website where you must complete the application process and agree to their
terms and conditions.
In some circumstances (e.g. if you have recently moved home or changed jobs)
you could be asked to provide additional information.
How much can I borrow?
You can borrow from £100 to £1,500*.
When will I receive my funds?
Applications before 5pm Monday to Friday will usually see the money deposited
into your bank account that same day.
Applications after 5pm we will usually see the money deposited on the
next working day.
If you need money on a Monday then you apply on the Saturday or Sunday at your convenience.
Deposits can sometimes take 2-3 working days depending upon the lender and your bank accepting faster payment terms.
What are the basic requirements for a payday loan?
The basic requirements are to be a UK citizen resident in the UK and have a
UK bank account.
Do you accept applications from people with a poor credit history?
We have dozens of loan providers on our lending panel and some specialise in
providing loans to people with a poor credit history.
What is APR and why is your's so BIG?
APR stands for Annual Percentage Rate. APR is a part of all types of credit
loans, whether they are payday loans, credit cards, personal loans, mortgages
or any other types of credit agreement.
By law we must state a representative APR that illustrates how much it may
cost to borrow money over the full term of a year.
However payday loans are designed to be paid back within 31 days, not a full year.
This is why the APR figure is so high.
You can see representative costs on our
Loan Costs page.
You will usually be expected to pay this back on your next pay day.
What will a payday loan cost me?
Payday Pig ® does not charge you a fee for the service we
provide and we never take money out of your bank account.
You can see representative costs on our
Loan Costs page.
You will will usually be expected to pay this back on your next pay day.
Can I roll-over my loan to the next month?
If you know in advance that you will need the money for longer than a month
or two then you really should consider a different form of credit.
A payday loan is designed to be paid back within 31 days, or at your next pay date.
Most of the lenders on our panel will consider letting you roll-over your loan
to the next month to extend the term the loan.
However you will almost certainly incur additional interest charges, and if
you fail to agree this in advance you may also incur additional late payment fees.
Representative Example: Amount of credit £200 borrowed for 28 days. Total amount payable £240.20, Interest: £40.20. Interest rate: 262% per annum fixed*. Representative 1261% APR
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
