Payday Power FAQs

You can borrow from £80 up to £750 depending on your personal circumstances. Money is sent into your account the same day!

APRs are a good way of comparing similar products but are not effective when comparing different products. The following table demonstrates this:

As you can see the APR for the two installment loans are the same but the actual interest repaid as a percent of the loan is hugely different – and much lower with payday loans.

You can also compare payday loans against unauthorised overdrafts. Banks do not have to quote APRs for charges on unauthorised borrowing but the following example shows how the APR works for going just £5 over your overdraft limit and being charged just one £25 fee.

This is why we focus on telling you very clearly how much you repay in total rather than on the APR.

If you are over 18, in full time employment and earning more than £750 a month, you are likely to qualify. All you then need is a bank account for us to pay the loan in, with a debit card for you to repay!

You need to be:

1: Over 18 years old

2: Be in full time employment (not self-employed)

3: Be a UK resident

4: Have a bank account with a valid debit card

5: Be paid by direct deposit, into your account

6: Be paid monthly or 4 weekly

7: Take home over £750 a month

Our simple online form only requires the following information:

• Your name and address
• Your date of birth
• Your contact telephone numbers and email
• Your work and pay details
• Your bank account and debit card details

We are a responsible loan provider and this means that we need to verify:

• That it is you taking out the loan
• That you are in full time employment and able to repay the loan
• That we put the money in your account and no-one else’s account
• That you can repay us in a simple and hassle-free way

We understand that people’s circumstances can change. If this is the case, you must let us know as soon as possible and we will do our best to help.

The most important things to note are:

• Don’t borrow money you don’t think you can pay back
• Talk to us and we will help as much as possible
  

Our websites are up 24 hours a day, 365 days a year!

Our customer service team is available from 09:00 to 18:30 Monday to Friday and from 10:00 to 16:00 on Saturday.

You can contact our customer service team in the following ways:

• Telephone: 0871 550 0073
• Email: customer.services@paydayuk.co.uk
• Post:
  MEM Consumer Finance Ltd
  PO Box 255
  Bicester
  Oxfordshire
  OX26 6QB

At Payday Power, we do everything we can to make sure our customers get the best possible service. However, sometimes, we don't get things right first time.

If you're not completely happy with our service, we need to hear about it - that way, we can do something to put it right.

We want to:

• Make it easy for you to tell us about your complaint
• Give your complaint the attention it deserves
• Resolve your complaint as quickly as possible
• Make sure you are satisfied with how your complaint was resolved

If you're not satisfied with any aspect of our service, you can tell us about your concern in the following ways:

• By Telephone - 0871 550 0073
• In Writing - Address your letter to:
  
  The Customer Service Department:
  MEM Consumer Finance Ltd
  PO Box 255
  Bicester
  Oxfordshire
  OX26 6QB
• By Email - customer.services@paydayuk.co.uk

Please note that additional personal information should not be included in email messages for security reasons. We will respond by telephone or letter for the same reason.

We will try to resolve your problems immediately. However, if we have not been able to resolve your complaint within one week, we will write to tell you:

• Why we have not yet resolved your complaint
• Who is dealing with your complaint
• When we will contact you again

We will contact you regularly until your complaint has been resolved. If your complaint is particularly complex, it may take longer to resolve. If, together, we cannot reach an agreement by the end of eight weeks, we will:

• Send you a letter giving our reasons for the delay and an indication of when we expect to provide a resolution

or

• Refer your complaint to our Managing Director - they will issue the MEM Consumer Finance Ltd final response letter, which will explain our final position

You will also receive a leaflet explaining your referral rights to the Financial Ombudsman Service. For more information, please refer to the section on the Financial Ombudsman Service.

Our aim is to resolve all complaints internally. However if you are not satisfied with our suggested resolution, or if eight weeks have passed since you first brought your complaint to our attention, you have the right to refer your complaint to the Financial Ombudsman Service. If you want the Financial Ombudsman Service to look into your complaint, you must contact them within six months of the date of any final response issued.

You can write to them at:

The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR

Alternatively you can phone 0845 080 1800. Further helpful information can be obtained from visiting the Financial Ombudsman website on www.financial-ombudsman.org.uk.

Please note: if you contact the Financial Ombudsman prior to the eighth week, they will refer you back to us to handle the complaint in line with this procedure.

We hope that our service will remain good enough that you never need to complain but on the rare occasion it is necessary, you may also want to look here www.financial-ombudsman.org.uk for an online copy of the Financial Ombudsman's Consumer Leaflet.