FAQ's Frequently Asked Questions
- Same Day Cash Advances
- No Faxing Documents
- No Security Needed
Before I apply for a loan
How long does the application take?
Applying for a payday loan is very simple and fast! It only takes five minutes from start to finish – this includes signing for your loan!
How much can I borrow?
You can borrow from £50 up to £1,250 depending on your personal circumstances, although this figure may be lower on your first loan with us. Money is sent into your account the same day!
| Amount Borrowed | Amount to Repay* |
|---|---|
| £50 | £62.50 |
| £100 | £125 |
| £200 | £250 |
| £300 | £375 |
| £400 | £500 |
| £500 | £625 |
| £600 | £750 |
| £750 | £937.50 |
| £800 | £1,000 |
| £1,000 | £1,250 |
| £1,200 | £1,500 |
| How Much Do You Need? | You Borrow | Repay on Payday* |
|---|---|---|
£50
£1,250
|
£200 | £250 |
£25 is charged for every £100 you borrow with us. Representative APR 1940.5%
* Payable in a single payment on your next payday - Some lenders charge varying APRs and varying fees
What does APR have to do with payday loans?
APRs are a good way of comparing similar long term financial products but are not so useful when comparing other products such as payday loans, especially when the loan period is only for a month while regular loans are between 1 year and 20 years or more - as with a mortgage. APR stands for 'Annual Percentage Rate' - so the APR is worked out for 'annual' or yearly interest rates. Payday loans are for a short time (until your next payday) and as APR is generally used to compare loans over a longer period it can make things confusing and the APR can look a lot bigger than you would expec.
Imagine trying to hire a car and being told how much it would cost you if you needed it for a year - maybe £170,000. How about renting a room and being told it would also cost you about the same. However as payday loans are financial products we must legally display the APR and that is why we also tell you upfront and clearly what that means in real terms in how much you will need to repay which is £25 for every £100 you need to borrow.
Can I get a payday loan?
If you are over 18, in full or part-time employment and earning more than £500 a month, you are likely to qualify. All you then need is a bank account for us to pay the loan in, with a debit card for you to repay!
You need to:
- Be over 18 years old
- Be in full, part-time or even temporary or contractual employment
- Be a UK resident
- Have a bank account with a valid debit card
- Be Paid by direct deposit, into your account
- Take home over £500 a month
Check out How to get a Cash Advance for more information.
What information do you need?
Our simple online form only requires the following information:
- Your name and address
- Your date of birth
- Your contact telephone numbers and email
- Your work and pay details
- Your bank account and debit card details
Optional information can also be entered which means we can compare your details against more lenders, giving you a greater chance that your loan will be successful.
Why do you need all this information?
We are a responsible loan provider and this means that we need to verify:
- That it is you taking out the loan
- That you are in full or part-time employment and able to repay the loan
- That we put the money in your account and no-one else’s account
- That you can repay us in a simple and hassle-free way
Do you credit score my application?
A credit score check is not necessary to apply for payday advances with Payday Power, however you will have a greater chance that your application will be successful with a check as we will be able to compare your details with more lenders who require this information.
I have a bad credit history - will this affect my loan application?
Not necessarily. We look at each application based on your recent circumstances and your ability to repay the loan. See Bad Credit Loans for more information.
I don't have a debit card - can I still apply?
Sorry, we require you to have a debit card in order for us to take your loan repayment. If you don't have a debit card, we suggest you take out a logbook loan where the loan is secured against your car and is paid in cash on the same day.
Getting a payday loan
What do I have to do?
Complete our quick application online. If you are approved, you will be asked to complete your bank and debit card details and then sign your loan agreement. We will do the rest!
When will I receive my loan?
We will transfer the funds to your account on the same working day as your loan is completed, loans are paid in under 1 hour in most cases. Please note that some banks take up to 48 hours for money transfers to clear.
How will I get my money?
It’s paid directly into your bank account so you can access it as you would normally take money from your account - great in an emergency!
Can I have two payday loans at the same time?
As we compare your application details with all the top UK payday loan providers, it is possible, however it is not recommended. This is because we are a responsible loan provider and want to ensure you can easily pay what you borrow and a second loan will not help in this situation.
Can I Get Paid on a Saturday or Weekend?
Payday Power works in partnership with a number of lenders and during weekends we change our processes to maximise your chances of getting your loan paid into your account as quickly as possible. For more information, see our Weekend Payday Loans and our Saturday Loans pages.
Paying back my payday loan
How do I pay back my loan?
Easy – we take the agreed repayment amount from your debit card on your next payday – there’s nothing else for you to do.
Can I defer my payment?
Yes - although after deferring the payday loan twice we will ask you to start reducing the balance. This will incur new charges for every month the loan is due – but still at our fixed rate – there are no additional charges.
My payday or debit card details have changed
If your payday has changed, or you have a new debit card, please contact the customer services team as soon as possible and they will make the necessary changes!
What if I have problems paying?
We understand that people’s circumstances can change. If this is the case, you must let us know as soon as possible and we will do our best to help.
The most important things to note are:
- Don’t borrow money you don’t think you can pay back
- Talk to us and we will help as much as possible
Please correct the form fields in red above
Representative APR
Who's Borrowing?
"Thanks for all your help and your efficient service it has been much appreciated"Jaspal Bajwa
Cash Loans
Everyone at some time or other needs a little extra financial help. Cash Loans were set up to help with short term cash flow problems. As these loans are only meant to be used in emergencies and for a short time, they should be avoided if you have serious long term money problems as they are unlikely to help. If you simply need some additional cash to help you out until your next payday then they can be very useful. Whatever your emergency may be, from buying some anniversary flowers, booking a weekend away or simply paying the utility bills, Same Day Loans can help. Borrow from £50 to £400 for first time customers and up to £1,250 for existing customers. Money can be deposited into your account Today and usually in under 1 hour with most bank accounts.
