At first glance Pounds Till Payday looks a first class loan service but there are a few parts to the application process that niggle a little.
To qualify for a Pounds Till Payday loan you will need to be a resident of the UK, be at least 18 years old, have your wages paid directly into your bank account and it must be at least £333.50 after all stoppages.
All of which seems reasonable enough although they should probably state that you will be strictly limited to the amount you can borrow if your wages are anywhere near their minimum allowed amount of £333.50 as they will not lend more than 30% of your take home salary.
Also, your wages must be paid directly into your bank account in order to qualify for a loan.
The Loan Application
Here’s where Pounds Till Payday lets itself down a little. The online application form is straight forward and simple enough but then once you have submitted that you need to contact customer care via their free phone number or via their online chat system.
Assuming everything goes ok and the loan is granted you will be asked to sign a loan agreement. Once that is returned the money will be paid into your bank account, usually within a day or two of you returning the contract.
Pounds Till Payday Review
Interest charged is £29.98 per month for every £100 you borrow which compares extremely well with other payday lenders. It is much cheaper than Wonga for instance and isn’t much more expensive than QuickQuid. Both those lenders though will have the loan paid into your account within an hour of you applying.
The size of the loan you can have is determined by your net income but for your first loan you can only borrow up to £200. Once you have successfully repaid your first loan and established yourself as a customer, any future loan limit may be increased.
Pounds Till Payday don’t give extensions or allow rollovers on their loans so anything you borrow must be paid back within 31 days. Depending on where you stand on payday loans you may see this as a good thing or a bad thing.
If you do happen to find yourself in difficulty come pay day they do allow you to apply for another immediately after you repay your present loan.
Our Pounds Till Payday Review
Pounds Till Payday offer a half decent loan service but let themselves down with the long drawn out application procedure.
Payday loans, by their nature are designed for emergency situations and having to wait several days for your money kind of defeats the purpose. It has to be said there are much better and faster deals out there to be had.
We recommend you use QuickQuid – they have the cheapest rates in the UK and pay out within the hour, even on weekends and bank holidays at no extra charge. Apply for a QuickQuid payday loan through this link and get a further 30% discount off your interest charges.
You can visit the Pounds Till Payday web site for more details by clicking here.