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Representative 79.9% APR

Rates from 12.9% APR to 1721% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97% MyJar.uk is an FCA authorised broker, not a lender.

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Frequently asked questions (FAQ)

What is a payday loan, and how does it work?

A payday loan is a type of short-term borrowing designed to help individuals cover immediate financial needs until their next payday.

These loans are typically small amounts, ranging from £100 to £1,000, depending on the lender and your financial situation.

They are known for their quick application process, which can often be completed online, with funds sometimes available on the same day.

However, payday loans usually come with high interest rates compared to other types of credit, making them an expensive option.

Payday loans work by providing borrowers with a lump sum of money that is repaid in full on their next payday or within a short period, typically one to two months.

Repayments usually include the loan amount plus any agreed-upon fees and interest.

Lenders often require proof of income, a valid bank account, and personal identification during the application process.

These loans are intended for emergencies, such as unexpected bills or urgent repairs.

However, due to the high cost of borrowing, they are not recommended for long-term financial issues.

Borrowers should carefully consider their ability to repay the loan on time to avoid late fees or the risk of falling into a cycle of debt.

If you are considering a payday loan, ensure you understand the terms, compare lenders, and explore alternative borrowing options to make an informed decision.

Always borrow responsibly to avoid unnecessary financial stress.

What are the eligibility requirements for a payday loan?

To qualify for a payday loan, you typically need to meet the following requirements:

Age: You must be at least 18 years old.
Residency: You must be a UK resident.
Income: You need a regular source of income, such as employment or benefits.
Bank Account: A valid UK bank account with an active debit card is required.
Contact Information: You must provide a working phone number and email address.

Specific criteria may vary by lender, so check individual requirements before applying. Always borrow responsibly.

How quickly will I receive the funds?

If approved, many payday lenders transfer the loan amount within minutes or a few hours, although it can sometimes take up to 24 hours or possibly longer if the lender requires more information from you relating to your application..

How much can I borrow with a payday loan?

The amount you can borrow with a payday loan depends on several factors, including the lender’s policies, your income, and your ability to repay.

Typically, payday loans range from £100 to £1,000, but the exact amount may vary.

Payday lenders assess your application based on your current financial situation rather than solely relying on your credit score.

They will usually require proof of income, such as payslips or bank statements, to determine how much you can afford to borrow.

In most cases, lenders aim to ensure the loan repayment will not exceed a significant portion of your monthly income.

First-time borrowers may be offered lower amounts until they build a repayment history with the lender.

For example, you might be limited to borrowing £300 initially, with the possibility of borrowing more if you repay the loan on time.

It’s important to remember that borrowing larger amounts can result in higher interest charges, making the loan more expensive overall.

Payday loans typically come with high interest rates, so you should only borrow what you need and what you are confident you can repay on time.

Before applying, check the lender’s terms and conditions to understand any limits or requirements.

Additionally, consider whether alternative borrowing options might be more cost-effective for your financial needs.

Borrow responsibly to avoid unnecessary financial strain.

Can I get a payday loan with bad credit?

Yes, it is possible to get a payday loan with bad credit.

Payday loan providers are often more flexible than traditional lenders when it comes to assessing applications, focusing more on your income and ability to repay rather than your credit history.

Unlike banks or larger financial institutions, payday lenders typically do not rely solely on credit scores.

Instead, they consider factors such as your current employment, regular income, and overall financial situation.

This makes payday loans an option for people with poor credit or those who may have struggled with borrowing in the past.

However, having bad credit can sometimes affect the terms of the loan.

For example, you may be offered a lower loan amount or charged higher interest rates.

Lenders use these measures to reduce their risk when lending to borrowers with a less favourable credit history.

It is important to be cautious when applying for a payday loan with bad credit.

These loans often have high fees and interest rates, which can make repayment challenging if you are already in financial difficulty.

Always ensure you understand the full terms of the loan, including repayment amounts and due dates, before proceeding.

If you are unsure, it may be worth exploring alternatives, such as borrowing from family or friends, seeking financial advice, or looking into government support schemes.

Responsible borrowing and careful planning can help you avoid further financial challenges.

What happens if I can't repay my payday loan on time?

If you cannot repay a payday loan on time, it’s important to act quickly to avoid further financial difficulties.

Most lenders charge additional fees and interest for missed payments, which can significantly increase the total amount you owe.

One common consequence is a late payment fee, which is added to your account immediately after the repayment deadline.

Interest may also continue to accumulate daily, making the debt grow rapidly.

In some cases, lenders might try to collect repayment from your bank account if you’ve authorised them to do so, which could lead to overdraft charges from your bank.

Failing to repay could negatively impact your credit score, as the lender may report missed payments to credit reference agencies.

This could make it harder for you to borrow in the future.

If the loan remains unpaid, the lender might transfer your account to a debt collection agency, which can escalate the situation.

However, lenders are required to follow strict regulations and treat borrowers fairly.

If you’re struggling to repay, contact the lender as soon as possible.

They may offer to restructure the loan or provide a repayment plan.

You can also seek advice from organisations like StepChange or Citizens Advice for guidance and support.