What are One Hour Loans?

They're an advance on your salary payment designed to help you pay bills, make emergency payments or even just treat yourself. You can borrow anything from £50 to £300 and pay it back after you've been paid. They're a convenient, fast way of applying for a small amount of money. As the name suggests, once you've been accepted, you can get the loan in one hour.

Who can apply for a fast cash loan?

Almost anyone. You don't need to be a homeowner or have collateral. There are just three simple criteria. First, you need to be a UK resident aged at least 18. Second, you need to be employed with a regular salary. Finally, you need to have a UK bank account and debit card. That's all you need in order to be eligible to apply.

Is there a limit to how much I can borrow?

Yes. We believe in responsible lending, so we don't try to get you to take out a loan that may be difficult for you to repay at the end of the month. Our research has shown that a fast payday loan of £300 is enough to make a real difference to most people's immediate finances, while still being a realistic amount to repay at the end of the month. It's also an amount that more people are likely to be approved for.

Is it easy to apply?

It really is. It only takes a couple of minutes and you only need to put in some basic details about yourself, your employment and your bank account. Most of it will be information you'll have straight to hand as well! In rare cases, you may be required to send copies of proof of employment or residence, but this can be done online or by fax, keeping things fast. In the majority of cases, it's just the one simple form.

Are there restrictions what I use my one hour loan for?

No. Because it's an advance on your payday, you can use it for whatever you'd use your payday money on. It can be for something you need or even just something you want. The fees on your payday loan won't change depending on what you need the money for either. All that's important is that you need or want it. It's all about building our service around your convenience.

How do I repay the one hour payday loan?

When you apply, you will be asked for the date you get paid and when is most convenient to repay the loan within the month. You don't need to worry about setting up direct debits, writing cheques or phoning someone to make payment. It will all be done automatically and conveniently.

I don't have a good credit history. Do I still stand a chance of being accepted?

You stand more of a chance of being accepted with a payday loan than with a number of other ways of obtaining credit. Because you're not agreeing to a long-term financial plan, it's only important that you can show your ability to repay the amount once you've been paid. There are obviously no guarantees, but it's less important to have a strong credit history with a payday loan.

Can you tell me how much the interest will be before I apply?

We can give you a rough idea, although it can vary a little depending on the lender and your circumstances. The usual amount of interest is £20 for every £80 that you borrow. So, if you borrow £160, you'll pay £40 interest, and a total repayment of £200 in an average of 28 days. This works out as an annual percentage rate of 1737%, although it's important to remember that it's not a monthly or weekly percentage rate, so it can look a lot higher than you're actually repaying at first glance. In realistic terms, you can expect to repay £20 per £80 borrowed. If your application is accepted, you will be given a clear repayment amount and any optional extra charges. Until you agree to this, you are under absolutely no obligations.