Questions & Answers

 

What is a payday loan?
A payday loan enables you to access money when you cannot wait until your next pay date. This is meant to be a short-term solution only. If you are concerned about your finances, or are seeking a long-term solution, you should seek debt advice from an agency such as Citizens Advice, National Debtline or Stepchange.


How much may I borrow?
All loan limits are determined by your net income. For your first loan you may borrow up to £200. This is to ensure that you are not borrowing more money than you are able to pay back. Once you have successfully repaid your first loan and established you are able to use this type of loan responsibly, your loan limit may be increased.


Do I qualify for a SwiftSterling.co.uk loan?
In order to qualify, we require that you:

  • Are 18 years of age or older
  • Are currently living in the United Kingdom
  • Are regularly employed
  • Receive your pay directly to your bank account
  • Take home at least £333.50 per pay period


What are your rates?
To review our rates, please visit our Rates page.


How will I receive the money?
Once approved, the money will be sent directly to your bank. You should have access to the funds as early as the following day.


How long will I have the money?
Your loan will always be due on your pay date. The longest a loan can be outstanding is 31 days. The purpose of a payday loan is to assist you until your next pay date, not to be a long-term solution.


How do I repay my loan?
The entire loan amount plus fees will be withdrawn automatically from your debit card bank account. A reminder will be sent 2 days prior to your repayment date so that you can make arrangements to ensure the payment amount will be available. Whilst you are able to choose from a variety of debit cards, it is recommended that you select the debit card associated with the bank account where your pay is deposited.


What is a Continuous Payment Authority (CPA)?
A Continuous Payment Authority gives authorisation to draw funds from your account to pay the amount owed using the debit card information you have provided and any additional debit card you give permission to use. In the event the attempt to take payment on the repayment date using CPA fails, additional debits attempts may be processed in accordance with your loan agreement. You will also be contacted to find out the reason for non-payment. You are able to cancel the CPA at any time. If you wish to pay by other means you should let us know using the contact details found here.


What will happen if I am unable to repay my loan on time?
To help ensure you are able to use this type of loan responsibly it is important that you repay your loan in full on your repayment date. The repayment date will always occur the same day you are paid by your employer. If the funds are not available when we attempt to withdraw payment, you may incur arrears charges up to £59.00. Depending on your financial institution, additional banking fees may also apply. In addition, failure to repay on time may result in a default appearing on your credit file. We will work with you to arrange a payment but there may be occasions where we will ask a third party collections agency to contact you.


Can I extend or rollover my loan?
No, we do not offer extensions or rollovers. However, you may request another loan the same day your previous loan is repaid. As long as your previous loan payment clears your account, you can get more funds as early as the next day. Please note that although this option is available, it is a very expensive way to continuously borrow money and may indicate you are in need of an alternate financial solution or debt advice.


Why are extensions and rollovers not offered?
SwiftSterling.co.uk firmly believes a payday loan should be a short-term solution for urgent needs. Rolling over a payday loan can cause interest to accumulate. This can often lead to a cycle of paying off nothing but interest which can increase any financial problems you may have. If you are not sure whether you will be able to repay your loan in full on your repayment date, a payday loan may not be the proper solution for you.


What can I do if I am facing financial difficulties?
If you find you are having difficulties repaying your debts you should seek advice from a free impartial debt advice agency such as Citizens Advice, National Debtline or Stepchange. They will discuss with you your financial circumstances and advise you on your options to deal with your debts. You should avoid borrowing more money from another payday lender or seeking other sources of credit as these might make your situation worse.

Details of some of the organizations that may be able to give you free debt advice can be found here.


What are your business hours?
You may access your account to check on your loan status or make a loan request at any time of day or night. If you require assistance from customer service, please click here to view the times we can be reached.


How do I contact you?
You can reach our customer care agents by any of the following methods:

Customer Care Free Phone 08000 12 40 80
SMS /Text Messaging +447797885056
Online Chat Live Online Chat
Email customercare@swiftsterling.co.uk


I have not found the answer to my question.
If you still have some unanswered questions please do not hesitate to contact one of our customer care representatives. We will be happy to assist you with any further questions or concerns.