A PAYDAY ADVANCE IS FOR THOSE UNEXPECTED EXPENSES

We understand that sometimes unexpected events occur and getting through to the end of the month and the next payday can cause concerns, worries and family problems. When the unexpected occurs and your consideration turns to a payday loan company, we would much prefer you to ask us, your employer, to pay you an advance on your salary.

Whilst many pay day loan companies charge interest rates of 1295% APR Representative the company’s Pay Day Advance is interest free. If debts are starting to spiral and they are impacting on your daily wellbeing, then remember the ‘Employee Assist’ facility is there for you to utilise and make a call that could help that sense of normality return.

Your application for a PayDay Advance will be responded to within 24 hours, if your request is submitted outside of usual working hours, over a weekend or on a Bank Holiday it will be responded to on the next working day. Whilst that is not as instant as a payday loan, it is potentially 1295% APR cheaper. If you find yourself needing more time to repay your PayDay Advance, ensure you tick the box provided on the application form.

Your PayDay Advance request will be handled confidentially. A member of the HR team will be in contact with you to discuss your options and repayment plan.

If you do not hear from us in time or you have any queries please speak with your line manager.

What is a PayDay Advance?

  • A PayDay Advance is an advance of a % of the money you are due to receive at the end of the working month.

  • A PayDay Advance is not a loan, it is an early payment of the money you will be due at your next pay date.


Are there any restrictions to my PayDay Advance request?

  • A PayDay Advance cannot exceed 50% of your salary that you are due to receive on your next pay date.

  • You may only request a PayDay Advance for a maximum of two consecutive months in a given calendar year.

  • You may only request a PayDay Advance twice in a given calendar year.

  • A PayDay Advance if requested to be paid on the same day may attract an additional bank transfer fee (Usual transfer time 3 days).

  • A PayDay Advance may not be possible if your salary payment for the current month has already been processed to arrive in your account within the following 3 days.

  • A PayDay Advance once requested is not guaranteed to be paid as per your request and is subject to discussion with Human Resources.

 

Apply for a Pay Day Advance with this form

If you decide that the company PayDay Advance is not for you and you would prefer to proceed with a payday loan company then we offer you the following advice:

What should you look for when choosing payday loans in the UK

A great number of people are looking for cheap loans with prime interest rates in the UK, but they may not be approved for them. When that is the case, it is important they make sure the alternative options are legitimate. Here is a checklist of things to look for before choosing a lender:

• Many online payday loan companies imply they offer loans themselves, when what they really do is take your information and sell it the highest bidder, taking away your opportunity to choose a loan that's right for you. The law requires them to state that they are not a direct lender and that they are “a service to provide you with a loan.”

• UK lenders are required to be authorised by the Financial Conduct Authority. Online lenders must post their registration number on their website.

• If an online lender does not provide a physical address for correspondence anywhere on their website, beware.

• If a company doesn't have a privacy policy on their website, it may be a warning that the company is less than reputable.

• Before filling out an application, make certain the company you choose uses security technology like McAfee Secure or VeriSign Secured to protect your personal information. You'll know if you see their logos on the site.

• Make sure the payday loan lender you choose is an active member of organizations like the Consumer Finance Association (CFA) and the Credit Industry Fraud Avoidance System (CIFAS). If you see these logos on the lender's site, then they follow the lending industry's best practices.

How should a payday loan be used?

Taking on a short-term loan is a big responsibility, and should only be done in an emergency or similar situation. These loans should only be used as solutions for temporary money issues and are not designed to be used as a long-term solution.