Payday Bank Review – Is It A Good Payday Loan Company?
Payday Bank is a broker and not a lender. They help you find a loan by sending your application to many UK payday loan lenders. And one of these lenders provides the loan that you need.
Payday Bank’s features and services are similar to many of the top lenders. And their requirements are similar too and they are:
- Be at least 18 years old
- Have a UK bank account with a debit card
- Be fully employed
- Be a UK citizen
However, as a broker they can’t guarantee how much you’ll receive; that will depend on the lender and will be between £80 and £750. But as a first time borrower, it’s unlikely that you’ll receive the maximum. It’s more likely that you’ll be approved for about £300. And you can then request an increase on subsequent applications if you’ve had a good borrowing record.
From our Payday Bank review and assessment, we’ve assigned it 4.5 out of 5 stars for its all-round service. And the factors that contribute to this high score are a knowledge-packed website; a 2 minute application process; and an easy-to-understand fee structure.
But Payday Bank has some drawbacks and you should be aware of them before you apply. Here is a list of the pros and cons of signing up with them:
Pros
1. One of the main benefits of signing up with Payday Bank is that they send your application to many lenders. So the chances that you’ll be declined are slim. And most importantly, the most suitable lender will be found for you with little effort on your part.
2. Their website is one of the best we’ve seen; and is packed with information that helps you fully understand the payday loan process.
3. They are more than just a comparison site. They do the comparing when you apply and help you avoid confusion about fees and terms and conditions.
4. Their website is SSL secured and protects your personal information.
Cons
1. Certain aspects of their website are a bit vague; especially the ones relating to deposit times and charges. And this is because they are a broker and not a lender, so they try to incorporate all their lender details in one place.
2. A credit check will be carried out on your application to help the lenders make a decision. If you default or repay the loan late, this will negatively impact your credit rating. If, on the other hand you pay back the loan on time, it will help improve your rating considerably.
Summary
Overall, Payday Bank is an excellent broker and definitely the best we’ve found in the UK. They send your loan application to over 25 lenders at once and find the right one for your needs. So this means you won’t have to apply with each lender individually and negatively affect your credit file.
