Payday Bank Review

Payday Bank is actually a broker rather than a lender. What this means is that you give them your details and the amount you wish to borrow and they will approach a number of payday lenders on your behalf.

This provides a couple of potential benefits for you. The first will be a much higher acceptance rate because Payday Bank work with most of the major lenders and they are all contacted on your behalf at the same time.

What’s the benefit of that? If you apply to a payday lender and are turned down for some reason, any subsequent applications to other lenders now have a higher chance of also being turned down. With Payday Bank this doesn’t happen because they are all contacted at the same time so none of the companies will know whether the other lenders have accepted you or not.

This leads to the second advantage of using a broker like Payday Bank – Because the application has come from them on your behalf each lender knows they have competition for your business and are much more inclined to quickly accept your application.

The third and most important benefit is that once all the lenders have made their loan offers Payday Bank will then choose the cheapest option for you. If you have read through our payday loan lenders reviews then you will know interest rates vary wildly from one company to the next. This is because the lenders know that once you apply and are made an offer you are unlikely to then refuse the loan and move on to another company seeking a better deal.

Using Payday Bank you apply once and they get offers from all their lenders, ensuring you get their best deal.

How much will it cost?

The typical interest charges when using Payday Bank is £25 for every £100 you borrow over a 28 day period. The average a first time customer borrows is £300 which would mean paying back a total of £375 making the APR 1727%

£25 interest for every £100 you borrow from them compares extremely well with most payday lenders and is much cheaper than Wonga (£34.64) or Pounds2Day (£40) for example.

How to apply

Although Payday Bank offer loans up to £750 if this is your first payday loan we recommend you apply for a £300 loan and certainly no more than £400 unless you are on a really good salary. This will ensure you get accepted and then in the future, as a returning customer who has proven they can and will repay the loan on time, you can apply for a bigger loan should you need it.

During tests we found applications for £300 and less were approved 3 times more often than requests over £300.

Applying couldn’t be easier – simply click here and enter your name and email in the form on the right. You will be contacted to verify your identification and then an offer together with the terms and conditions will be emailed to you. Once you accept the loan agreement your money will be transferred to your bank.

As long as you are a UK resident, in employment and with a bank account it is rare for Payday Bank to not find you a loan offer. The loan term is for a maximum of 28 days.

Our Payday Bank Review  

We recommend Payday Bank for anyone applying for their first payday loan. 25% interest per month makes them one of the cheapest in the business and as long as you meet their eligibility criteria their strong relationship with all the major lenders greatly increases the likelihood of an offer being made to you.

You can apply for a Payday Bank loan by clicking here.