Payday UK - Payday Loan Lender Review

Payday UK are a direct payday loan lender. They are a well established loan company in the UK and have been around since October 2003. They are the market leader for Payday Loans in the UK. They have a secure online application form and procedure so there's no need to worry about the security of the details you need to submit.

There are no arrangement fees or hidden fees when obtaining your personal payday loan through this company. They charge the standard £25 for every £100 borrowed and because there are no hidden fees the APR rate of 1737% is on the lower side for the payday loan industry.

With Payday UK, customers can apply for payday loans starting from £80 and going up to £750. The maximum loan amount available to the individual depends on their personal circumstances, so not everyone qualifies for £750.

They use the Faster Payment Service to ensure a same day transfer service, 7 days a week. All you have to do is check whether your bank supports this service. If not then they also offer a BACS transfer service (can take up to 3 working days).

If for a good reason you cannot repay your loan by due date then you have the option of deferring the loan. This is also known as rolling over the loan. If you do this you will have to pay the interest charge and one-quarter of the loan balance. If you pay back the entire loan you can take out a new one - this can be done as many times as you wish (provided they approve you each time).

One can apply by phone, as well as online, for a payday loan with Payday UK. They have friendly, helpful staff taking calls.

They offer a fully online and no fax payday loan service. Occasionally they will ask for some documents to be faxed in if they cannot identify you or if they need further proof of income.

Payday UK uses the help of Credit Reference Agencies to determine their customers' suitability for a payday loan.

Prospective borrowers must be in permanent employment and earn a minimum monthly net income of £750. Only those applicants who earn a monthly salary are accepted.

In order to be approved for a loan at Payday UK, you must have a bank account with a valid debit card.

Main Advantage highlighted in this Payday UK Review: They understand that occasionally some customers will need to borrow money for a second month. So they allow customers to defer their payday loan to the next month - but the interest charges for the current month must be paid. Also, as a responsible lender, Payday UK encourages you to pay-off as much of your initial month's loan principle as possible so that your next month's interest charges are lower.

Additionally, with the only charge being the twenty five percent interest fee, they are among the cheapest loan lenders in the UK. The fact that they were the finalist of CreditToday awards11 attests to the quality of their service.