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FAQ

FAQ’s – Frequently Asked Questions

For your convenience we have listed the answers to the most frequently asked questions Payday Loans Depot UK receives from our customers regarding payday loans you can apply for through our site. If you have a question that is not listed on this page please contact us.

WHO IS ELIGIBLE TO APPLY FOR A LOAN FROM PAYDAY LOANS DEPOT UK?
The lenders Monevo work in partnership with use various criteria but the majority of lenders require all applicants to:

Be a UK resident
Be over 18 years of age
Be currently employed and in receipt of a regular income
Have a UK bank account
HOW DO I APPLY FOR A LOAN on your website?

Simply complete and submit the quick and easy online loan application form.

HOW LONG DOES IT TAKE TO APPLY FOR A LOAN ON PAYDAY LOANS DEPOT UK AND FOR MY LOAN TO BE APPROVED?

It takes approximately 60 seconds to fill in the easy to use loan application form. Once you have submitted your loan application, if successful, it only takes a matter of minutes for your loan to be approved.

However, in a small number of cases your lender may require you to provide additional information, or they may need to speak to you to verify your details. Nevertheless, even if this is the case your loan application should be approved on the same day that you apply.

WHEN WILL I GET MY MONEY FROM PAYDAY LOANS DEPOT UK?

In most cases lenders will deposit your money into your bank account on the same day if you apply before 3pm Monday – Friday. For applications that are received after 3pm most lenders will deposit your money into your bank account on the next working day. Should you require money to be paid into your bank account on a Monday all you have to do is simply apply during the weekend.

I HAVE A BAD, OR POOR, CREDIT HISTORY – CAN I STILL APPLY FOR A LOAN VIA PAYDAY LOANS DEPOT UK?

Of course! The lenders Monevo work in partnership with specialise in providing loans to people who may have had – or may currently have – a bad or poor credit history. If you have missed payments, or have been rejected from lenders based on your credit score in the past, please do not let that deter you, many of Monevo’s lenders cater for people with a damaged credit profile, or lack thereof.
MY BANK ACCOUNT DOESN’T COME WITH A DEBIT CARD – CAN I STILL APPLY FOR A LOAN VIA PAYDAY LOANS DEPOT UK?

This will entirely depend on your lender as we do not provide the loan, and would not be taking payments from your account. Please contact your lender directly.

HOW MUCH AM I ABLE TO BORROW VIA PAYDAY LOANS DEPOT UK?

You are able to borrow anything from £100 to £2,000 depending on the loan amount you require and your individual circumstances.

HOW MUCH WILL I HAVE TO PAY BACK?

We do not make any credit decisions or approve any loans, so this will entirely depend on your chosen lender, the interest rates they offer, and your credit file and circumstances.
ARE CREDIT REFERENCE AGENCIES OR CREDIT SCORING SYSTEMS USED TO PROCESS MY LOAN?

We and Monevo will not use credit reference agencies, however lenders will use credit reference agencies when deciding if you are eligible for a loan. Each case is decided on it’s own merit and some lenders may be willing to lend where others are not.

HOW DO I PAY BACK MY LOAN?

Lenders accept various payment methods. Normally loans are paid back via debit card or by direct debit from your bank account.

WHY DO YOU ASK FOR MY PERSONAL INFORMATION ON YOUR APPLICATION FORM?
We ask for your personal details as all responsible lenders are required to verify that it is you who is making the loan application to prevent someone else trying to take out a loan in your name. Your personal information is also used to confirm that you are in full time employment and can afford to repay the loan. Furthermore, lenders need your bank details so that they can deposit your funds directly and securely into your bank account.

WHAT IF I HAVE PROBLEMS PAYING BACK MY LOAN?

Lenders fully understand that an individual’s personal circumstances can often change. Therefore, if this applies to you, you must let your lender know as soon as possible so that they can assist and help you in any way they can. The most important thing to remember is never borrow money you do not think you will be able to pay back.

 

I AM VERY HAPPY WITH THE SERVICES OF PAYDAY LOANS DEPOT – WHAT CAN I DO?

We would love to have your feedback. If you wish to let us know how we are doing, please use the contact us form on our Contact Us page

I AM NOT ENTIRELY HAPPY WITH THE SERVICES OF PAYDAY LOANS DEPOT – WHAT CAN I DO?
In the event that you’re not happy with some aspect of our services please also use the contact us form on our Contact Us page.

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* subject to lender requirements and approval. The time it takes for you to receive your funds may take longer. Generally, most lenders will look to pay out on the same day of approval. With some lenders, it may take a couple of days to receive your funds.
Our website is completely free for you to use but we will get paid by Monevo for introductions.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: £400 borrowed for 30 days. Total amount repayable is £459.36. Interest charged is £59.36, interest rate 180.5% (variable). Representative 728.9% APR. Paydayloansdepot.Co.uk is a registered trading name of Hellcat Media Limited which is an Introducer Appointed Representative of Quint Group Limited, who are a credit broker not a lender.

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Representative 728.9% APR.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: £400 borrowed for 30 days. Total amount repayable is £459.36. Interest charged is £59.36, interest rate 180.5% pa (variable). Paydayloansdepot.Co.uk is a registered trading name of Hellcat Media Limited which is an Introducer Appointed Representative of Quint Group Limited, who are a credit broker not a lender. Paydayloansdepot.co.uk Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd for the purposes of obtaining a loan. Paydayloansdepot.co.uk does not provide any loan or consumer credit products directly.