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Frequently Asked Questions Payday loan process:
Application process: Renewals:
Payment Process:
A payday loan is a short term, two-week loan. Payday loans tend to be easier to get approved for than long-term loans. A payday loan is a small loan that you can apply for in a matter of minutes. A payday loan at Ukpaydayloan is an online loan, so you can complete the entire loan process on the internet without ever having to leave the comfort of home. Payday loans are designed to be used in emergency financial situations, not as a permanent source of income/funding. What is the fast cash advance process? Cash advance applicants start by filling out an online cash advance application which they sign electronically. In addition to the online application, Ukpaydayloan may require a copy of your most recent, monthly (30 day minimum) bank statement. Applicants have the option to submit an electronic copy of their bank statement via email or fax in a hard copy. Once your application and bank statement have been submitted, we will review them and notify you by phone or email regarding your status. If your cash advance is approved, you will receive the funds the following business day so long as you are approved by 5pm, Monday through Friday. All applicants, approved or rejected will receive an email with a status update, so make sure that you check all emails we send you. What is the most I can borrow? As a first time payday loan applicant you can borrow £100, £200, £300, £400, £500 or £600. Once you pay off your first loan, you can borrow as much as £700. Once you pay off the £700 payday loan you are then eligible for £800. You can step up £100 at a time until you reach the £1,000 maximum payday loan. When will I get the payday advance cash? If your payday advance application is approved by 5pm, you will get the funds the following BUSINESS DAY. It is very important that you double check to verify that you submitted the correct checking account number and sort code, so we can get you the payday loan funds as quickly as possible. Will I be approved if I have bad credit? Bad credit will not affect the approval of your payday loan application. Ukpaydayloan does not run credit checks on any applicants but we do check past loan history with international databases. Will I be approved if I have filed insolvency/bankruptcy? If you have filed for insolvency/bankruptcy in the past year or filed multiple insolvencies/bankruptcies, we will not be able to approve your payday loan application.
The finance fee for a cash advance is £25 for every £100 borrowed. Example: If you borrow £300, the finance fees would be £75. What is the loan period for a payday loan? Payday loans are intended to be short term loans. The standard loan period is 30 days but may be shorter in some cases. How long does the payroll loan approval process take? The payroll loan approval process time varies depending on what time of the day you apply; however, you can be approved in a matter of minutes. The Ukpaydayloan office is open from 9am to 6pm Monday through Friday. When will my check advance be due? The due date for a payday loan is determined based upon your actual pay date. Payday loan payments are due every 30. Please note that the due date generated by the system may not coincide exactly with your pay date if it happens to falls after 30 days; however, we do encourage you to contact our customer support department if you have any discrepancies with your due date. Why was my payday loan application denied? Your payday loan application may be denied if the information you submitted falls under one or more of the following categories: - We could not verify your checking account information - You have filed for bankruptcy in the past year or have filed multiple bankruptcies - You have multiple NSF/Overdraft fees in your checking account - We were unable to successfully verify your personal information - Your contact information is invalid - You are currently unemployed - You have been employed at your current job for less than 3 months - You have an outstanding cash advance - You have outstanding returned checks - Your checking account is less than one month old - Your net monthly income is less than £1,000 How do I find out my application status? All applicants, regardless of approval status, will receive a status update via email. Sometimes more information is needed and we will contact you by phone in order to request the information. Please read all emails and listen to all voice messages we leave you. We will verify all of your references before approving your payday loan application but we will not disclose our company name in order to protect your privacy. We cannot approve your application or the approval process will be delayed if you provide us with invalid phone numbers. You are not required to fax in any forms; however, we do require a copy of your most recent, 30 day bank statement which you can submit by email or fax if you apply for a £500 or £600. There is NO FAXING required in order to be approved for a £200, £300 or £400 payday loan. How long do I have to wait after paying off my payday loan in full before I can apply for a renewal? There is a 5-6 day waiting period after you pay off your payday loan before you can apply for a renewal cash advance. We have to verify that your payment was received successfully before you can re-apply. You will get an error message if you try to login during the waiting period. What do I have to do to get a renewal cash advance? All you have to do to get a renewal is submit an application under the “Renewal” section and sign it electronically. What are my repayment options? You have 3 repayment options: 1. Elect to pay the total amount due (free loan customers’ fees will be waived) 2. Elect to pay the minimum amount and extend the payday loan with a NEW CONTRACT* 3. Elect to pay more than the minimum amount and extend the payday loan with a NEW CONTRACT* (The payment will be initially applied to the finance fees and the remainder toward the principle) *A NEW CONTRACT means you are entering into a new loan period and are obligated to pay the finance charges associated with the new principle balance on your next due date. You will need to contact us by phone or e-mail no later than 2 business days before your payment is due to change your due date. A payment request is an online form that you must submit before each due date so we know the amount you wish to pay on your scheduled due date. What happens after submitting the payment request? After the payment request is submitted, then you will receive a confirmation e-mail and your checking account will be debited for the requested amount on the scheduled due date. How many times can I extend my payroll loan? You can extend the payday loan as many times as needed. However, it is designed to be a short-term loan and a finance fee is charged each time it is extended. What happens if I default on a payment? If you do not have sufficient funds in your account to cover your payment amount then your bank will return the unpaid debt to us. Someone from our collections department will contact you to set up a second attempt to debit the payment. An NSF fee, ranging from £25.00 to £75.00, will be incurred and collected on your next debit. What is the minimum payment I am required to make? You are required to pay at least the extension fee on each due date. The extension fee is £25.00 for each £100.00 of outstanding principle. When will the check advance payment hit my checking account? The cash advance payment will be sent to your bank at 12:01 am. The bank will process the debit through your account according to their debit policies. |
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