Who are Payday Express?

At first glance, it seems that Payday Express could be the one to take quite seriously. Their indicative APR comes in at 1, 737% in the example on their homepage, and they guarantee no hidden costs either. All you do is borrow money from them and repay it on your next payday – plus 25% that is, whether the loan was for 30 days or just for a single day.

All you need to qualify is to be past your 18^th birthday, and have a full-time UK job. If you haven’t already got one, then you just need to open a bank account with a debit card too. Then you’re ready to roll with your first Payday Express loan.

The Payday Express Train

This lending firm has been in business since 1999, which is a long period in a start-up industry. Their goal is to provide customers with short-term credit that’s both reliable and discreet. And they promise to keep you informed on progress with your application. Payday Express is the trading name of Express Finance that’s based in London.

We were rather taken by the fact that Payday Express supports a different UK charity each month on a rotating basis, and that staff members contribute £5 each a month towards this personally. And that’s so unusual in the world of instant finance that we found ourselves wondering whether this was for genuine reasons, or just a branding exercise. .After all, it’s the customers that pay the piper to play the tune.

The firm appears to pay more than lip-service to responsible lending, and developing mutually-beneficial relationships with its customers. They even go so far as publishing their email, postal and telephonic details for complaints and feedback. When we tried them though, we thought that some of the responses could be a little slow for us.

Ticket Prices

There’s no such thing as a free ride anymore, and that goes for customers travelling on the Payday Express train. As long as you behave yourself and pay them back on time, this costs you just 25% more than the original loan. However, their FAQ’s are more than a little vague when it comes to missing payments, and they reserve the right to discuss your application with your employer.

We were particularly disappointed with the lack of transparency in their FAQ’s regarding difficulties with meeting obligations. The closest we found was you could request, and that you would be charged the interest – without any further information added.  That’s why it’s so important to borrow from a totally transparent lender that explains everything to you, and in ways that you can understand.

A Great Alternative

The Lending Well is a payday lender that’s as transparent as a sheet of glass, and insists on explaining everything before they make a loan. You’re no longer forced to borrow money without understanding exactly what you are doing. The Wishing Well will grant you three hopes instead. These are a quick loan, a reasonable lending fee, and peace of mind.