Borrow up to £400 for your first loan and up to £1,000 once you’re an existing customer, subject to affordability, and repay the loan on your payday, once cash flow is no longer an issue.
A Hassle-Free Solution to Short Term Credit NeedsIf money is tight and you have a short-term need for credit to meet expenses or avoid going into unarranged overdraft, then our same day payday loans offer a simple and fast solution.
Apply online in a few minutes, receive a quick loan decision and, if approved, get your money transferred straight into your bank account today†.
The Low Down on Short Term Cash LoansWe can’t guarantee all payday lenders will be the same, but at Money In Advance we pride ourselves on being upfront and transparent. When it comes to your finances, you need to know exactly what you’re getting yourself in to so that you’re in control. So here’s all the information you need to know:
Before You Apply for a Loan
Please bear in mind that you need to be sure that a payday loan is the right product for you by assessing whether your need for credit is short term and not on going, and that you’ll be able to repay the credit on your payday. Don’t apply for a loan if there’s any chance you won’t be able to repay it – if you’re 100% sure you’ll comfortably be able to repay it on your payday, then there should be no need to incur any other charges.
The Implications of Late Payment
If you fail to repay your payday loan on time, and do not contact us before your due date to make a reasonable arrangement, you will be charged daily interest of 1%. If we have not collected your payment by 9pm on your repayment date, you will be charged a £20 late payment fee. If, after a further 30 days, we have still not established contact and resolution, an additional £20 fee will be added to your account. Overdue accounts will remain within our in-house collections department for 90 days, at which point, if the account is still in arrears, we may take legal proceedings against you or refer your account to a debt collection agency. However, we reserve the right to take earlier action if we consider it to be appropriate. Please just make sure you don’t apply for credit you might not afford to repay and, if you take a loan and your circumstances change, you contact us right away to discuss this and agree a resolution.
The Implications of Credit Checks
As part of our commitment to lending responsibly we will carry out a credit check during your online loan application. This will leave a footprint on your credit file. We report all successful and failed payments to the Credit Reference Agencies we use. As long as you make your agreed payments on time there should be no adverse effect to your credit rating and, in fact, this could help improve your rating. However, missed payments could have a negative impact on you credit rating.
We will never automatically renew your payday loan. If you have a temporary reason for not wanting to repay your loan in full, you may request to roll the repayment over. This involves paying the interest and a £10 administrative fee on your original due date and then the full amount, with interest for the new period, will be due on your following payday. Rollovers are granted at our sole discretion and are subject to status and affordability. Short-term loans should be repaid in full on the agreed date, so we would never encourage rollovers and, if you wish to do so, we would recommend that you repay some of the principal and roll over the remainder of the balance to reduce the amount you owe and how much the loan costs. We will also not allow you to roll over more than 3 times.
Once you’ve had a loan with us you can use our existing customer service to manage your account or apply for additional credit if you need a small, short term loan in future. Either log into your online account above or call us on 0333 240 9098* or 0800 612 7050*.