Pay day advances are done by holding your own personal cheques until your next paydate. We give you cash that day for your cheque/s are we will bank them on the date you specify to get our money back.
Pay day advances are charged on a percentage basis. The percentage charged depends on the time period held.
Identification Required
Every time you do a pay day advance transaction, you are asked to present us with the following identification:
- Cheque Book ( Not removed cheques)
- Valid Cheque Guarantee Card
- Recent Bank Statement - All Pages
- Recent Pay Slip
This is deemed as the minimum identification requirements for a pay day advance. We would suggest that further items are also brought, such as passport, driving license, other utilty bills and bank or credit cards to ensure that we can complete the transaction. Recent items of address are those which are dated no more than 6 weeks prior to the date of transaction.
Pay day advances are charged on a percentage basis of the total cheque and a handling fee. The percentage charged depends on the time period held before we bank the cheque for payment.
|
Days Held
Inclusive |
1-7 Days |
8-14 Days |
15-28 Days |
|
Percentage
Charged |
8% |
10% |
12.5% |
A typical example of a payday loan would be: For a £100 cheque, held for 31 days, would give you £85.50 instant cash (Typical APR 533.28%)
