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What are the processes followed for payday loans that aren't repaid?

For customers that are weary of their money and are able to repay any money that they loan on a short-term basis, there are those who run the risk of finding themselves perpetually in debt should they be unable to repay the money that they borrowed off payday loan lenders. But what are the channels that are followed with consumers who do not return the cash that they borrowed? In this report, we are going to take a look at what a payday loan company can do.

As you will know, before any transactions are made between lender and consumer, contact details are exchanged and verified in order to ensure that a lender knows that the consumer is who they say they are. With financial backgrounds and checks completed, a green light should be given. From there, money is transferred into the consumer's account – most of the time with an almost immediate effect.

For this example, we are going to say that the loan amount which has been agreed upon is for £100 and has been conducted over seven days. The total amount which needs to be repaid, including interest, is £110 by the loan's conclusion.

As you can imagine, it can be exceptionally important for the money to be paid on the day that it is due. This is because many payday loan companies begin to add many different transaction fees and costs to the outstanding repayment amount which is due following on from then. A £110 repayment amount can suddenly become £135 the day after it is due, because of a £25 administration fee.

Following from the £135 fee now due, a total inactivity of 11 days will bring another £25 fee that takes up the tally of the money owed to £160. This can be difficult for those who are already trying to summon up the £110 that they owed in the first instance.

Five days on from day 11, on day 16, £20 is slapped onto the remaining amount of money which is unpaid: now £180, with the same being done four days later – taking the final total to £200. From day 23, the consumer then has another 23 days to repay before debt collection becomes a possibility for the payday loan company to use.

It would appear that when a payday loan company says that a consumer should only take out a loan if they could finance it, they mean it.

Payday loan companies

Payday Loans	Min Loan	Max Loan	Monthly Income Req'd	ID Required	Charges	More Info
Payday UK	£80	£750	Unspecified	No	£25 per £100
Payday UK are the fastest Payday Loan company operating in the UK with an online process from start to finish. Loans are approved instantly and you will receive your cash advance on the day you apply, paid directly into your bank account as cleared funds. What's more, you won't be required to fax any documents in. APR is 1737%.
Payday Bank	£80	£750	£750+	No	£25 per £100
PaydayBank was established in 2006 and has exceeded its growth targets consistently. They have gained a lot of experience promoting their brand in the online market and they are highly committed in delivering results. They are one of the leading UK payday loan brands. PaydayBank offers same day payday loans. They provide an immediate response to their customers, who require quick loans of up to 750 GBP. APR is 1286.1% You must: Have a valid bank account Be over 18 Be a UK resident Be employed Have an income of £750+ per month
Payday Express	£80	£800	Unspecified	No	£25 per £100
Whether you have unexpected expenses to pay or you just want some extra cash fast, a payday loan offers a stress-free solution. Payday Express enable you to make any day your payday. There's no need to max out your credit card, receive a severe penalty from your bank overdraft, or borrow money from friends/family. APR is 1286.1% You must: Have a valid bank account Be over 18 Be a UK resident Be in full time employment
Free Cash Locator	£80	£750	Unspecified	No	£25 per £100
Free Cash Locator understand how stressful it can be when you need extra cash days before your next scheduled payday. Whether you need money for unexpected bills, mortgage payments, overdue car payments, or you simply need extra cash for your holiday, Free Cash Locator can help. After you complete the easy, one-page application, they search the database of lenders to find the right payday loan for your needs. You must: Have a valid bank account Be over 18 Be a UK resident Be in full time employment
Provident	£50	£500	Unspecified	ID, address, income & NI	Varies
Provident Personal Credit is the UK & Republic of Ireland's leading home collected credit company, offering small, unsecured personal loans and other related products. A name you can trust - 125 years in business. APR is 272.2%
Logbook Loans	£500	£50,000	Unspecified	No	437.4%
Logbook Loans offer simple and fast no credit check loans secured against the value of your vehicle. Apply instantly online and have your money within 24 hours, even if you have been refused elsewhere. Great alternative to a Payday loan since the interest rate is much lower, it has flexible payment terms, money is usually available within 24 hours and you can borrow up to £50,000.
Purple Payday	£100	£750	£750+	Bank account	£25 per £100
Purple Payday offers fast and simple Payday Loans. There's no paperwork and no phone calls. The application is completely online and we accept a greater percentage of applicants than any other Payday Lender. APR is 1355% You must: Have a valid bank account Be over 18 Be a UK resident Be employed Have an income of £750+ per month
Wonga	£50	£400	Unspecified	Bank account	£36.72 per £100
Wonga is a ground-breaking online lender based in London. They're backed by major investors including Balderton Capital and their mission is to provide consumers with instant money whenever they need it. Wonga is different from other online lenders because their sophisticated risk and decision engine means the application and approval process takes literally minutes. There`s no paperwork, or hanging on the phone - the entire service in online and real-time.
Quick Quid	£50	£750	Unspecified	No	£29.98 per £100
Cash is just a Click Away with QuickQuid.co.uk Now there is a quick and simple solution to your everyday cash flow problems. Apply for a payday loan in just minutes, get instant approval and receive up to 750 directly into your current account as quickly as the same day. Best of all, you can apply online from the privacy of your own home. Avoid expensive credit card late fees and bounced cheques. Get the pounds you need, when you need them! APR is 2536%
Payday Financial	£50	£750	Unspecified	No	£25 per £100
With an instant payday loans, you can get cash in less than 24 hours and use it for any purpose. If you meet the requirements and qualify for a payday loan, the money will be transferred on the same day directly to your bank account. The service is a short term solution that you pay back on your next pay date. You must: Have a valid bank account Be over 18 Be a UK resident Be employed
Mr Lender	£50	£500	£750+	No	£25 per £100
With an instant payday loans, you can get cash in less than 24 hours and use it for any purpose. If you meet the requirements and qualify for a payday loan, the money will be transferred on the same day directly to your bank account. The service is a short term solution that you pay back on your next pay date. You must: Have a valid bank account Be over 18 Be a UK resident Be employed
Lending Stream	£80	£1000	£750+	No	£25 per £100
Lending Stream is an online short term finance lender specialising in payday loans from £80 to £400, and up to £1000 for returning customers. Apply online using their simple form and get the cash paid straight into your account today. Repayment is flexible in that you can pay the loan back as quick as 30 days or up to 6 months. You must: Have a valid bank account Be over 18 Be a UK resident Be employed

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