How Long Does It Take To Get a Loan? Online Lenders Traditional Banks or Credit Unions Application Time Plan for 15 minutes or so Plan for 15 to 60 minutes Approval Time Three to seven days Same day to several days Funding After Approval One to seven business days Same day to several days
The payday loan is usually paid straight into your bank account, often within 24 hours of your application being approved. The payday loan repayment, plus interest, is then taken directly from your bank account on the due date. The typical charge is about £24 a month for every £100 borrowed.
The cost of payday loans is capped by law under rules made by the Financial Conduct Authority (FCA). The law limits the amount of interest and default fees you can be charged. Someone taking out a loan for 30 days will pay no more than £24 in fees and charges per £100 borrowed.