What are payday loans also known as?
You may have heard them described as same day, quick, short term, or cash advance loans. All of these names can be used to describe this type of lending, so you should not distinguish between them.
How do they work?
The process is usually very simple - you fill in your details, including income level, and bank details (so the provider knows where to send the money), and if you're accepted, receive your funds; normally the same day.
At Bee Loans, we take this simple process, and enhance it. At the beginning of the process, we send your information to our secure, intelligent software engine. What this means for our customers, is that rather than you enquiring for a solution with one lender, you are enquiring to over 40. A one-stop shop, with little more time required - all you have to do is wait for us to match you with a provider. This process can take up to 5 minutes, but in the large majority of instances, it's less then a minute.
Do you charge a fee for your matching service?
Absolutely not. If you are charged to find this type of solution then please do not proceed, as we feel this is unethical, and unjust.
How do you make money?
Rather than charge our customers to use our software engine, we have relationships with the lenders. We receive a small fee directly from them, by way of us introducing our customers to them.
Does the fee you receive from the affect my APR?
Not at all. APRs are set by each individual lender. Introducer fees are common place in business, and the providers see our fee as a very competitive method of finding you, when compared to traditional advertising methods.
I have a poor credit rating, can I apply?
Yes you can. The beauty of this product is that the affordability measures are based mainly on your income. Of course, the number of agreements you've had is accounted for, but the ratio between your earnings and your borrowing request is the main factor that is considered.
How long does it take to receive my money?
Transfer times vary, but in most cases, unless further information is required, which is rare, you will receive your funds the same day; sometimes within an hour.
How will I receive my money?
Upon application, you are required to have a bank account, of which you provide the details for. This not only ensures you technically have the means to repay, but also that the lender is able to transfer the funds directly in to your bank account. A quick and simple way to get out of troublesome situations.
I am struggling with existing debt, is a payday loan right for me?
No. They are intended for one-off use, when an unexpected situation such as a car breakdown, household appliance malfunction, or vet bills means you are short of your monthly budget. Accepting your agreement means that you need to budget very carefully the following month, to ensure that there is no snowball effect, and to avoid late payment charges if you fail to settle in full.