Frequently Asked Questions
1) What is a Pay Day Advance?
2) What can a Pay Day Advance be used for?
3) How much can I borrow?
4) How much does it cost?
5) What do I need to get a Pay Day Advance?
6) How long does it take to get approved for a loan?
7) How will I know if I have been approved for my payday advance?
8) How long until I receive my money?
9) Which branches can I collect my cash from?
10) How do I receive my loan?
11) Do you run credit checks?
12) I have a very poor credit history (CCJ’s etc), can I still get a Pay Day Advance?
13) What if I get paid weekly?
14) I am self-employed, can I still receive a Pay Day Advance?
15) I am a tenant, does this matter?
16) Do you contact current or former employers?
17) Can anyone have a Loan Until Pay Day?
18) Do you allow extensions?
19) What is a roll-over?
20) How does a roll-over work?
21) Do I have to fill out an application form?
22) What if I have insufficient funds in my bank account to repay the loan?
23) Can I have multiple loans in the same month?
24) What if I lose my guarantee card?
25) What are the cheques for?
26) What other services do Ramsdens provide?
1) What is a Pay Day Advance?
A Pay Day Advance or Salary Stretcher is a short term loan until your next pay day. See how it works.
2) What can a Pay Day Advance be used for?
A Pay Day Advance loan can be used for WHATEVER YOU WANT, clothes, CD’s, nights out, holiday money, bills, anything at all it is entirely up to you.
3) How much can I borrow?
You can borrow up to £400 and the total amount repayable is £500, see how much it costs.
4) How much does it cost?
You Borrow: |
You Pay Back |
£80 |
£100 |
£120 |
£150 |
£160 |
£200 |
£200 |
£250 |
£240 |
£300 |
£280 |
£350 |
£320 |
£400 |
£360 |
£450 |
£400 |
£500 |
|
The interest charged is 20% of the total amount payable or 25% of the amount of credit. For a loan over a typical period of 30 days the typical APR is 1410.3%
Rollover/extensions
Your loan can be extended until your next pay day at a cost of £15.00 per £100 repayment. (17.65% of the amount of credit)
If you are paid weekly then you only borrow up to £100. |
5) What do I need to get a Pay Day Advance?
You need:
- A regular income e.g. wages, salary, pension, that is paid into a bank account
- A cheque guarantee card with debit card facilities for the above bank account.
- Cheque Book for the above bank account.
You will need to supply us with:
- Recent bank statements showing two salaries credited to the account. The statements should be no more than 4 months old. Two statements are required if one does not cover two paydays.
- A pay slip matching one of the credits into your account on the statement provided.
- A photocopy of the front and back of your guarantee/debit card.
- Cheques covering the repayment amount.
We will post back your Bank Statement and Payslip.
6) How long does it take to get approved for a loan?
We expect to confirm that your loan is approved in principle on the same working day that your application is received. If your application is received out of office hours we will confirm on the next business day.
7) How will I know if I have been approved for my payday advance?
We will contact you either by email (unless you request phone or fax)
8) How long until I receive my loan?
As soon as you have been approved and we have received your paper work for the loan we will transfer the money into your account immediately (Express Service) or within 3 working days (Standard Service). Alternatively if you prefer, you can collect your cash from one of our nominated Ramsdens branches as soon as it is convenient for you.
9) Which branches can I collect my cash from?
Billingham
Darlington
Halifax
Hartlepool
Jarrow
Middlesbrough - Acklam
Middlesbrough - Linthorpe
Newton Aycliffe
Peterlee
Rotherham
Sheffield
South Shields
Southwick - Sunderland
Stockton
Sunderland - Chester Road
10) How do I receive my loan?
Your money will be either:
- Paid into your bank account by:
- BACS payment, taking 3 working days at the cost of £1
- CHAPS payment, the money will be in your bank account the same working day at a cost of £15
- You can call at a nominated Ramsdens branch.
Please note that the fees mentioned in options A and B will be debited from the capital that you receive.
11) Do you run credit checks prior to approving the loan?
No, we base our decision on the information that you provide us with.
12) I have a very poor credit history (CCJ’s etc), can I still get a Pay Day Advance?
Yes, we base our decision on the information that you provide us with.
13) What if I get paid weekly?
No problem, the advance will be repayable on the fourth payday after the advance. The maximum loan however will be £100.
14) I am self-employed, can I still receive a Pay Day Advance?
No
15) I am a tenant, does this matter?
Not at all, it doesn’t matter what your residential status is, as long as you can prove your income.
16) Do you contact current or former employers?
We do not need to contact your employer to approve your loan, we base our decision on the information that you provide us with.
17) Can anyone have a Loan Until Pay Day?
Only people over the age of 21, employed and with a residential address in England or Wales can have a Loan Until Pay Day.
18) Do you allow extensions?
Yes, these are called rollovers. You simply pay the interest and your loan will be repayable on your next salary date. You can extend your loan for as many times as you wish.
19) What is a roll-over?
A roll-over is an extension of your loan to a later pay date. You simply pay the interest only, and the loan is then repayable on your next salary date. You can roll over your loan as many times as you wish.
20) How does a roll-over work?
You pay the interest on your loan. This is taken using your debit card. Your loan is then repayable (by your debit card or cheques) on your next salary date.
21) Do I have to fill out an application form?
New customers complete an application form by going to our apply now page, returning or existing customers complete a short form. No application forms are completed to roll over or extend your loan.
22) What if I have insufficient funds in my bank account to repay the loan?
You can roll over or extend your loan by paying the interest only.
23) Can I have multiple loans in the same month??
No, all other loans have to be repaid before another can be granted.
24) What if I lose my guarantee card?
You must inform us immediately.
25) What are the cheques for?
The cheques are for security purposes, should for any reason your guarantee/debit card not be working, for example it gets lost and is replaced.
26) What other services do Ramsdens provide?
Ramsdens offer other financial services including Cheque cashing and the increasingly popular pawnbroking loan service. Please see our financial website for further details.
Ramsdens also have a jewellery retailing website packed full of quality new and used gold and silver jewellery at rock bottom prices, visit us here
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