What is a payday advance?

The word "payday advance" is another way of 'payday loan'. With a payday advance, you will be getting an advance on your wages and then re-paying back it on your next pay date. Like a payday loan, you will typically receive your cash advance for 1 month, 3 month, 6 month or more and then pay it off at the end of the month with the added interest rates.

Where can I get a payday loan?

There are a few payday loan companies in UK and you will get many more lenders online too. You can get online money lenders, through private or personal contacts, banks etc.

Types of payday loans

Payday Loans

Installment Loans

What criteria do payday lenders look for?

Most of lenders use credit checks, residence details, UK citizenship when assessing a loan application. There are no any specific criteria because each lender has their own set of requirements and sometimes it varies loan to loan. A successful application could be based on age, employment and the status of other outstanding loans.

If you need more information go to www.moneyadviceservice.org.uk for free help.