Payday loans

Payday loans (or Payday advances) are short term unsecured loans with very high interest rates, often over 2,000%. They’re called ‘payday’ loans as the idea is to tie someone over until they receive their next wage or salary cheque. Many lenders - Wonga, QuickQuid and Payday Express for example - offer fast online applications and customers can receive the funds straight into their bank accounts in as little as an hour. These types of loans do not require full credit checks but instead lenders look at criteria such as employment status, age and access to a UK bank account.

Payday loans can quickly become unmanageable when you can’t repay the initial loan at the end of the term. Missing your repayment will usually result in a charge and it’s easy to simply take out another payday loan to pay for the debt. This is called ‘rolling over’ and we’ve found that this has led many of our customers ending up in a cycle of debt they just can’t get out of. What was initially a small loan to pay for something like an emergency repair has now become a big problem. Once behind with your payments, you’re likely to receive ongoing phone calls and letters chasing for it which makes the situation even more stressful.

If you’re struggling to repay a payday loan and no longer want to deal with the letters and phone calls from your lender, fill in our simple form on the right and we’ll call you back to see if we can help.

Your initial consultation with one of our debt advisors is free of charge and you will only ever pay a fee if you enter into one of our debt solutions. To find out more about our fees, please click here.

Just to let you know, you can find out more about managing your money and getting free debt advice from the Money Advice Service. Click here to find out more.

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Key Information and Fees

Our advice is completely free. We only charge a fee if you enter into one of our debt arrangements. Everything you need to know can be found here.

Getting Free Impartial Advice

To find out more about managing your money and getting free debt advice, the Money Advice Service has been set up to help people manage their money. Click here to find out more.

You can also download a guide by the Insolvency Service on dealing with creditors by clicking on the link below:
Insolvency Guide