How does Payday Mart work?
We provide payday loans to UK residents and customers can apply online 24/7. A payday loan is intended for short term purposes and is payable on your next pay date.
What is required to obtain a payday loan?
You need to be over the age of 18, employed, have a regular income and be a UK resident. You will also need to have a UK bank account that has a debit card linked to your bank account so that we can pay you your money and withdraw any amount that is owing to us on your pay date. We do not accept prepaid or credit cards.
How long does it take to complete the online application?
The online application process usually takes around five-ten minutes and you can complete your application online on our secure web site.
How much money will I be able to borrow?
Payday Mart is committed to responsible lending. You can apply for £80 - £300 on your first payday loan application. If you make your payments promptly on the due date, we may be able to offer you more money in the future, provided you are using our service responsibly. We provide payday loans up to a maximum of £1000, although it is not a guarantee that you will receive that loan amount.
How much will a payday loan cost me?
We charge a standard fee of £30 for every £100 that is borrowed.
| Borrowed | Repayment |
| £100 | £130 |
| £200 | £260 |
| £300 | £390 |
| £400 | £520 |
| £500 | £650 |
| £600 | £780 |
| £700 | £910 |
| £800 | £1040 |
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I have a bad credit rating. Is that OK?
If you have bad credit, you do not have to worry as we recognise that financial mistakes can and will happen to ordinary people. At Payday Mart, we look at every applicant individually and are usually able to service people who have bad credit.
What personal information do I need to provide?
We will need your full name, your contact phone numbers, date of birth, bank account, debit card information and some information relating to your income. Fraud is a very serious matter and we need to confirm that you are the person who you say you are. If you would like more information on how we collect your personal details and how it may be used, please review our Privacy Policy and Terms & Conditions.
Do I have to be employed to get a loan?
Yes, you are required to be employed. As our payday loans are intended to be short term, you are required to have a regular source of income so you can repay your loan on time.
I am not a home owner. Is that a problem?
No, it is not a problem. We offer short term credit to tenants, home owners, and also to people living in shared accommodation.
Is the service provided by Payday Mart right for me?
Anyone who is looking for a fast & easy short-term payday loan can benefit from our service. We can give you relief from your emergency financial requirements. However, payday loans should not be used as a long term financial solution as there are cheaper ways to obtain credit. Payday Mart offers the most convenient and fast way to get cash when you need it urgently.
If your debt situation becomes a problem, we suggest that you seek assistance from one of the independent credit counselling organisations for financial advice.
The loan process
How does everything work?
Fill out our simple and straightforward online application, which includes questions about your personal details, employment information, and details pertaining to your debit card and bank account. After completing the secure online application, you will receive an instant response as to whether or not you have been approved for the payday loan.
How long will it take until I receive my loan?
Typically, loans that are approved before 15:30 will be funded the same business day and are generally processed within 30 minutes of receiving your online application. The actual time that it takes for you to receive the funds in your bank account may vary. You may opt for the Faster Payments Service for same day deposits.
Please be aware that banks that do not accept Faster Payments may take up to 3 working days to clear the funds into your bank account. To check if your bank accepts Faster Payments go to
www.ukpayments.org.uk/sort_code_checker/ and enter your bank's sort code.
Please note that this time frame is not guaranteed and that some banks will take up to 3 working days to process and release your funds, which is out of our control.
Please also note that Payday Mart offers the BACS service at no additional fee, the FPS service (Faster Payments Service) which will cost an additional £7 per transfer, and the CHAPS service (a same-day automated payment system for processing payments made within the UK between member banks) which will cost an additional £20 per transfer.
How will I receive my loan?
Your loan will be paid directly into your personal bank account and you can withdraw the funds whenever you need it.
How do I pay back my loan?
Your loan will be taken from your debit card on your next pay date. You will need to make sure that the total amount due is available in your bank account and that that your bank account is linked with your debit card on the due date.
What if I have some problems paying you back?
We understand that from time to time something can happen which will prevent you from paying your loan on time. Please contact us as soon as possible to discuss your unique circumstances and we will do our best to help.
The most important things to note are:
- Don't borrow an amount of money that you don't think you will be able to pay back
- Communicate with us and we will do our best to help you.
Please be aware that non re-payment will result in us reporting you to the Credit Reference Agencies which may have a negative effect on your credit score. If you are having problems making a payment please contact us on 0844 846 0202 Call charges may apply – 5p per minute from BT landlines, mobiles and other providers may vary so please check before calling, and we will be happy to discuss your payment options with you.
What do I need to do if I have changed my mind?
You can withdraw from your agreement within 14 days of you signing the loan agreement by contacting us by post, email or telephone Call charges may apply – 5p per minute from BT landlines, mobiles and other providers may vary so please check before calling. Upon withdrawal from the agreement, you will need to repay without delay, the full amount of credit and interest accrued (at a daily rate until the date of withdrawal).
Can I have more than one loan at the same time?
As a responsible lender we do not offer more than one loan per customer at any one time. We have found that customers often have difficulty repaying more than one loan. For that reason, we are unable to offer additional loans until an existing loan is repaid.
How do I extend my loan or pay later?
If you would like to extend your loan, you can do so by logging into your online account, or by contacting us to request a loan extension prior to the due date of your loan. Make sure to notify us of your loan extension request a minimum of 3 business days prior to your due date. You will receive an email confirmation from us within 1 business day. If you do not receive the email confirmation from us within 1 business day, please make sure to contact us by phone or we may debit your bank account for the full amount owing on the loan due date. Please call our customer service at 0844 846 0202 Call charges may apply – 5p per minute from BT landlines, mobiles and other providers may vary so please check before calling and we will make the necessary adjustments.
Support
How can I contact Payday Mart?
You can contact us by phone or email. Please click here for our contact information.
What are your hours of operation?
Our customer service call center is open from 08:00 to 21:00, Monday to Friday, 09:00 to 21:00 on Saturday, and 10:00 to 19:00 on Sunday.
How do I update my customer profile?
To update personal information on your customer profile, please follow these instructions:
- Log into your account using the Secure Login at the top of the screen.
- Click on the corresponding link under “Account Details” in the “Manage Your Account” section.
- Make the change and click “Update”.
Please note that some information cannot be updated unless you contact our Customer Service team at 0844 846 0202 Call charges may apply – 5p per minute from BT landlines, mobiles and other providers may vary so please check before calling.
How do I update my bank information?
To update your bank information, you must contact our Customer Service team via phone at 0844 846 0202 Call charges may apply – 5p per minute from BT landlines, mobiles and other providers may vary so please check before calling. Please have the new branch sort code and bank/building society account numbers available and we will update your bank information for you.
Complaints Procedure
We are dedicated to providing you with a satisfying customer service experience. If you aren't happy with our service, please do not hesitate to contact us.
We sincerely hope that it will not come to this point, however if you would like to make a formal complaint in writing, please mail your letter to:
Customer Service
Payday Mart
3rd floor
207 Regent Street
London
W1B 3HH
Or send your complaint via email to info@paydaymart.co.uk
Once we receive your complaint, we will do our best to respond by the following business day. If we are unable to provide you with an immediate resolution, we will provide you with a confirmation that we have received your complaint and a contact name of the person in our company that will be handling your complaint. Please see our full complaints procedure.
