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My Payday Loan Survey shows Customers are happy about payday loans


My Payday Loan ( ) - part of MEM Consumer Finance Ltd – held its first customer survey with one hundred customers being asked for their comments on the cash advance business.

The comments ranged from praise for the ease of the service to dispelling some of the myths about short term borrowing. A selection of the customer comments follow, with customers’ details excluded or amended for the sake of privacy.

“I first came across My Payday Loan after a friend suggested I look there for going out cash at the end of the month rather than coming to him all the time! Using My Payday Loan meant that I could go out over the weekend rather than stay in when all my friends were having fun. As I was able to pay it all back in one go, the charging structure on the loan was very easy to understand and cost less than if I’d used cheques to go over my overdraft limit”.
I.G, 22, Bedford

“I normally budget for my month really well – I know what I’ve got going in and coming out so I know how much cash I’ve left to spend. That was until my car got pranged at a junction and I had to find £100 excess or be off the road until payday. Fortunately, I’d read about My Payday Loan on a press release (I work in financial PR) and looked them up on the web. I applied online, sent my paperwork across and was called later to be told my money would be in the account by close of business that day. It was amazingly quick and efficient and cost me less than having to miss work for a couple of days while I arranged an extension on my overdraft before getting a hire car. Thank you, My Payday Loan for being there when I needed”.
J.M, 31, Stockport

“My girlfriend saw this great deal for a weekend away but neither of us had the cash to afford it then and there – we’d both been shopping for new clothes during the month so we’d spent our spare money and were up to our credit card limits. I don’t know why but I did a web search for “money before payday” and there were quite a few sites. My Payday Loan was by far the most professional and so I applied to them. That professionalism continued when I was called by their customer services team to talk about my needs and confirm I was approved for the loan I needed. My girlfriend and I had a fantastic weekend away together and I was able to pay it all back in one lump sum. It was all really easy as they took the payment automatically as agreed, so I wasn’t bothered by extra phone calls or waiting for cheques to clear before accessing my own money the following month”.
L.R, 29, Cardiff

“I borrowed £150 from My Payday Loan to give my son when he went travelling. Unfortunately, I was unexpectedly made redundant just before my next payday and so it would’ve been difficult to pay me back in full. I was nervous because you never know about hidden charges or other things loan companies might do. But it wasn’t like that with My Payday Loan. I called their office and was put straight through to a Customer Service Adviser. She explained that I could defer the loan for one month by paying the interest now and then paying the loan in full with interest the following month. This helped but things hadn’t got better by the next month and I thought that this time they’d probably start charging me late fees and the like. They didn’t though but instead helped me break down the payments and gave me the details of a debt management company who could help me in the long term. I felt like they really listened to me and wanted to help me – something I don’t even get in my own bank now. My Payday Loan not only helped me in the short term but also helped me find the right people to deal with my long term needs. I couldn’t recommend them highly enough”.
H.M, 47, Maidenhead

NOTES TO EDITORS: offers loans between £80 and £1000 (subject to status) repayable on the customer’s next payday. Payday loans are helpful to people to bridge unexpected financial shortfalls or provide additional funds from time to time as the need arises.

Applying for a payday loan could not be easier – anyone finding themselves caught unexpectedly short before payday just needs to go online to and fill out the bespoke application form which is then automatically processed. The customer is immediately given an indication of whether or not they qualify for a loan and provisionally and for how much they would be approved. They are can then send the necessary documentation across quickly and, if approved, have their funds deposited the same day.

Existing customers have it even easier – in most cases they can complete loan renewals online, always helpful in the event they need that little extra cash.

My Payday Loan is a trading name of MEM Consumer Finance Ltd, a wholly owned subsidiary of MEM Capital plc.

For more information contact:

Kirsty Auchincloss, COO, MEM Consumer Finance Ltd
Tel: 0871 550 0072


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