60 QUESTIONS ANSWERED
LAST UPDATE 02.09.2018
FAQ Page - Loans Online
Q: Will I need to submit any documents?
In most cases, no. Our application process is fully online and, the majority of the time, we don't need any further information to make a decision. However, in some rare cases, we may require additional documentation to meet regulatory requirements. Where necessary, our underwriters will contact you to advise what is required.
Q: Can I get a loan with a CCJ?
Payday Loans Net believes in fair and responsible lending. We can accept people with CCJ's if we can see that their financial position is improving. The same applies with loans for people with bad credit.
Q: Are your Wage Day Advance loans approved by the FCA?
Yes they are! Before the FCA regulation was introduced in 2014, some popular lenders took advantage of people looking for a quick wage day advance loan. The interest rates were extremely high, and people found themselves in high levels of debt after taking a payday loan. With the introduction of the FCA regulations in 2014, the lenders had to cap their loan interest rate at 0.8%, and clients were a lot safer.
With the fully authorised lender Payday Loans Net, customers can find safe and affordable Wage Day Advance Loans online at paydayloansnet.co.uk.
Q: I need a payday loan but keep getting refused - why?
The number one reason for why lenders may refuse you for a payday loan is if you have a bad credit history and you pose a big risk to lenders because it would appear that you have struggled with your finances in the past. All lenders are required to carry out a credit check under the FCA's rules for authorised lenders.
Another reason why you might be refused a loan is that your application shows you can not afford to repay the loan under the conditions of the lender.
Payday Loans Net believes in giving everyone a chance to get a loan. We don't judge you just on your credit score but evaluate your affordability too!
Q: What alternatives are there to short term loans?
Short term loans from a direct lender should only be used as a last resort, when you are certain that there are no other cheaper alternatives. Here are some other ways you may be able to get hold of the money.
• Borrow from family or friends – Family or close friends may be more willing to help you out than you would expect. On the other hand, it is important to word your request in a way that will not make them feel obliged to help against their wishes.
• Credit unions – These may work out cheaper than a traditional short term loan, because credit unions are non-profit organisations. You have to find out if you are eligible to join a credit union and decide if this is a preferred method of borrowing for you. Some people prefer to take out short term loans, as to borrow from a credit union you need to be a member, and often short term loans are used in unforeseen circumstances.
• Bank overdrafts – Using your overdraft facility can be very convenient when you are in a store and have a credit card in your back pocket. However, use this service wisely, because taking an unarranged overdraft can work out more expensive than a payday or short term loan. Often the interest fees on an unarranged overdraft multiply before you know it.
• Debt management agencies – a debt management agency is useful if you find yourself taking out a short term loan with no foreseeable way of repaying. They will offer you advice and help to get you back on your feet.
Q: Does taking a short term loan affect my credit score?
Yes, it can, either for better or for worse. If you repay your short term loan with bad credit on time, this can actually improve your credit score! If you do not repay on time, and your lender sells your loan debt to a debt collection agency, this can affect your credit score negatively. Taking out multiple loans especially in a short period, may indicate that you’re taking on more loan debt than you can handle. This may affect your credit score too. Although you may consider using payday loans with no credit check from a direct lender so as not to affect your credit score, it is illegal in the UK.
Q: Should I take a payday loan over a bank loan?
Payday loans are quite different to bank loans. Firstly, bank loans are only available from around £1000, which isn’t much use if you only need much less. With Payday Loans Net you can get loans from £200.
Another fundamental difference is that payday loans are very tightly regulated by the FCA, to ensure that they don’t become more expensive than they are. On the other hand, banks charge very high rates when you go into overdraft, which can actually end up more expensive than payday loans.
We have also found that people are quicker to take online payday loans from direct lenders than to get into trouble with the bank. Before choosing the right loan product for you, make sure you take all considerations into account.
Q: How can I escape from payday loan debt?
If you are struggling with payday loan debt, either from legal payday loans, or guaranteed payday loans no credit check, you need to do all you can to get out of it. There are free organisations that can offer you professional advice, and you can choose to remain anonymous.
Money Advice Service Call: 0300 500 5000. Website: https://www.moneyadviceservice.org.uk
Step Change Debt Charity Call: 0800 138 1111. Website: https://www.stepchange.org
The National Debtline (part of Money Advice Trust). Call: 0808 808 4000. Website: https://www.nationaldebtline.co.uk
Q: How can I get the cheapest payday loan?
The best way to save money on wage day advance, is to avoid any excess fees and costs. With Payday Loans Net there is no added fee to apply. We also allow borrowers to repay their loans early, and thus save on interest.
Q: How can I improve my credit score?
Paying back the money responsibly on your credit card can have a very positive impact on your credit rating overall. Lenders will see that you’ve paid back the credit card reliably and this can cause them to be more likely to approve your online loan and give you better interest rates. Paying off debt and keeping the balance low on your credit card will help you to improve your credit score too.
Q: Does Payday Loans Net offer instant loans online?
Almost. The initial decision is instant, and you can receive the money very fast. When a company proposes to send you the instant loans online, this usually means is, you have the cash at the end of 24 hours, although it also depends on your bank.
Q: What does a loan calculator do?
A loan calculator helps you to better understand the costs of online loans with monthly payments. It shows you the amount you have to repay, and what the difference in cost will be depending on the length of your loan. By using a loan calculator, you can meddle around and work out what you can afford to take out. Our loan calculator is easy to use and clear to understand, and you will find it when you press apply now.
Q: Can I trust payday loan reviews?
As with reviews for any product, you'd like to think the reviews are genuine. You may find a case where a companies' employees are writing 5 star reviews to try and boost the good reviews, but the vast majority of reviews will be legit. Many loan In the case of loans direct companies will use review software that verifies whether buyers are legitimate.
Q: How can I get a new password?
If you’ve forgotten your password, simply click ‘Forgot password or NEW USER’ in the login area. For safety reasons, you will be required to refill some of your details, then you will be able to create a new password. Note that you will often not have the same measures of security from no credit check loans direct lender, and therefore it is crucial that you only provide your personal information to reliable sources.
Q: What are the FCA caps for payday loans?
The FCA introduced the following caps in 2014.
1. Interest and fees are capped at 0.8% per day of the amount borrowed.
2. Default fees capped at £15
3. Total cost of loan must not exceed 100% of amount borrowed
After these regulations came into effect, some loan companies such as Cheque Centre Ltd were forced to shut down as their profit decreased significantly.
Q: How can I get to my wage day advance login?
To get to your wage day advance login with Payday Loans Net, simply log in with this link and enter your name and password. All the up-to-date information about your loan will show up automatically.
Q: How do I apply for a loan online?
To submit an application for a loan, please complete our online application here. Then follow these steps:
- Click ‘Apply ‘.
- Using our loan calculator choose your required amount of the loan between £200 – £2,000.
- Ensure the monthly repayment(s) and total sum payable are affordable for you.
- Complete the PDNET loan application form online.
Q: What can I do with my login?
If you are given a loan, Payday Loans Net will supply you with login details which permit you to:
- Apply for another loan
- See your present loan details
- Pay towards your current loan
- Update your personal information
Why choose Payday Loans Net?
We like to keep things simple. If you have any questions about the way we work, take a look
at the FAQs below, or contact us. Ready to go ahead? Apply now and get a decision within
- Direct lender
- Bad credit welcome
- FCA authorised
- No fee to apply
- Instant decision
- Same day payment
- Get up to £2000
Representative APR: 997%
Representative Example Loan Amount £500 | Borrow for 4 Months | Monthly Repayments of £215.81 | APR: 997% | Interest Rate PA (fixed) 270.10% Total repayment £863.24