Our loans represent a short-term advance against future salary payments and can be used to avoid more expensive charges for unauthorised overdrafts, the non-payment of direct debits and/or standing orders or other charges levied for missed payments.
We will carry out a check with a credit reference agency but not necessarily for your credit score, more to confirm your identity.
No, a poor credit history would not affect your application for a loan. However in some cases we may request your permission to carry out a check. Our real concern is your ability to repay your loan and to ensure that your financial situation does not become worse as a result of taking the loan.
A short-term loan is not a long-term solution to ongoing financial problems and may worsen your situation. You are strongly advised not to use such a loan in these situations. If you have long-term financial problems we recommend that you contact the Step Change, the Citizens Advice Bureau or a licensed debt counsellor. Please talk to us if you would like us to recommend someone to you.
You will normally receive the money on the same day when your loan is approved via the BACS banking system.
Once the BACS transfer has been completed most customers will find that the funds will clear immediately. However, some banks are slower than others at clearing funds and in some cases the transfer may take more time. Please ask us for details of those banks where there may be a delay.
The repayments will be made on your next three salary payment dates assuming monthly payments. However, if you are paid weekly or bi-weekly, the repayment period will be amended accordingly but will be roughly equal to three months.
A short-term loan is no different to any other loan when it comes to failure to adhere to the terms of the loan agreement. The consequences of non-payment can be serious and expensive. It is important that you contact us as soon as you realise that you may be unable to meet the agreed repayment date. We can then discuss the situation and the options available to you, so that we can agree on how the loan can be repaid without incurring unnecessary penalty charges.