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Things after Loan Application

admin | 05 Oct 2021

1. What happens after you have submitted your application?

When you apply for a payday loan, you will need to fill in some personal details, including:

  • Home address
  • Contact details
  • Work employment
  • Regular personal outgoings

Please note that we may offer you a loan for an approximate amount, which could be higher or lower than the exact amount you applied for.

If your short-term loan application is accepted, you will be sent directly to your loan agreement.

You can then take time to read the terms and conditions of your loan properly to ensure that you are happy and comfortable with their offer.

2. What are payday loan charges?

When you take out a payday loan, you will usually be expected to repay around $24 for every $100 that you borrow for 30 days. This is because of FCA price caps.

Most importantly, you will never repay more than 100% of the money borrowed.

Short-term loans can vary depending on how long you take the loans out.

Please see the charges table below.

 

Repayment Schedule ($100) 1 Month 3 Months 6 Months
Average Monthly Repayment 124 44 24
Interest Paid 24 32 44
Total Cost 124 132 144

 

With a short-term loan, you may be offered the opportunity to revise your loan duration during your application, allowing you to pinpoint exactly how long you need the loan.

 

The loan requirements will come from your application and may depend on the loan amount and duration. MyCashOnline will see your loan application will depend on your needs and circumstances.