How do I apply?A payday advance is simply an advance until you next get paid. Applying is simple, just visit your local H&T with the following items
- Cheque book
- Cheque guarantee card
- Letter detailing your address- dated within the last three months such as a gas bill, tenancy agreement or catalogue statement
With all items please bring originals, photocopies are not acceptable
- Write out cheques for the value of your Payday Advance
- We agree with you the best day to bank the cheques within 30 days of the loan
- You leave with the cash
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 |
£44.83 |
£344.83 |
444.9% |
| LLoyds TSB* |
£300 |
£235 |
£535 |
114387.0% |
| Barclays* |
£300 |
£132 |
£432 |
8375.5% |
| RBS* |
£300 |
£64.60 |
£334.60 |
974.4% |
| Payday UK** |
£300 |
£75 |
£375 |
1413.1% |
| A&B |
£300 |
£48.83 |
£348.83 |
527.2% |
| The Money Shop |
£300 |
£52.90 |
£352.90 |
622.3% |
| |
|
|
|
|
*info based on www.lloydstsb.com, www.barclays.co.uk and www.rbs.co.uk and is accurate as at 13/05/09. Based on being overdrawn without authorisation for a month and having three payments going out of the account.
**info based on www.paydayuk.co.uk and is accurate as at 13/05/09. Based on borrowing £300 payable in a single payment on your payday.
Q&A
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.
- New customer - Simply print out the vouchers and take them to your nearest H&T store and you will get up to £10 cashback!
- Recommend a friend - If you have a friend who you think could benefit from one of our offers, then print off these recommend a friend vouchers and you could earn both of you up to £10 cashback!
