Frequently asked questions
Before I apply for a payday loan
How long does the application take?
It only takes five minutes from start to finish – this includes signing for your loan!
How much can I borrow?
You can borrow from £100 up to £750 depending on your personal circumstances. We will transfer the funds to your account on the same working day as your payday loan is completed and you could have the funds by midnight.² Check with your bank to see if they accept Faster Payments or go to UK Payments Sort Code Checker
Our costs: We charge £14.50 per £50 borrowed
| You Borrow | You Repay* |
|---|---|
| *Payable in a single payment on your payday | |
| £100 | £129 |
| £200 | £258 |
| £300 | £387 |
| £400 | £516 |
| £500 | £645 |
| £600 | £774 |
| £750 | £967.50 |
Understanding the APR
APRs are a good way of comparing similar products but are not so effective when comparing different products. The following table demonstrates this:
| Type of loan | Amount | Month | Total repayment | Representative APR | Actual interest |
|---|---|---|---|---|---|
| Payday | £500 | 1 | £645 | 1737% | 29% |
| Installment | £500 | 36 | £653 | 19.9% | 31% |
| Installment | £500 | 60 | £766 | 19.9% | 53% |
As you can see the APR for the two installment loans are the same but the actual interest repaid as a percent of the loan is hugely different – and much lower with a payday loan.
Can I get a Payday Loan?
If you are over 18, in permanent employment and earning more than £750 a month, you are likely to qualify. All you then need is a bank account for us to pay the payday loan in, with a debit card for you to repay!
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
How long can I use a payday loan for?
A Payday loan is a short term credit facility and is unsuitable for supporting borrowing over a long period, and would be expensive as a means of longer term borrowing. Please borrow responsibly.
How much do I have to repay?
You will have to pay back the full amount of credit and interest on your next payday. You agree to pay us the Total Amount Payable on the Payment Date. We will take payment by cheque, standing order or debit card. By providing us with a debit card number, you authorise us to take a payment by debiting the card at any time from and including the Payment Date up to the date of any otherwise agreed arrangement with you for the payment of the Total Amount Payable (being a period of no longer than 90 days from the Payment Date). If during this period your payment of the Total Amount Payable fails, we may seek to collect a lower payment from you (although you will continue to owe us the remaining balance). We will notify you of any failed payment.
Why do you need all this information?
We are a responsible payday loan provider and this means that we need to verify:
- That it is you taking out the payday loan
- That you are in permanent employment and able to repay the payday 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
I have a bad credit history - will this affect my loan application?
Not necessarily. We look at each application based on your recent circumstances.
I don't have a debit card - can I still apply?
We require you to have a debit card in order for us to take your payday loan repayment.
Rebuild your credit
Month End Money work with credit reference agencies to help you rebuild your credit rating. Learn more...
Need cash in your account today?²
Month End Money now has access to the Faster Payments Service. Read on...
