To consider your application, YOU MUST, without exception, adhere to the following:

1) You must have a Consumer Credit Licence
2) You must have at least 2 years of trading history. The more the better!

Please note that we can only offer this to direct lenders and not loan brokers.

What is a Consumer Credit Licence?

Under the Consumer Credit Act 1974 businesses that lend money, provide credit or provide debt collecting, offer hire purchase items, debt counselling or debt adjusting services to consumers (to name just a few) need to have a credit licence. Trading in credit activities without a credit licence is a criminal offence

For more information www.oft.gov.uk/OFTwork/credit-licensing

What is a payday or short term loan?

A payday loan is a short term loan which is unsecured and is designed to help short term financial issues and is typically up to a maximum of £1000. As the name suggests the loan is supposed to be paid back at the lenders next payday. Loans are typically given for between 1 and 30 days. However these do differ from lender to lender.

What is the risk to lenders?

Payday loans carry substantial risk to lenders and they have a 20% default rate. Defaults cost payday lenders around a quarter of their annual revenue - ouch!

What is Representative APR and why is it so high?

On 1st February 2011 all European Union member states brought in the Consumer Credit (EU Directive) Regulation. This has now replaced the original Annual Percentage Rate APR. The FSA states "The Representative APR must reflect at least 51% of business expected to result from the advertisement. The standard information must be representative of agreements to which the Representative APR applies.”

Representative APR is based on a credit limit of £1,200.