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What Is A Payday Loan?

A payday loan or cash advance loan is a short-term loan that are offered for relatively small amounts that should be repaid in full when you next get paid.

With this unique type of loan you are able to borrow amounts between £50 and £1,000. Having said that, the amount you can borrow may be restricted the first time that you borrow with one of our lenders, until you have repaid one or two loans with them.

Although the loan is normally repaid in full on your next payday, if you get permission from the lender first, it is possible to extend the loan for another month or two. They will however, require you to at least pay back the interest charges when you take advantage of this facility (Not repaying your loan when it is due can have a serious impact on your financial situation as the interest charged will be considerably higher).

This kind of loan was specifically designed as a short term loan to overcome a short term problem and should be paid back in full when you next get paid. Because of this they can be paid out within a few hours of applying, depending on when you apply.*

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Otherwise Known As A Crisis Loan

Crisis loans is another name that this type of loan goes by occasionally. The main reason for this is because there is no other kind of loan that can be arranged so quickly when a crisis occurs. In fact, this is the most common reason that anybody will apply for payday loans. However, because a payday loan can be approved and paid into your account within an hour or so *, they offer an ideal solution when it comes to resolving any short-term financial difficulties.

Are They The Same As Instant Loans?

Instant loans are not real however a payday loan is a very good attempt as they can be agreed and paid out more quickly than any other alternative. This is because when a lender accepts your application (within minutes of submitting it), we will re-direct you straight to the lenders website so you can complete the process. In most cases you can receive your cash within an hour or so*.

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Who Qualifies for a payday loan?

In order to qualify for a payday loan you will need to be:

• Aged 18 or older (25 with some lenders).
• Employed full time or part time.
• A UK bank account with a debit card attached to it.
• A land line telephone number.
• A mobile telephone number.
• A working email address.
• A UK resident.

Responsible Lending Policy

InterFinancial only deals with lenders that adopt a responsible lending policy which means:

They Do

• Provide short-term loans that are focused on the borrowing needs of their customers.
• Assess their applicants income and outgoings to ensure that they can afford to repay the loan.
• Make sure that their contracts and communications are clear and transparent.
• Treat customers fairly and in a helpful, polite manner.

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They Do Not

• Lend to people whose identities cannot be verified.
• Lend to people who they do not believe can afford to repay the loan.
• Lend more than the applicant can afford to repay.
• Target people with debt issues.