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Representative Example: Borrow: £300 for 90 days Interest: £144.06 Total to repay: £444.06 Repay in 3 instalments of £148.02 each. Annual interest 274% (variable). Representative 1081% APR. We are an Introducer Appointed Representative of Quint Group Limited, not a lender and as such earn commission on referrals.

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Payday Loans - APPLY TODAY!*

You may think that you know all you need to know about payday loans, they have after all been on the market for a number of years now. However, in that time, quite a lot has changed. We take a look at everything you need to know about payday loans, what they are and how to go about applying for one.

What Are Payday Loans?

Once upon a time, payday loans were exactly that, loans that you took out for a few days or a couple of weeks to get you through to your next payday when it would be repaid in full. For many years this was the case and they also began to get a bit of a bad reputation as many unscrupulous lenders began to get involved with the industry. However today, the payday loan industry in the UK has been transformed and it is now highly regulated by the Financial Conduct Authority which means that you can now rest assured that you are dealing with transparent, ethical and reputable payday loan providers wherever you are in the UK.

What Do I Need To Apply For A Payday Loan?

Different payday loan providers may all have slightly different criteria as to what you will need to apply for a loan with them. However, you will find that they will all generally ask that you must:

  • ● Be between the ages of 18 and 65 (although the upper age limit may differ from provider to provider)
  • ● Be employed (although this can include part time employment as well as full time jobs)
  • ● Have an active mobile number
  • ● Have a personal email address
  • ● Have a valid debit card that is linked to the account that you want the money transferring into
  • ● Confirm that you are not under any form of debt management plan, an IVA (individual voluntary agreement), are under bankruptcy or expect to be subject to any of these.

If you fulfill all of these criteria, then it is just a case of applying online and you could have a decision about your payday loan in minutes.

Payday Loans FAQ

How much can I borrow?

Different payday loan companies will have different lending criteria and each payday loan application is judged on an individual basis. However, you will generally find that payday loan companies are prepared to lend small amounts between £100 and £2000.

I have CCJs (County Court Judgements). Is that a problems when taking out a payday loan?

Having CCJs against your name is undoubtedly a problem if you are applying for credit from a mainstream lender such as a bank or a building society. Thankfully however, payday loan companies in the UK use different lending criteria than high street lenders and look much more at affordability. Therefore, having CCJs isn’t necessarily an issue and having them won’t automatically mean that an application will be rejected.

Do I have to have a bank account with a debit card?

This is something that you definitely need to successfully complete an application for a payday loan. A debit card is essential for the payday loan provider to perform the vital security checks they need to do to comply with UK law. The debit card must have at least 1p in the account and it must be registered in your name at the address you gave in your application.

Do I have to be employed full-time to be able to apply?

No. Payday loan applications can be assessed in a number of ways, one of them being affordability and your ability to repay. If it is clear that you can easily afford repayments on your part-time income then you have a good chance of being accepted for a payday loan as long as you meet all of the other required criteria. It also means that if you are on benefits, you are not automatically ruled out of being accepted for a payday loan.

What Is Representative APR?

You’ll see that payday loan companies advertise what is known as their representative APR that their loans are charged at. What this is is the annual percentage that at least 51 % of the company’s loans are written at. Because payday lenders deal with a wide range of customers in a wide range of circumstances, the percentage rates for individual payday loans can change from customer to customer to reflect the element of risk involved. The representative APR figure is devised to ensure transparency and give potential users of payday loans a representative figure of the type of APR they may expect if they apply for a loan.

Will Taking Out A Payday Loan Affect My Credit Score?

One of the major concerns for some people is whether taking out a payday loan will affect their credit score. Depending upon the provider you use, they may or may not use a credit check. If they do, then your application will be recorded. This in itself is not necessarily a bad thing, but if you have applied for lots of different forms of credit recently it can have a negative impact on your creditworthiness. Some lenders do not use a credit check though which means the application process will have no impact on your credit file positively or negatively.

Payday loans can be used to help improve your credit score. If you comply with the terms of your loan, make your repayments on time and repay in full, then this can have a positive impact on your credit score and can help to rebuild your creditworthiness.

Applying For A Payday Loan

Whilst it is still possible in some areas to access payday loans on the high street, the vast majority of people now choose the convenience and speed of the internet to apply for payday loans. Thanks to the fact that their websites are available 24 hours a day, 365 days per year, giving you access to payday loans whenever you may need them.


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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Cobrapaydayloans.co.uk is a registered trading name of Ready Money Capital LTD. Ready Money Capital LTD is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number 802557. Licensed by the information Commissioners Office (registration number ZA441875). Cobrapayday Loans does not provide any loan or consumer Credit products directly.