Frequently Asked Questions

If you have questions about the service we provide at Cobra Payday Loans then this is the page for you. If after reading through you find you still have an unanswered question then you are more than welcome to get in touch, ways in which to send us a message can be found here: Contact Us

What is the criteria to be eligible to apply?

To be able to apply for any type of credit in the UK you must be of at least 18 years of age.

Other requirements are that you are in receipt of some form of regular income, have a bank account and a debit card.

You must also have a valid mobile number and email address to receive all the loan documentation.

How long does the process of applying take?

Our application form has been streamlined in such a way that it should only take a few minutes to complete. Once submitted we get busy querying our entire panel of lenders, this happens entirely in the background and you usually see the result in under a minute. At busier times this can take a few minutes to complete so please be patient if that is the case.

If you match with a lender willing to offer you a loan you will be redirected to them automatically. Because we work with a wide selection of lenders we enjoy some of the highest acceptance rates on the market.

How much can I borrow?

The lenders we work with can offer loans of anywhere from £100 to £5000. Please note that not all lenders can offer up to £5000 though

Can I apply with a bad credit history?

Absolutely! As we work with a large selection of lenders many of them will consider bad credit histories. Basing their decision to lend more on the affordability and your current circumstances than on blemishes on your previous credit history. Although a credit check will of course still need to be carried out when proceeding with a loan offer.

What checks do lenders carry out?

All lenders in the UK have to perform checks to ensure affordability before making an offer of a loan. This includes checking your income and outgoings to make sure you can afford to make the repayments as well as checking with credit reference agencies.

Credit reference agencies used include Equifax, Experian and Call Credit.

What happens if i’m not able to repay the loan on time?

Before taking out any form of credit you should strongly consider whether or not you will be able to meet the repayments, but of course there is no accounting for the unexpected!

If you believe that you won’t be able to repay on time then in the first instance you should contact your lender and discuss your options with them. If you are struggling financially there are organisations out there which can help you for free such as the Money Advice Service and National Debt Line.

How does cobra payday loans make money?

We are a completely free to use service for our customers, we never charge a fee and never will. Instead we receive a commission from lenders upon a successful loan application. But rest assured this commission is a normal cost of business for the lender and is not added to the cost of any loan you decide to take.

How long does it take to receive the money?

Once a loan offer has been accepted the money will be deposited to the bank account supplied in your application form, this is why it is vitally important to double check all the information you provide. In most circumstances the money will be available within minutes, providing your bank has faster payments functionality and the lender you are borrowing from offers this, most do these days.