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FAQs - Frequently Asked Questions About Payday And Short Term Instalment Loans

payday loan with flexible payments

Types of loan we offer

Rather than a traditional Payday Loan we offer a more flexible short term Instalment Payday loan which you can choose to repay over 2 to 6 months.

This is a rate capped product, which means that we cannot charge you more than 0.8% interest per day on the balance of your loan principal outstanding, we cannot charge you more than £15 in default fees and even if you do not repay on time you cannot be required to repay in total more than twice the amount you borrow. For example, if you borrow £100 you cannot be required to pay back more than £200 in capital, interest and charges.

You can apply for an Instalment Payday loan discreetly on this website, or apply by calling one of our friendly UK based advisers on 0845 676 9 676 *. Our advisers are fully trained to take you through the loan application process and give you a quick decision.

Please note that our Instalment Payday Loans, are meant to help you meet your short term financial needs, they are not suitable for longer term borrowing, or if you are in financial difficulties. They would be very expensive as a means of borrowing over the longer term.

Applying for a loan

Applying for one of our loans is easy. Either fill out our secure online application form by clicking the 'Apply Now' button or apply by phone on 0845 676 9 676

. Application online or by phone should only take a few minutes.

Here's some more information

Adequate explanation

Before we can process your application, we have to provide you with important information known legally as an 'adequate explanation'. This will help you ensure that the credit agreement is suitable for your needs and financial situation. Please remember that a short-term instalment loan is unsuitable for longer term borrowing or if you are already in financial difficulty.

Standard European Consumer Credit Information (SECCI)

The SECCI ensures that the borrower is aware of certain key information contained within the credit agreement, including:

  • The amount of credit
  • The cost of credit
  • The number and amount of repayments and the total repayable
  • Other information on the agreement such as key dates
  • Costs in the case of missed payments
  • Legal rights such as how to withdraw
  • Information about the lender

The format of the SECCI is determined by law and is common in all EU countries.

Fixed Sum Loan Agreement

Loans provided by CASH4UNOW.CO.UK are governed by a Fixed Sum Loan Agreement that is regulated by the Consumer Credit Act 1974. The agreement contains the following information:

  • amount you are borrowing
  • length of agreement
  • amount and frequency of payments
  • details of your cancellation rights (if applicable) and other forms of protection and remedies available
  • the total charge for credit and the annual percentage rate (APR)

We are a responsible short term lender. We want our customers to be able to repay what they owe without negatively affecting their financial circumstances. We look at each request individually and will only make a loan if doing so allows us to meet our obligations as a responsible lender.

New customers can apply to borrow between £100 and £400. Customers who have borrowed with us before and have successfully repaid their loan or loans may be able to borrow amounts up to £750.

We reserve the right to alter the maximum advances to both new and existing customers and will endeavour to show the latest information on our website.

We will not provide a short term Instalment Payday Loan if you have told us you are in financial difficulties or the credit assessment indicates that the loan may not be able to be repaid in a sustainable manner.

Table of Charges

The interest charge permitted on your loan is 0.8% per day of the outstanding loan principal. This means that, when you first drawdown your loan we will charge you 0.8% per day on the amount borrowed until your first repayment becomes due. Thereafter, interest is charged on the remaining principal following each repayment. Each repayment includes a principal amount calculated to repay the loan in the agreed number of instalments. The exact amount of interest will depend on your paydates.

Missed Repayment Charges

If you do not make payment on the payment date, we may charge you a default charge of £5 and this will be added to your account the day after the payment date. We may apply up to 3 default charges, if you miss 3 separate instalments (if applicable) totalling a maximum of £15 subject to the application of the rate cap.

We may also charge you default interest for the period you are in arrears at the flat contractual rate applying to the agreement and subject to the application of the rate cap.

If your account remains unpaid for a period of 60 days or more we may refer it to an external debt collector.

To apply for one of our loans you will need to fulfil all these conditions:

  • Are aged between 18 and 65
  • Are resident in the UK
  • Have a UK bank account with a valid debit card associated with it
  • Receive your salary into the above bank account on a regular basis
  • Have a steady income with a take home pay of at least £600 a month
  • You must provide and email address
  • You must provide at least one valid contact telephone number

We need to see evidence of a steady income of at least £600 a month being paid into the bank account you will use to repay your loan.

Yes. We make a quick call to your employer to verify that you work there. We will not disclose anything about your loan application, or that we are calling from a lending company. If we are unable to validate your employment this way we may ask for a bank statement or current wage slip.

If you are employed and you do not give us permission to get in touch with your employer, then we will not be able to proceed with your application.

Yes we will always carry out a credit check. Doing an applicant credit check is part of our commitment to being a responsible lender; it helps us to verify the information you provide to us on your application form.

If you have a variable or poor credit history it may affect our decision.

Not necessarily. Our loans are unsecured so we also consider a tenant's other circumstances, such as living with parents. There is space on the application form for you to tell us about this.

Yes, we will keep you updated throughout the application process by email. If we need to speak to you about the online agreement one of our advisers will contact you on the phone number you supplied to go through the information you have provided.

To meet our obligations as a responsible lender we may ask for additional information.

If we cannot contact you on the phone number you gave us there will be a delay in finalising your application until we can do so.

Our systems are designed to allow us to assess your application quickly and thoroughly without the need for you to send in additional documentation.

However we may occasionally need to verify some information. If we do one of our advisers will need to contact you on the phone number you gave us.

Yes, certainly. Before we send you an agreement we are required by law to send you some pre-contract information.

Once you have been provisionally accepted you will receive, via email, what is called a 'Standard European Consumer Credit Information' document (View sample ), referred to as a 'SECCI' which contains the key details of your consumer credit agreement. The information contained in the SECCI is set out by law, and you should read it carefully.

Together with the SECCI document you will receive an 'Explanation about your loan' sheet (View sample ). This too is required by law and gives you important information about short term lending in general and your loan in particular.

If you decide to go ahead you will receive a loan agreement to sign. You should read these documents carefully as they provide all the information you need to know about your loan. You should only sign the agreement if you are sure you wish to proceed and will have the money available to make the required repayments on time.

Once your loan is approved for payment, we will instruct our bank to send the money into your bank account.

We will pay the money into your bank account via BACS which will take 3-5 working days. If you have chosen Faster Payment your money will be paid into your account by 6pm the SAME DAY. Both transfer methods are free of charge.

Please call 0845 676 9 676

and speak to one of our advisers if you wish to withdraw from your loan agreement.

You will need to repay all the money loaned plus any interest which has accrued calculated on a daily basis.

Our customers have a legal right to withdraw from their loan agreement within a specified time period. The exact details are shown on the 'Standard European Consumer Credit Information' document, and on your consumer credit agreement.

Before reapplying to us for a loan we suggest you wait until your financial circumstances have changed.

Please see our Frequently Asked Question- 'How can I improve my credit history'

Unfortunately we are not able to fund everyone who applies to us. If you have given your express consent for us to pass on your details as described in section 8.3 of our privacy policy we may pass your details to one of our third party introducers who may be able to facilitate other loan options for you.

CASH4UNOW.CO.UK currently works with only one third party introducer, Loan Machine Ltd, whose interim permission number is 576459. If we cannot offer you a loan we will pass on your details to Loan Machine Ltd and we may receive a commission for this.

We carry out due diligence on our partners to ensure they treat customers fairly and maintain minimum standards of compliance. This includes ensuring, as far as possible, that customers are not directed to other introducer sites where up-front fees may be charged.

CASH4UNOW.CO.UK does not pass your details directly to other lenders. The introducer who receives your details may work with a panel of lenders and you may receive multiple contacts by SMS, email or by other method. Multiple credit searches may be carried out. CASH4UNOW.CO.UK has no influence over the lender panel with whom the introducer works although we do seek reasonable confirmations from the introducer as described above.

We cannot improve your credit history but here are some tips which may help:

  • Make sure you are registered on the electoral roll at your current address
  • Try not to miss repayments on existing debts, including utility bills and mobile phone contracts
  • Try to keep up with scheduled loan and other credit repayments, it is a positive point to show you are repaying what you have borrowed
  • Always be truthful and accurate when making any application
  • Get a copy of your credit file and check the information to make sure there are no mistakes
  • When reviewing your credit file close down agreements you no longer use
  • If you have a credit card with a limit you do not use, try to get the limit reduced
  • Try not to have too many open credit commitments at the same time
  • Try not to make too many applications for credit in a short space of time
  • If you have a landline phone number as well as a mobile, include it on any application you may make

We welcome applications from customers who have successfully repaid a loan or loans with us and from time to time we offer additional benefits to returning customers.

Although we can never guarantee further loans, when we assess any new application we may take into account your previous successful payment history and loan settlement(s) with us.

Responsible borrowers who have used our service before can apply for increased loan amounts over those we offer to new customers, although these are of course subject to our discretion and individual assessment.

We will only ever offer you a new loan if it is in line with our responsible lending commitments to do so.

You can re-apply online or by telephone by calling 0845 676 9 676


Repaying a loan

For a short-term instalment loan we take each payment from your bank account on the agreed instalment date (as set out in your consumer credit agreement) by either a Direct Debit or by using the debit card details supplied during the application process. This is an automatic process and we set out how it works in the consumer credit agreement. We will attempt to contact you at least three days before your first payment under this process is due to remind you that your payment is due and to get in touch with us if you think you may have difficulty making the required repayment.

Please call 0845 676 9 676

and speak to one of our advisers if you wish to repay your loan early.

You have a legal right to repay your loan early, in full or in part, before the contractual term of the loan has finished.

Please call 0845 676 9 676 * and speak to one of our advisers if you wish to make a partial repayment of your loan.

You can make a partial repayment at any time to reduce the balance you owe.

You have a legal right to repay your loan early, in full or in part, before the contractual term of the loan has finished.

CASH4UNOW.CO.UK's customer service team keep an eye on how you are managing your account with us. If you miss your repayment they will make every effort to contact you to discuss the situation (via several different channels) starting with the day on which you should have made payment.

Our advisers are fully trained and understand that circumstances can sometimes change, so they will offer alternative solutions.

Please don't pretend things are alright if you can't pay, or ignore their calls or e-mails as this will only make the situation a lot worse.

If we haven’t received full payment on the due date we will apply a £5 missed payment fee. This will be added to your account the day after the payment date. We may apply up to 3 default charges of £5 if you miss 3 separate instalments (if applicable) totalling a maximum of £15 and subject to the application of the rate cap.

Where your repayment method is direct debit we will make one attempt to take the amount of the instalment plus accrued charges on the payment date. If we are notified that the payment has failed, we may make one further attempt to collect the repayment due by direct debit including interest and applicable charges on the next business day immediately after the Payment Date.

If repayment is by debit card, we will make up to two attempts to collect the amount of the due instalment (including any applicable charges) on the Payment Date. We will never seek to recover part-payment unless you instruct us to do so. We will only make two attempts to collect payment where the attempts are not successful, therefore do not assume we will take the instalment automatically. We will only make a further attempt on your debit card with your express approval.

If you don't respond to our attempts to contact you or we cannot agree a reasonable outcome we will pass your account to a licenced third party collections agency. This will be an external company who will contact you to obtain payment of your loan. We will always let you know if this happens, but we hope you will work with us to resolve the situation before this action becomes necessary.

It is extremely unlikely that CASH4UNOW.CO.UK will lend to you again. In addition, your outstanding debt would be notified to the Credit Reference Agencies, which may be seen by other lenders as part of their own application checks.

We appreciate that if you experience a sudden change in your financial circumstances you may not be able to meet the required scheduled payments. If you think you will have difficulty meeting the first scheduled repayment, please contact us at least 3 days before this repayment is due so we can help guide you through the options available. If the due date for your first monthly instalment has passed, please get in touch with us at the earliest opportunity if you feel you will not be able to make future repayments on time as they fall due so we can work with you to outline options available and agree a suitable repayment plan.

Your consumer credit agreement includes details of the process we use to collect repayments from you, and you should ensure that you understand this before you sign your agreement. Repayments will be collected from your bank account by either by Direct Debit or a Continuous Payment Authority. You may cancel your Direct Debit or Continuous Payment Authority by contacting either your bank or us.

If you decide to cancel, you must remember that you will still owe any outstanding debt and will need to provide an alternative method of repayment on the due date or thereafter, if the payment was not received, to avoid going into default or incurring additional interest and/or charges.

To cancel the authority directly with us, please get in touch .

General questions

We are a responsible short term lender. We want our customers to be able to repay what they owe without negatively affecting their financial circumstances. We look at each request individually and will only make a loan if doing so meets our obligations as a responsible lender.

However, it is a borrower's responsibility to decide if a loan is suitable for their needs.

Before applying, ask yourself 'Do I need to take out a loan?' and 'Can I use another source?'

Our documentation gives you the information you need to make an informed decision to apply for one of our short term payday instalment loans.

A 'payday' loan is designed to provide a cash advance with full repayment on your next payday, whereas, a short term instalment loan is designed to provide a cash advance that is repaid in equal amounts over your choice of two to six months.

Because there are cheaper forms of long term credit available, 'payday' or short term lending may not be suitable for attempting to sustain borrowing over longer periods.

Our loans should never be used if you are already in financial difficulties or possibly facing challenges keeping up with your existing commitments. For further help and advice click here for details of free debt counselling organisations who may be able to help you.

We provide loans with repayment options from two to six months. Application is a simple process which can be done via our website CASH4UNOW.CO.UK, or by phone on 0845 676 9 676


A Payday Instalment Loan from us is not an answer to existing financial difficulties. Taking on additional credit when you are already having financial difficulties is not 'responsible borrowing' and will most likely add to your problems.

If you do feel you have existing financial problems, we suggest you seek help from one of the free advice agencies in the UK, such as the StepChange Debt Charity (, or National Debtline (

We are a responsible lender. We want our customers to be able to repay what they owe without negatively affecting their financial circumstances. We look at each request individually and will only make a loan if doing so meets our obligations as a responsible lender.

Yes, we process new loans between 9am and 5:30pm Monday to Friday excluding bank holidays. Applications made on a bank holiday will be processed on the next working day.

The representative APR (APR stands for Annual Percentage Rate) is required by law to be included on certain documents and promotional material and is calculated according to a formula laid down by regulations.

Essentially the APR looks at annualized charges and the formula used (which is quite complex) means that really high APRs are often shown for very short term loans and they can give a distorted impression of what the interest charge applied to your loan really is.

Please see our rates and charges for detailed information about our interest rates.

We hope that you will be happy with every aspect of our service. If however you wish to make a complaint, please see our complaints policy .

Category: Payday loans

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