Frequently asked questions

My Payday Loan is a trading name of MEM Consumer Finance Ltd a subsidiary of MEM Capital Ltd.

Can I get a payday loan?

To get a payday loan you must meet our criteria:

• Over 18 years
• In full time employment
• Get paid monthly/4 weekly
• Valid debit card linked to salary account
• Valid landline and email address
• UK based
• Earn over £750 a month

If your answer is YES to all of the above then your My Payday Loan could be just a click away.

What can payday loans be used for?

My Payday Loans can be used for just about anything,

• Outstanding bills
• Home improvement
• Car tax or MOT
• Emergency childcare

How long can I use a payday loan for?

A Payday loan is a short term credit facility and is unsuitable for supporting borrowing over a long period, and would be expensive as a means of longer term borrowing. Please borrow responsibly.

How much do I have to repay?

You will have to pay back the full amount of credit and interest on your next payday. You agree to pay us the Total Amount Payable on the Payment Date. We will take payment by cheque, standing order or debit card. By providing us with a debit card number, you authorise us to take a payment by debiting the card at any time from and including the Payment Date up to the date of any otherwise agreed arrangement with you for the payment of the Total Amount Payable (being a period of no longer than 90 days from the Payment Date). If during this period your payment of the Total Amount Payable fails, we may seek to collect a lower payment from you (although you will continue to owe us the remaining balance). We will notify you of any failed payment.

When will I receive my payday loan?

We will transfer the funds to your account on the same day as your payday loan is completed. For new customers, applications must be received before 1530 and completed by 1700. Please be aware that banks that do not accept Faster Payments may take up to 3 working days to clear the funds. All loans are subject to final checks. To check if your bank accepts Faster Payments go to www.ukpayments.org.uk/sort_code_checker/ and enter your bank's sort code.

Do you require documentation?

Documents are not always necessary but could be requested via fax or email.

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 (on 0800_ 280 2544). Upon withdrawal from the agreement, you will need to repay without undue delay, the full amount of credit and interest accrued (at a daily rate until the date of withdrawal).

What happens if I can't make a payment?

We understand that people's circumstances can change. If this is the case, you must let us know as soon as possible and we will do our best to help.

The most important things to note are:

1. Don't borrow money you don't think you can pay back
   
2. Talk to us and we will help as much as possible

Please be aware that non repayment by you will result in MEM reporting this 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 0871_ 271 6111† (Call charges apply - 10p per minute from BT landlines, mobiles and other providers may vary), and we can discuss your payment options.

I am very happy with your service – what can I do?

Please let us know! We work very hard to keep our customers happy and it is always good to know when we've succeeded.

What is a Credit Reference Agency?

Credit Reference Agencies (CRAs) collect and maintain information on consumers' and businesses' credit behaviour, on behalf of organisations in the UK.

Why do you use them when I have applied to your organisation?

Although you have applied to us, My Payday Loan will check our own records and we will also contact CRAs to get information on your credit behaviour with other organisations. This will help us make the best possible assessment of your overall situation before we make a decision.

What is a fraud prevention agency?

Fraud prevention agencies (FPAs) collect maintain and share information on known and suspected fraudulent activity. Some CRAs also act as FPAs.

Any Further Questions?

If you have any other questions, then please call us on 0871_ 271 6111†.