Payday Express keep it plain and simple and that’s just how we like lenders to be. Pay £25 in interest for every £100 you borrow – 25% fixed which when converted to the dreaded APR comes it at 1737% – What is APR?
The usual eligibility rules apply too, nothing out of the ordinary although we found they won’t budge on any of them so if you don’t meet all of the criteria below, Payday Express will not entertain your application.
As an example, being self employed means you don’t work for someone so you will not be able to get a loan from them.
New customers are restricted to a maximum loan of £400 but returning customers in good standing can borrow up to £800 as long as you are earning enough to repay the loan of course.
Payday Express are one of the founder members of the Consumer Finance Association (CFA) and as such do carry out a credit check on all new applicants but the flip side to that is that they do report all settled debts to the credit bureaus so as long as you settle the debt on time your credit rating should improve with a loan from Express.
As you would imagine, with a name like Payday Express the emphasis is on a fast service and they certainly deliver on that score. Like most of the top lenders nowadays, they offer no fax payday loans to keep the application process as fast as possible.
Their website claims to transfer funds every 45 minutes, 7 days a week and sure enough we had the money in our test account within 20 minutes. Its worth noting though that even though Payday Express will transfer it into your account within the hour, your bank may not clear the funds straight away.
We’ve already mentioned we like how they have kept the application process nice and simple but there are another couple of nice touches we like about Payday Express.
The first addresses a problem most lenders don’t – what if you need some emergency cash but you get in paid in just a few days time? Is it right you should pay the same £25 for the £100 you borrowed as someone who took out the same loan but doesn’t get paid for 28 days?
Of course it isn’t and Payday Express tackle this by requesting the debt is settled on the following months payday if your next one is due within 7 days of you applying – Nice touch that.
The other thing we like – and some might not – is that you don’t get to apply for an amount you want to borrow. Payday Express assess how much they believe you can comfortably pay back out of your salary and that is the amount you can borrow. You can of course borrow less than the amount offered.
The one downside we found was that they insisted on phoning our applicant at work to ensure she really was in employment. They didn’t mention who they were so it didn’t cause any problems but even so, it seems strange they needed to when many of the other major payday lenders don’t.
While we still stand by our recommendation of using Quick Quid because they are by far the cheapest of the current payday lenders, you could do a lot worse than taking out a loan with Payday Express.
You can apply for a loan at the Payday Express web site by clicking here.