How do I apply for a Payday Advance?

A Payday Advance (PDA) is a cash advance that will tide you over until your next pay day. Just pop in to your local H&T branch and complete our simple application process and walk out with the cash you need.

You may qualify for one of two products, depending on the type of bank card you have:

Cheque Guarantee Card PDA: Maximum loan - £652.50*
Max Interest: £97.50
Max Repayment: £750
Minimum income - £450pm

Bring with you:

Cheque Guarantee Card
Cheque Book
Proof of Address (such as a utility bill dated within the last 3 months)
Suitable Contact Telephone Number

You then just write out the cheques for the value of your payday advance, we will then agree with you the best day to bank the cheques within 30 days of the loan and you leave with the cash!

Debit Card PDA: Maximum loan - £348 Max Interest: £52
Max Repayment: £400
Minimum income - £750pm (Take home - proven by bank statement)

Bring with you:

Debit Card
Bank Statement – 1 statement, must be for a full month, dated within a month (Less than one unpaid item or charge)
Proof of Address
Suitable Contact Telephone Number

We will then agree with you the best day to debit your account within 30 days of the loan and you leave with the cash!

Please note: For all documentation please bring originals, photocopies will not be accepted.

*Dependant on the value of your cheque guarantee card: £50 - £600, £100 - £600, £250 - £750

You can also apply online now!Click here to visit the H&T Online Payday Advance Website and get upto £300 in your bank account today.

Our ratesTo put this fee into perspective we have compared it to an unauthorized overdraft charge from three major high street banks.

	Amount Borrowed	Commission/ Charge	Total Repayable	APR

H&T Payday Advance	£300	£45.00	£345.00	448.3%
Wonga*	£300	£95.89	£395.89	4214.0%
The Money Shop*	£300	£61.40	£361.40	865.1%
Barclay*	£300	£88.00	£388.00	2191.3%
RBS*	£300	£180.00	£480.00	30460.5%

*Info based on www.wonga.com, www.themoneyshop.tv, www.barclays.co.uk and www.rbs.co.uk is accurate as of 29/07/11. Based on being overdrawn without authorisation for a month and additional payments leaving the account.

Representative ExampleTotal amount of credit £200 for 30 days
Total amount payable £230, payable in one installment of £230
Total charge for credit £30 interest
Interest rate 182.5%pa (fixed)
Representative APR 448.3%

Q&A

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Is a payday advance right for me?

The Pay Day Advance is intended to be just that – an advance until you next get paid. Most customers will repay the initial loan by either:

Allowing the cheques to be banked - the simplest method that most people use, just make sure you have the funds available when the cheques are banked.
Repaying it in cash – some customers prefer that the cheques do not get banked so come into store to repay the loan in cash, we then destroy the cheques.

Can I extend my loan?

We understand that sometimes circumstances change, so if you can’t repay the loan you can extend some or all of it for another 30 days. To do this come into store, pay the interest due and write out some more cheques for repayment.

We recommend that if at all possible you also try to repay some of the initial loan as a Pay Day Advance is intended as a short term product. If you do find that you cannot repay then you may be able to transfer your balance onto a KwikLoan. This will allow you to pay off the loan on a monthly basis over 12 months.

What if I fail to repay my loan?

It is important that you inform us as soon as you think you will not be able to repay the payday loan on time in order to avoid legal collection procedures.

What do APR and AER mean?

Definitions:
APR: Annual Percentage Rate
AER: Annual Equivalent Rate

Explanation: APR is used for products regulated by the Consumer Credit Act. Overdrafts are not regulated by the Act so we cannot state an APR on the overdrafts listed above. We have taken all the charges that would be incurred in the overdraft and calculated the Annual Equivalent Rate in exactly the same way that APR is calculated. Note that we are treating the overdraft charges as though they were interest in order to give you a proper comparison.

Recommend a friend - If you have a friend who you think could benefit from one of our offers, then print off the recommend a friend vouchers and you could earn up to £10 cashback!