FAQs about Quick Loans

What is a payday loan?

Payday loans are quick cash loans designed to cover a short period of time, 28 days is the usual length of time for a loan and customers tend to use them when funds are low and they need quickquid to boost their funds.

Payday loans UK are repayable plus interest on the day after your next payday or the date you agree with the lender. Whether you need cash in an emergency situation or if you want to treat yourself but don't want to wait until your next payday, a quick cash loan is effectively a cash advance on your salary.

How and when will I receive my quick loan cash?

Kwikpayday.co.uk's lenders use what is called a CHAPS transfer. CHAPS transfers are quick and normally take 30 minutes or less* to deposit cash into your bank account. Some banks may take a little longer to process the payment and the funds will show up in your account within 48 hours. You can then use your quickquid deposit in the same way that you would use any other funds that you have in your account.

Are there any restrictions on what I use the cash for?

Our lenders place no restrictions on what you do with your quick quid loans. And you will not be asked to provide information on why you need a loan.

You are free to use payday UK loans to meet emergency expenses such as car repairs, medical bills or even an urgent plane ticket. You can also use your quick loan to manage bill payments and to avoid overdraft fees and extra bank charges.

How do I apply for a payday loan?

Applying for a payday loan is simple: complete the short online application form. If it is approved by one of our lenders you complete your bank details including your debit card number, agree to the lender's terms and conditions and electronically sign the agreement.

The money will be transferred into your account within an hour* and repayment will happen automatically on the due date(or the date you agree with the lender).

Can I take out more than one loan?

No, we don't want you to borrow more money than you can pay back.

 Your loan will be for as much as you request or up to the amount our lenders believe you can comfortably repay taking into consideration your current financial circumstances.

What do I need to do to repay my loan?

During the application process you will provide our lenders with your debit card details. Once your loan period has expired, normally on the day after your next payday, the lender will automatically take the amount due for your quick cash loan from your debit card so you don't need to do anything yourself.

Our lenders' key criteria are that you will have enough funds in your bank account on your next payday. Even if your bank or credit card company has refused you loans recently or in the past, you can apply through us and we will try to match you to a lender who will provide you with quick cash loans when and as you need them.

How much money can I borrow on a quick loan?

Your quick quid loans can be up to a maximum of £750. Our lenders determine the maximum amount of money you can borrow by looking at your monthly income. The reason for this is that our lenders want to make sure you are able to pay back the money you borrowed when the payment is due.

The Representative APR for Payday Loans is 1737% (variable). As an example, a loan of £200 taken for 28 days would require payment of £250, the interest would be £50 for a loan with an annual interest rate of 1737% (variable).

Who is eligible for a quick cash loan?

UK residents with a UK bank account can apply. You need to be paid a regular salary into your current account on your payday UK loans also require that you are employed in the UK. You also need to be 18 or over.

When do I need to repay the quick loan?

This will be agreed with your lender prior to entering into the agreement. The maximum loan period is 28 days. Following which, your payday UK loans will be repaid automatically.

What is the interest structure for kwikpayday.co.uk's lenders?

Our lenders interest structure is simple. For every £80 you borrow you pay £20 interest. So if you borrow £160 for 30 days, you repay £160 plus an interest fee of £40, which is £200 in total. If you borrow £400, you will pay back £500.