E-Payday

What you need to know:

From what we can see, E-Payday look to be offering something different in the services they provide to their customers. The main point of note to take away is the interest rate charge which is the lowest of ANY lender we have reviewed on this website – in terms of value, E-Payday are right up there with the biggest payday lenders.

We cannot find any information on additional charges. Their repayment schedule is unnecessarily complicated however may make the loan slightly easier to repay for people looking for more of a long term option. Their repayment schedules vary from paying the amount in full to paying a minimum amount each month with a reduced interest charge.

The one major concern we have with E-Payday is speed of service. They stipulate same day delivery of funds however they REQUIRE certain document prior to approving your application – this can unnecessarily slow down the approval process but also justifies the reduced interest rate.

Criteria:

To apply for a loan with E-Payday you must have a valid UK Bank Account that is linked to a debit card AND chequebook. Only people over the age of eighteen years old and in full-time employment can apply (self-employed people do not fall within the criteria).

Customer Service and Complaints:

There is very little in the way of customer reviews on E-Payday. The design of their website and their transparency leads to us believe that they are a reputable company. If you have had experience with E-Payday please provide a review below.

Overall:

We will stave short of recommending E-Payday (we do not have enough information on the standard or quality of service as yet) but early signs signal their potential as a heavyweight lender. Of particular interest is their low 20% charge on loans. The one major drawback of course is their insistence on providing documents to validate a loan application.