Questions about Payday Loans

 

1. What is a Payday Loan?

A payday loan provides a cash advance to help you with any immediate financial problems. The loan can be used for any purpose and is usually repayable on your next payday. The payday loans available require no faxing of documents, which allows you the convenience to apply from the comfort of your home or desk. With no credit checks, instant loans are particularly suitable for those with a poor credit history.

 

2. How much money can I receive?

You can borrow from £100 to £1000 and have it in your account on the same day. Occasionally new customers will be limited initially to borrowing £400; on the successful completion of repayment, the maximum loan available will increase to £1000.

 

3. What are the charges?

Charges can vary although a simple flat fee of 25% is most commonly applied. This equates to £25 per £100 borrowed. All loan charges will be confirmed before you are allocated a loan. For further information see the Charges page.

 

4. Would bad credit history affect loan approval?

No – your current financial status and your ability to repay your loan on your next payday is what is important.

 

5. How long does it take to apply?

Our simple application form takes just minutes to complete. If approved before up to 22:00 the payday loan will be despoited in as fast as 15-minutes. Loans approved later than 22:00 are not guaranteed to be in your account on the same day and will be in your account the following day.

 

6. What form of payment is used to repay the payday loan?

A simple debit card transaction is used for repayment.

 

7. What information do you need?

We need the following information:

  • Your name and current address
  • Two contact phone numbers and your email address
  • Your work and income details
  • Your bank account details – to deposit the payday loan

 

8. Is it possible to roll the loan over?

Yes – However, this is not advisable. After rolling over your payday loan more than twice, you are required to reduce the balance.

 

9. What can the money be used for?

You can use your online loan for any financial emergency that might occur, from unforeseen household repairs to hefty bank charges. It’s your loan, so it’s your choice. Simple.

 

10. How can I contact Fido Payday?

Our dedicated phone line also means you can speak to us personally between 8 am – 8 pm, five days a week. We are committed to being No.1 for speed, clarity and customer service.

 

11. Who can apply for a online cash loan?

Anybody can apply providing they are employed, aged over 18 and possess a bank account and debit card.

 

12. How will I get my money?

It’s paid directly into your bank account so you can access it in the normal way from your account.

 

13. Can I have two payday loans at the same time?

No: all prior payday loans have to be repaid before another can be applied for. We abide by the responsible lending code of practice so will never knowingly put a customer forward for a payday loan when they already have loans outstanding.

 

14. I’m not a homeowner can I still receive a loan?

It makes no difference about your domestic arrangements. Whether you own your home, are a tenant or live with your parents, all that is important is that you can repay the loan.

 

15. What can I do if I have problems paying?

Sometimes financial situations can be precarious, and because of this we ask that if you encounter any problems to contact the lender as soon as possible.
Before taking out a payday cash advance you must be sure you can afford the repayment. If you do have any questions, please contact us and we will honestly answer all your queries. Any loan agreement must be taken with a full understanding of your responsibilities, do contact us if you have any questions.

 

16. My details have changed, what should I do?

You will need to notify your loan provider if this happens.

 

17. When will I need to repay the loan?

A payday loan is repaid on your next payday, usually up to 31 days.

 

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