Payday loans are one of the fastest growing lending areas in the United Kingdom with new providers launching a variety of products. Tenants can apply on the right of this page.

What is a payday loan?

The concept behind payday loans is simple, tenants who receive a regular income received either weekly or monthly from working can apply for a payday loan advance up to an amount specified by the lender which is then repayable on your next payday or up to 31 days or longer depending on the terms and conditions imposed.

This type of loan has proven increasingly popular for tenants who require a small amount of money at very short notice to bridge the gap before payday. Generally, the money can be used for any purpose.

The costs involved to borrow a sum of money from a payday loan lender usually consist of a one off interest charge as the loan is normally repaid within the month. All lenders interest rate charges will vary, however, it is worth noting the interest rates charged are substantially higher than other types of borrowing.

How do I apply?

Increasingly, applications from private or council tenants for payday loans can be made through the image on the right of this page. Payday loan lenders will assess each application according to their own criteria, however, as with most types of borrowing, tenants will have to provide evidence of their income. Some loan companies will even consider applications from tenants who have a bad credit history or CCJ’s. However, due to the nature of this type of loan, for those who are accepted by lenders, it is usually a requirement that the borrower has an active bank account with a chequebook. Once a credit agreement is signed some lenders will transfer funds immediately to your bank account or hand you the cash if you are prepared to visit their offices and collect in person.

Please Note! YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. ALL SECURED OR UNSECURED LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY.