Frequently Asked Questions
How long does it take to apply and receive my funds?
Applying for a loan with WePayAnyDay is quick and simple. In most cases the
application process, including signing for the loan, takes a few minutes. There may be times when we
require you to provide additional information. Even when this happens, your application should be taken
care of the same day. The time it takes to receive
your funds will vary depending on your bank. In most circumstances, if you have a successful loan
application before 3pm, your funds should be with you the same
working day. If you apply after 3pm, you should have your funds the next working day. Applying over the
weekend will usually mean you will see the funds in your bank account on the following Monday.
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We adhere to and follow all applicable collection laws and guidance and
adopt a policy of trying to work with you through any difficult financial
circumstances. We will always make several attempts to contact you, by
letter, email, text and phone. If you cannot repay your loan for whatever
reason, you must contact us immediately. We will do our best to help you.
Implications of late or non-payment
Whilst we will always do our best to help, you are likely to incur further
interest and charges for late or
non-payment. These charges are always made clear to you before you accept
the loan and are clearly set out in your loan agreement. For example, if
you do not repay your loan on time, your loan will be in default and you
will be charged a one-off default fee of £12 which will be added to your
account. All default interest and charges are frozen after 60 days. As part
of our responsible lending philosophy, we perform traditional credit checks
and report loan information to the UK credit bureaus. Consequently, a
missed and/ or late payment may have a negative impact on your credit
Deferral (Renewals) Policy
We do not automatically defer (renew) our
loans and actively discourage deferrals which prolong your period of
indebtedness and end up costing you more than the amount on your loan
agreement. We will only allow a maximum of three extensions on an interest
only basis and if we agree any further extensions we will always require
you to pay off interest and an element of the outstanding credit amount.
You are encouraged to repay your debt as quickly as possible to minimise
your credit costs.