- 1 Month Loan have been providing a personal payday loans service since 2004.
- They have a secure application form and procedure on their website.
- The procedure for getting your payday loan with 1 Month Loan is:
- once you submit your application they ID check you;
- they ask you to sign an online loan agreement BUT this doesn't mean you have been approved for a Payday Loan yet;
- they will call you to undertake final security checks;
- they then transfer the payday loan by BACS (takes up to 3 working days) for no extra charge or by CHAPS (same day loan transfer) for £25 which is amongst the most expensive that we have reviewed.
- The finance charges are not the cheapest amongst payday lenders at £30 for every £100 borrowed. The typical payday loan charge is £25.
- 1 Month Loan limit the amount of times you can rollover your payday loan to 5 times - such a limit is good as it prevents you from being trapped in debt.
- Advantages: they accept the lowest minimum salary requirement of all payday lenders reviewed here. They do no credit check payday loans and also provide a fax free payday loan service.
Representative APR 2623.3%
Representative Example: If you Borrow £100 for 29 days then the:
- Total Charge for Credit is £30
- Total Amount Repayable is £130
- Interest Rate is 377.8% per annum (Fixed)
- Representative APR is 2623.3%