FAQ
Frequently Asked Questions About Payday Loans or Cash Advance
Before visiting this website, you may not have heard of payday loans or cash advances. You may therefore know very little about how they work. We hope this section will help you find the answers to all your questions.
1. What is a payday loan?
A payday loan is a short-term loan repayable on your next payday. It provides you with a way to get cash in an emergency situation. Payday loans work as a cash advance given against your salary and help in meeting unpredictable emergency expenses.
2. How much do you charge?
We @ Lending Stream charge £25 for every £100 borrowed for each pay cycle. An additional fee of £15 will be charged if you opt for same day CHAPS transfer. You can alternatively choose BACS transfer, which is completely free and may take up to 3 days. Apart from these, there are absolutely no other charges involved as long as you repay on time. See “What we charge?” page for more details.
3. Am I eligible?
In order to be eligible for a loan with Speedy Cash Advance you must:
1. Be at least 18 years of age.
2. Reside and be employed in the UK.
3. Have a valid bank account that can receive a direct deposit.
4. Have a take home monthly pay of at least £750.
4. How much can I borrow?
You can borrow up to £400 on your first loan. Once you pay your first loan in full, you can borrow up to £1000 for any future loans if the need ever arises.
5. How long it will take?
There are two options for cash transfer and they have different speeds and different fees. The first, and fastest, is called CHAPS. A CHAPS transfer of funds into your account typically takes about 30 minutes. If you apply before 3.00 PM on a weekday, money will be transferred electronically into your account on the same day. In case you apply after 3.00 PM, the transfer of money will take place on the next working day. The fee for a CHAPS transfer is £15. The other, slower, option is called BACS. A BACS transfer is completely free and may take up to 3 days to complete.
6. How do bank holidays and weekends affect the service?
Bank transfers do not clear on weekends and bank holidays. So you will not be able to receive cash in your account on these days.
7. What if I am paid weekly?
Unfortunately, we are currently providing loans to customers who are paid monthly. Please do keep checking our website as we intend to revisit this condition shortly.
8. How will my payments be made?
On your payday, the amount due will be debited from your bank account using your debit card information.