Answers to Frequently Asked Questions
- What is a payday loan?
- A payday loan, also sometimes known as a short-term loan is a loan that is intended to cover a borrower's expenses until his or her next payday. The lender usually charges a fixed fee per £80 borrowed and the loan is made until your next payday, regardless of when you apply.
- Can I apply for a payday loan from PaydayHappy.co.uk?
- You can apply if you are: over 18 years of age, living in the UK (England, Scotland, Wales and Northern Ireland), employment and receiving a regular salary paid into a valid bank account that accepts direct debits.
- How do I apply for a payday loan with PaydayHappy.co.uk?
- You can apply 24 hours a day 7 days a week. Many of our lenders work 7 days a week and can even deposit funds in your account on the weekend.
- Just complete the quick and easy PaydayHappy.co.uk online form and then click 'Submit'. If you're approved you may be asked a few more quick questions by the lender. You then sign your loan agreement online.
- Why does the APR seem so high?
- The rules and regulations that govern the finance industry state that we must show you the Annual Percentage Rate (APR). APR's are calculated based on paying a fixed amount of interest annually. PaydayHappy.co.uk believes that they are intended more for long-term loans and credit cards and do not suit short-term payday loans.
- Payday loans are normally taken over a maximum term of 31 days so APR's are not the best way to measure how competitive our rates are. We would prefer to focus on the amount you pay back in total rather than on APR. We're confident that PaydayHappy.co.uk offers the most competitive rates in the market for this service. You can learn more about APR here
- How do I pay back my payday loan?
- Your repayment will usually be taken in full via direct debit on your next payday.
- Do you use credit scoring or credit reference agencies?
- We don't use credit reference agencies to score your application. But in some instances as a condition of extended credit, a credit check from a credit bureau may be undertaken by the lender that accepted you.
- I don't have a very good credit history - can I still apply?
- Yes you can, because the lender is not basing the decision to lend to you over the long term (12 months or more). Lenders are interested in your present circumstances.
- When will I get my payday loan?
- Funds can usually be transferred to your bank account straight away. If you've made your application before 3pm then you will have your money on the same day. If not, the money will be in your account on the very next working day.
- How will I get my money?
- It will be paid directly into your bank account.
- I don't have a debit card - can I still apply?
- It is not always necessary to have a debit card attached to your bank account, please contact us for more details.
- Can I defer my payment?
- Yes - but it is up to the individual lender terms and conditions to apply rates or restrictions so ensure you read the lender terms and conditions.
- What if I have problems paying?
- We understand that sometimes peoples' circumstances can change. If this is the case, you must let the lender know as soon as possible and they will do our best to help. The most important thing to note is: Don't borrow money you don't think you can pay back.
- How do I stop receiving email and text messages from PaydayHappy.co.uk?
- If you are receiving email and text messages from us it's because the marketing permission box was checked when you applied for a short-term or payday loan with us.
- If you want to stop receiving news of our latest offers and deals just click on the unsubscribe link in one of our emails or reply 'STOP' to one of our text messages.
- You can also click on the SMS Opt Out link at the bottom of the page.
- After you've unsubscribing we'll stop sending you messages as soon as it's technically feasible.
- If you couldn't find an answer to your question here, you can get in touch with us by clicking the Contact Us tab and one of our advisors will be happy to help you.
