Representative APR Example:
You Borrow —£100
You Pay —£124
Representative APR 1223.6% (Variable)

Warning: Late repayment can cause you serious money problems. For help, go to

Welcome to Need Loans

Understand Payday Loans

Payday loans are usually borrowed to meet your short term needs of small amount of cash. These loans have repayment period of 14 to 31 days.

Ideal for salaried individuals, the cash can be put to use for any purpose. Once your application for loan is approved, the loan amount is transferred into your bank account without any delay.

The best part of payday loans is that these are processed very fast, easy eligibility conditions, least documentation and online processing etc.

Because of its swift approval and transfer, this type of loan is perfect for emergency cash needs as well. For instance, you could apply for the loan when suddenly your car has broken down, emergency medical need or any urgent cash requirements etc.


We are loan arrangers and believe in arranging hassle-free cash plans for our borrowers. For rendering such excellent services, we do not charge any upfront fees.

However, there are lenders who put a charge on their services. Paying the charge would benefit you in certain ways. For example, a lender may charge you for quick transfer of funds in your bank account. Similarly, a few lenders charges up-front fees which will ensure that your application receives prompt attention.

Be assured that in every case, you will be well informed about the charges.


Loan renewal is a wise option when you are unable to pay back the borrowed cash at the stipulated time. Every lender in our panel has a renewal policy.

Through this policy, you can increase the duration of your payback time by paying certain charges. Hence, you can conveniently payback the loan when you are financially comfortable.

It is important to know that you must declare to your lender about you inability to pay back well in time. If you unable to pay on time then inform the lender, you may have to pay a hefty fine. Instead, if you talk to your lender, you may be able to grab a cheap renewal plan.

Credit Checks

At Need Loans, we have a large panel of lenders. As the policies of each lender are different, you may encounter a lender, who would want to perform credit check on you prior to approval. However there are also lenders who do not consider credit appraisal as a condition to offer you loan.

Credit score reveals the repaying ability of an individual. A low score indicates the individual’s inability to repay on time. That’s why a lender may reject an application because of low credit score.

However, being a low credit scorer does not deprive you of a cash support. On our panel, there are many lenders, who do not conduct credit check. Such lenders will accept your form even if you hold credit ratings like insolvency and CCJs.

Late or Non Payments

Every lender has a policy for dealing with late or non-payment cases. Generally, a lender expects that the borrower would let him know of a possible delay in repayment. It allows the lender to help the borrower well in time.

In case of late payment, late fee is charged and additional interest is levied on the balance of the loan amount. Non-payment of the loan is many times handled by third parties, who are debt collectors.

Complete absence of repayment is detrimental for the borrower as well. It affects his credit score negatively and reduces his chances of a good cash support in future.

Missed Payments

Before agreeing to borrow cash from a lender, you will be provided with important information about the terms and condition of lending. It explains what the lender is empowered to do in case of missed payment. Since the lenders on our panel understand the issues faced by those in cash needs, it is recommended that you talk to them freely.

By explaining your situation to them, you will be able to reach an amicable solution. Generally, the lender allows the borrower to repay on his next payday along with a late fee.

In case you have missed a payment, under no circumstance should you panic. If the lender wants to get in touch, do not avoid. By discussing your situation, you can settle the matter without hassle.

Rolling Over

When a borrower is incapable of making a repayment, his lender may suggest rolling over. It is a repayment extension that is given to a borrower, who has defaulted. Rolling over proves to be a great remedy to help the borrower repay at ease.

Generally, the roll over period lasts as long as the actual repayment period. Hence, in the case of payday loans, you may get a roll over period of 31 days that easily covers your next payday. As for the interest, the lender will levy additional interest to the amount you have yet to repay.

Discuss with your lender the rolling over period and interest rate in the beginning only. It will give you time to be prepared in case of a failure to repay on time.


The payday loans are meant for salaried individuals. As these people receive salaries once a month i.e. in every 30-31 days, a payday loan gives you a maximum of 31-day repayment period.

You can borrow any time of the month. When you agree to borrow cash, you allow the lender to debit your bank account of the loan amount and interest on the date of repayment.

Lack of enough funds in your bank account will let the lender take away as much cash as possible from the account and you will be charged with late fee on your remaining repayment. By being communicative with your lender, you can settle your repayment amicably.

Loan Cost

The loan cost usually includes the interest amount that you need to pay over and above the amount that you have borrowed.

But the loan cost hikes when a borrower misses the repayment date. The lender charges a late fee. If you contact the lender in time, then your loan may be considered for a roll over. It will allow you extra time for repaying. However, you will be required to pay interest for the additional time along with the regular interest.

By applying for the loans, you agree to pay back the loan amount along with interest. The rate of interest varies with each lender.

We are associated with a league of high profile lenders. That’s why we are able to arrange low interest loans for you. Hence, the payday loan is affordable under normal circumstances.

APR (Annual Percentage Rate)

APR includes the interest payable along with other charges that a borrower has to pay. The APR varies with each lender. As per the law, a lender has to reveal the APR so that the borrower can decide if he can afford the loan or not.

There are certain situations that can increase the APR. For instance, if you are a poor credit scorer then you may be charged a higher APR. It also increases when you default on your repayment.

Payday loans have an APR that start from 1700%. The APR seems higher because of the short duration of these loans i.e.30 days. Representative APR - £200 for 30 days Interest payable: £58 Rate of interest: £378% APR: 2708.9% Amount repayable: £258

Collection Practices

Usually the lender automatically deducts the cash amount from the borrower’s bank account on the due date. If on the due date, the borrower has insufficient funds in the account, then the borrower has to pay a non-sufficient funds charge in addition to the balance amount.

However you must know that the debt collection guidelines of the Office of Fair Trading were updated in November, 2012. According to the updates, whatever amount that you can afford to pay each month has to be accepted by the companies and they can’t refuse it.

You can’t be forced to repay more than what you can conveniently afford every month. At the same time, companies can’t refuse to accept if you are making a reduced payment.

Potential Impact to Users’ Credit Score

A credit score represents the loan repayment behaviour and track record of the borrower. A good credit score indicates that you have been prompt in your repayments that increase your chances of borrowing in future.

A good repayment assures lenders that they would not lose their money if they lend money to a person who has good credit profile.

Just opposite, a bad credit indicates that you have not paid your loan in time and as assured to the lender. This reduces your chance of borrowing money easily, conveniently and at low cost in future. Lenders remain apprehensive of offering loan to a person who has bad credit score.

This website is an online platform that allows individuals to make applications for loans. We, at Need Loans, do not charge our borrowers processing fee. Nevertheless, if a borrower gets a successful loan deal through us, we may receive a commission from the lender.

The content published on this site is purely for informational purposes, aimed at making you aware about various issues associated with payday loans.

Feel free to visit a financial expert before applying for the loan. The description of the products is accurate. However, it may change because of certain factors. Confirm the loan terms with the lender before borrowing cash.

Consumer Credit Licence Number: 0642246. Mailing Address: 1st Floor, E-983, Saraswati Vihar, New Delhi, 110034, India.

Warning: Late repayment can cause you serious money problems. For help, go to