Jargon, Lingo, Language Buster!
APR
APR stands for Annual Percentage Rate. Lenders are required by law to express the cost of the loan using APR, as it represents the interest repayable on the amount borrowed. It does however misrepresent the actual cost of a payday loan, due to the relatively short-term nature of the online payday loan option. For a full explanation see our charges.
Credit Score
A credit score is a check undertaken using a credit reference agency, its purpose being to determine how well you manage your finances. The credit score is undertaken for normal loan approval and for identity confirmation. Payday loans do not affect your credit score.
CHAPS
CHAPS stands for Clearing House Automated Payment System, one of the largest electronic bank-to-bank payment systems in the world. Fast, secure and efficient it enables payment to be transferred from one bank account to another on the same day.
Chat Support
Our Chat Support function, allows instantaneous communication between you and one of our customer support team. Any queries you have regarding our service will be answered promptly without delay, allowing you to make an informed decision.
Deferral
Full payment of the loan may be postponed for one month. This does however incur charges for another month.
Payday Loans
Here at Simple Payday, we provide a truly unique online cash advance service. We believe that things should be kept straightforward, uncomplicated and simple. Most competitors require customers to provide various documents by fax; (semi colon) at simplepayday.co.uk there is no faxing of documents. Instead, we utilise a quick and easy application procedure with confirmation available in minutes, often with the cash being deposited in your account on the very same day (see conditions).
