Frequently Asked Questions
Payday Now is a trading name of MEM Consumer Finance Ltd –
a subsidiary of MEM Capital Ltd.
For more information, see the section “About Us”.
Considering a payday loan
How long does it take to apply?
Applying for a payday loan is very simple and fast! It only takes five minutes from start to finish – this includes signing for your loan!
How much can I borrow?
The amount you can borrow depends on your personal circumstances but we lend from £80 up to £750. Money is sent into your account the same day!
Why is your APR so high?
APRs are a good way of comparing similar products but are not effective when comparing different products. The following table demonstrates this:
As you can see the APR for the two installment loans are the same but the actual interest repaid as a percent of the loan is hugely different – and much lower with a payday loan.
You can also compare a payday loan against an unauthorized overdraft. Banks do not have to quote APRs for charges on unauthorized borrowing but the following example shows how the APR works for going just £5 over your overdraft limit and being charged just one £25 fee.
This is why we focus on telling you very clearly how much you repay in total rather than on the APR.
Do I qualify?
If you are over 18, in full time employment and earning more than £750 a month, you are likely to qualify. All you then need is a bank account for us to pay the loan in, with a debit card for you to repay!
What information do you need?
Our simple online form only requires the following information:
- Your name and address
- Your date of birth
- Your contact telephone numbers and email
- Your work and pay details
- Your bank account and debit card details
Why do you need all my details?
We are a responsible loan provider and this means that we need to verify:
- That it is you taking out the loan
- That you are in full time employment and able to repay the loan
- That we put the money in your account and no-one else’s account
- That you can repay us in a simple and hassle-free way
Do you credit score my application?
No, we currently do not credit score your application so that we can make immediate decisions while you are online. It means you get your loan decision –and money – quicker.
I have bad credit - will this affect my loan application?
Not necessarily. We look at each application based on your recent circumstances.
Does it matter that I don't have a debit card?
We require you to have a debit card in order for us to take your loan repayment.
Getting my payday loan
What do I have to do?
Complete our simple application online. If you are approved, you will be asked to complete your bank and debit card details and then sign your loan agreement. We will do the rest!
When will I have my money?
We will transfer the funds to your account on the same working day as your loan is completed. Some banks take up to 48 hours for money transfers to clear.
How will I get my money?
It’s paid directly into your bank account so you can access it as you would normally take cash from your account.
Can I have more than one payday loan at the same time?
No all other payday loans have to be repaid before another can be granted. This is because we are a responsible loan provider and want to ensure you can pay what you owe.
Paying back my payday loan
How do I repay my loan?
Easy – we take the agreed repayment from your debit card on your next payday – there’s nothing else for you to do.
Can I defer my payment?
Yes - although after deferring the payday loan twice we will ask you to start reducing the balance. This will incur new charges for every month the loan is due – but still at our fixed rate – there are no additional charges.
My payday or debit card details have changed
If your payday has changed, or you have a new debit card, please contact our customer services team on 0871 550 0076 as soon as possible and they will make the necessary changes!
What if I have problems paying?
We do understand that people’s circumstances can change. If this is the case, you must let us know as soon as possible and we will do our best to help.
The most important things to note are:
- Don’t borrow money you don’t think you can pay back
- Talk to us and we will help as much as possible
Customer Services
What time are you open?
Our websites are up 24 hours a day, 365 days a year!
Our customer service team is available from 09:00 to 18:30 Monday to Friday and from 10:00 to 16:00 on Saturday.
How can I contact you?
You can contact our customer service team in the following ways:
- Telephone: 0871 550 0076
- Email: customer.services@paydaynow.co.uk
- Post:
Payday Now
PO Box 255
Bicester
Oxfordshire
OX26 4ZY
I am very happy with your service – what can I do?
Please let us know! We work very hard to keep our customers happy and it is always good to know when we’ve succeeded. Some examples of satisfied customers can be found on our testimonials page.
I am not happy with your service– what can I do?
At MEM Consumer Finance Ltd, we do everything we can to make sure our customers get the best possible service. However, sometimes, we don't get things right first time.
If you're not completely happy with our service, we'd like to hear about it - that way, we can do something to put it right.
Complaints Procedure
How we will deal with your complaint
We want to:
- Make it easy for you to tell us about your complaint
- Give your complaint the attention it deserves
- Resolve your complaint as quickly as possible
- Make sure you are satisfied with how your complaint was resolved
How and where to complain
If you're not satisfied with any aspect of our service, you can tell us about your concern in the following ways:
- By Telephone - 0871 550 0076
- In Writing - Address your letter to:
The Customer Service Department:
Payday Now!
PO Box 255
Bicester
Oxfordshire
OX26 4ZY - By Email - customer.services@paydaynow.co.uk
Please note that additional personal information should not be included in email messages for security reasons. We will respond by telephone or letter for the same reason.
How long will it take?
We will try to resolve your problems immediately. However, if we have not been able to resolve your complaint within one week, we will write to tell you:
- Why we have not yet resolved your complaint
- Who is dealing with your complaint
- When we will contact you again
We will contact you regularly until your complaint has been resolved. If your complaint is particularly complex, it may take longer to resolve. If, together, we cannot reach an agreement by the end of eight weeks, we will:
- Send you a letter giving our reasons for the delay and an indication of when we expect to provide a resolution
or
- Refer your complaint to our Managing Director - they will issue the MEM Consumer Finance Ltd final response letter, which will explain our final position
You will also receive a leaflet explaining your referral rights to the Financial Ombudsman Service. For more information, please refer to the section on the Financial Ombudsman Service.
If you are unhappy with the way your complaint is dealt with
Our aim is to resolve your complaint as quickly as possible and to your complete satisfaction. If you're not satisfied with our action or explanation, you can ask for your complaint to be reviewed at a higher level You can write directly to the Operations Manager at the address shown above.
The Financial Ombudsman Service
Our aim is to resolve all complaints internally. However if you are not satisfied with our suggested resolution, or if eight weeks have passed since you first brought your complaint to our attention, you have the right to refer your complaint to the Financial Ombudsman Service. If you want the Financial Ombudsman Service to look into your complaint, you must contact them within six months of the date of any final response issued.
You can write to them at:
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR
Alternatively you can phone 0845 080 1800. Further helpful information can be obtained from visiting the Financial Ombudsman website on www.financial-ombudsman.org.uk.
Please note: if you contact the Financial Ombudsman prior to the eighth week, they will refer you back to us to handle the complaint in line with this procedure.
We hope that our service will remain good enough that you never need to complain but on the rare occasion it is necessary, you may also want to look here www.financial-ombudsman.org.uk for an online copy of the Financial Ombudsman's Consumer Leaflet.
