How It All Works

How do we help you find a loan? Find out more about the inner workings of our service:

Making an application with Cobra Payday Loans

The first step, of course, is to fill out our easy to understand application form. You will be asked to supply details such as

  • Contact details
  • Home address
  • Details of your regular income
  • Regular outgoings

It is essential you enter accurate information here not to jeopardise your chances of receiving a loan offer.

Once submitted, what happens then?

This is where the magic happens. Once you have submitted your application, we forward it to be considered by our panel of 20+ lenders. Don’t worry. All these lenders are FCA authorised, and at this stage, no footprint is left on your credit record. We cut down the time it takes to find a loan, by querying a wide selection of lenders at once, you substantially increase your chances of finding a lender willing to lend to you.

After a short wait, we will present you with the outcome on screen. We have an extremely high acceptance rate, so if we find a lender that would like to offer you a loan, you will be automatically redirected to their website to finalise your application. It goes without saying that you should check the lenders’ terms and conditions and loan terms before accepting the loan.

Accepting a loan offer

Should your application be successful and you are redirected to the lenders’ website, you will be presented with a loan agreement. Check over your agreement again to make sure all your details are correct, and if you are happy, you will be able to electronically sign to complete your application.

Some lenders may wish to further verify some details from time to time, but they will make you aware of this before you can sign.

Getting your money

Once a lender has received your digitally signed loan agreement, then your funds will be sent to your nominated bank account, usually the same day. A lot of lenders utilise faster payments these days. If the lender you have taken a loan with uses this service, then you could have the money in a matter of minutes. Though this does depend on if your bank accepts faster payments as well.

So how does Cobra Payday Loan make money?

For our customers, we are a completely free to use service with no hidden fees or charges. But running a business such as this does cost money.

Upon a successfully funded loan, the lender will pay us a commission. But worry not, this commission is just a cost of business for the lender, the cost of which will not be added to your loan.