EPayday (E-Payday) is another payday lender that with minimal exposure has always been difficult to track down. I was instantly impressed by the low charges provided by EPayday at just £20 per £100 borrowed (20%). This impressive rate is overshadowed by the fact that faxed documents are required to proceed with a loan and this will naturally slow down the loan process; customers also need a chequebook. I studied EPayday reviews across the web that noted that these are no credit check payday loans, but when I visited the site there was no single reference to a credit check at all. Loans range up to £500 and strangely on the application the minimum cash amount was £200, which is far too high. The site is not SSL secure that is a concern.

This loan product arises from the London-based company First Choice Credit Limited who also provide on their “First Choice Credit” site a “Flexi-Loan” that offers up to £1000 loans, with again the requirement for faxed documents. The actual EPayday site is well designed, although there is no online account management. With the low profile, it is difficult to analyse the quality of this payday lender with customer feedback! One thing that is clear is that these are cheap UK payday loans in comparison to many other UK payday lenders. If their demands aren’t a problem for you then this lender may be up your street, but do remember that a minimum £200 loan amount was displayed on the application form. Finally, there is no clear reference on how the payment is made, although they do say that once they receive the emailed credit agreement that they will get the money to you that very same day.

Charges for a £100 Loan:
Charges: £20/£100 interest + £0 transfer fee

(tags: e loan, eloan, epayday lender, epayday loans, very cheap payday loans)