Payday Loan FAQ
Frequently Asked Questions
How long does it take to apply for a payday loan?
How soon will I get my money?
It takes minutes, not days, to approve your payday loan application. The vast majority of applications are approved without any fuss, but even in rare cases where we’ll ask you to provide additional information, your pay day loan application should be processed in less than twenty five minutes. Apply now
How much can I borrow?
You can borrow anything from £100 to £1000 depending on your personal circumstances. We offer a same day service. Apply now and the money could be in your account today! Apply now See charges
Is your pay day loan APR very high?
Annual Percentage Rate (APR) is the standard way to compare loans that are offered over a period of 12 months or more. We’re obliged by law to display APR for comparison purposes. But payday loans are only offered for a maximum of one month, so APR can be misleading. We don’t offer long-term loans. We’re here to help you out this month. Apply now
This table shows you how a one month payday loan could benefit you:
| Loan Type | Loan Amount | Months | Total Repayable | APR | Actual Interest |
|---|---|---|---|---|---|
| Installment | £2000 | 36 | £2973.96 | 16.9% | 49% |
| Installment | £2000 | 60 | £3875.40 | 16.9% | 94% |
| Payday Loan | £1000 | 1 | £1250 | 1355% | 25% |
What are your criteria for payday loan eligibility?
Payday loans are for everyone. So long as you’re aged 18 or over, in a full time job that pays £750 a month or over, you’re almost certain to be eligible. We’re able to offer you a short-term pay day loan even if you have debts or bad credit history. We’re required by law to ask all applicants for proof of identity. All you need to get paid is a bank account that accepts direct debits. Apply now
Why do you need identity information to get a pay day loan?
Responsible lenders are required by law to be able to prove that you are who you say you are. To safeguard our business, we’ll need to know that you’re in full time employment and are able to repay the payday loan. Naturally,verification is required that it is your account the money is going into. Apply now
Do you use credit scoring or credit reference agencies?
No, we don’t use credit reference agencies. Pay day loans are offered irrespective of credit history, good or bad. Everyone’s equal.
I have a history of bad credit — am I still able to apply?
Of course! Long term loans are not offered to you, so we’re only interested in your present circumstances. So long as you’re in full time employment and able to repay a short term loan, we’ll be able to help. Apply now
I don’t have a debit card – is this a problem?
We only require a basic bank account that can accept direct debits. Although most accounts will give you a debit card, it’s not always necessary to have one to be able to accept direct debits. Apply now
How do I apply for a pay day loan?
Applying is quick and simple. Just fill out our online form. If your application is approved, you may receive a call back to ask a few quick questions. Then simply sign your payday loan agreement. Apply now
When will I get my funds?
We know you want to get paid right away. That’s why funds are transferred immediately. Because of the way banks work, if it’s earlier than 3pm then your funds will be credited the same day. If not, then the money will be deposited by the next working day. Apply now
How will my payday loan be paid?
The full sum will be deposited directly into your bank account as soon as possible, usually the same day. Apply now
How do I repay my payday loan?
When you sign your payday loan agreement, we’ll take your direct debit details. The money will be deducted from your account on your next pay day, so you don’t have to worry about going overdrawn. Apply now
Am I able to defer repayment?
Yes — you are offered the ability to pay us back at a later date. However, after deferring the payday loan twice we’ll ask you to start reducing your arrears. If you use our deferral service, you’ll incur a charge for every month that the payday loan is deferred – but this charge remains at our fixed rate - there are no additional penalty charges. Apply now
What if I have trouble paying you back?
We understand that in the present climate, people’s circumstances can change quickly. If this happens to you, every effort will be made to help you with your particular circumstance, by working out a payment plan that’s fair to you. Apply now
If you’re worried about your ability to pay, here’s some helpful advice:
Don’t borrow money you’re not sure you can pay back.
I’m a very happy payday loan customer – what can I do now?
If we’ve been able to help you, please let us know! We work hard to keep our customers happy and we’re always pleased when someone gets in touch to let us know we’re appreciated. If you’ve got anything you’d like to say to us, contact us.
I’m not happy with your payday loan service– who do I talk to?
We do everything we can at skint.com to make sure you get the best possible service. However, as with all companies, things can go wrong. Help us improve by speaking to us if you’re not happy with any part of our service.
If you’ve got a problem, complaint or query, contact us
We’ll do our best to put your problem right.
Don’t forget! Your payday loan will be repayable in full on your next stated pay day.
