Payday Bank

What you need to know:

Payday Bank is a payday broker and one of the more popular options online for customers looking to survey the best deals within the payday loans market. Payday Bank are a reputable and trustworthy alternative to applying directly to a payday loan company and we believe they utilise what is called ping tree functionality to submit one payday loan application to multiple payday lenders – needless to say, this will increase your chances at being accepted for a payday loan.

The main disadvantage to applying through a payday broker is the lack of control given to your over which lenders you application is sent to. A ping tree system works by submitting your application to multiple lenders in sequential order, the best lenders (the ones that pay the highest commission fee to the broker) will appear at the top of the chain.

It’s worth noting that Payday Bank will send your application to a number of lenders who have already been reviews on Quick Payday Loans including Wage Day Advance, Quick Quid and Payday UK.

Criteria:

The criteria for applying for a Payday Loan through Payday Bank are relatively standard, you must be over the age of eighteen years old, a permanent resident in the UK and also in full time employment. You must also have a valid UK bank account and valid UK debit card.

Customer Service and Complaints:

There is very little to complain about in terms of the service offered by Payday Bank – as a payday loans broker they merely facilitate the process of applying for a payday loan. One thing worth noting in this respect is the opportunity to utilise the live chat facility should you have any questions about exactly where your payday loan application is being sent.

Overall:

We quite like Payday Loan Brokers, they provide new borrowers who are perhaps unfamiliar with what’s on offer in the sector the opportunity to submit their application to multiple payday lenders all from one easy to use form. One thing to be wary of however is exactly where your application is being sent to and exactly how your data will be used in the future – it may be worth setting up a standalone e-mail account particularly if you are concerned about your data being shared with companies outside of the UK.