Payday Loans
1. What is a payday loan?
A payday loan is a short-term loan repayable on your next payday. It helps you address an emergency cash need.
2. How much money can I borrow?
We lend amounts starting from £80 with denominations in the multiples of £40 (example: £80, £120, £160 and so on). You can apply to borrow up to £400 for your first loan with us. Based on the credit analysis we run on you, we may offer you a loan for the amount you apply for or an amount less than what you applied for. You can then choose to borrow up to that limit. Once you have paid your first loan in full, you will be eligible to apply for a further loan of up to £1000, if a future emergency need arises. The approval of any further loan application and the loan amount we offer you will also depend on your eligibility and our credit analysis.
3. When and how will I receive my cash?
There are two options for cash transfer and they have different speeds and different fees. The first, and fastest, is called CHAPS. A CHAPS transfer of funds into your account typically takes about 30 minutes. If you apply before 03.00 pm. on a working day, money will be transferred electronically into your account the same day. If you apply after 03.00 pm., the transfer of money will take place on the next working day. The fee for a CHAPS transfer is £15. This is the transfer fee that Lending Stream is charged by CHAPS.
The other, slower option is called BACS. There is no fee for a BACS transfer and it usually takes about 3 days to complete. Please note that bank transfers do not materialize on weekends and public holidays and this can delay the transfer of money to your account.
4. Do you provide loans to self-employed people?
No, we do not provide loans to self-employed people.
5. Can I apply for one more payday loan while I am repaying the existing one?
No, you cannot receive another payday loan until you have paid all prior payday loans. This is for your protection. Multiple payday loans are an indication of financial problems which are longer-term and more serious than an emergency, quick cash requirement. If your need for multiple loans is based on your inability to make the payment on the due date, it is essential that you immediately contact us and inform us.
6. Do you run credit/score checks?
Yes, we perform credit checks as a part of our decision making process. However, we may approve your application even if your credit is poor. Our payday loan solutions are designed to help even those with poor credit.
7. What is the loan finance charge?
We will charge £25 for every £100 borrowed. An additional fee of £15 will be charged for same day CHAPS payment. This is the transfer fee that Lending Stream is charged by CHAPS. You can alternatively choose BACS transfer (which is free of cost) and receive payment usually within 3 days. Apart from the fees described above, there are no other charges when you borrow from Lending Stream.
8. Can I be accepted for a loan if I am in overdraft?
No, we do not accept loan requests if you are in overdraft.
9. When do I have to repay my loan?
We offer 4, 5 and 6 pay cycle loans based on the loan amount approved. These plans are focused on giving you the option of lower monthly repayment amounts. If you're borrowing £80, your repayment schedule will follow the 4-cycle plan. £120 and £160 loans will follow the 5-cycle plan, while the 6-cycle plan is applicable for loans of £200 or greater.
You will have to pay only the interest on the first pay date followed by the monthly interest due (reducing principal balance) along with a fraction of the principal, which will be split in equal instalments, for the remainder of the term.
The first repayment date will be the first payday (when you receive your pay cheque) falling at least 8 days from the date of approval of the loan. The second repayment date is your immediate payday (next pay cheque) following your first repayment date. Based on the number of cycles, successive repayment dates will follow this pattern.
If you wish to pay the least total interest, you can also prepay your loan at any point during the loan term with NO prepayment penalties.
10. What if I am paid weekly?
Unfortunately, we currently provide loans only to customers who are paid monthly. Please do visit our website soon as we intend to change this requirement shortly.
11. How do bank holidays and weekends affect the service?
Bank transfers do not clear on weekends or on public holidays and hence may delay the transfer of cash into your account.
12. Can I get a loan if I am between jobs / have recently left a job and don´t yet have another one?
No, you need to be in regular employment in order to qualify for a loan.
13. Can I choose how much I want to borrow?
Based on our assessment of your application and your ability to repay, we may offer you a loan amount equal to or less than the amount that you requested. You can choose to borrow the loan amount offered or an amount less than the amount we offer to lend.
14. What if I fail to repay the loan on the due date?
If you think you will not be able to repay the entire loan amount on time, you should call us at 08442 510 530, email us at info@dreamzloanz.co.uk or contact us immediately in order to avoid legal collection procedures.
15. How do I repay the loan?
We will debit the agreed repayment amount from your debit card on your next payday.
16. Do I need a debit card to take out a loan?
Yes, you need to have a working debit card in order to qualify for a loan.
17. What are the criteria for a Payday Loan?
In order to be eligible for loan with lending stream you must:
Be at least 18 years of age
Reside and be regularly employed (not self-employed) in UK
Have a bank account which receives direct deposit and have a valid debit card
Be paid monthly and have a minimum take home monthly pay of £750
18. What if I want to pay early?
To prepay your loan, you can call us at 08442 510 530 or fill in the application form on the 'Existing Customer' page with 'prepay your loan' as the type of query. Our customer service representative will then contact you for further procedures.
A payday loan is a short-term loan repayable on your next payday. It helps you address an emergency cash need.
2. How much money can I borrow?
We lend amounts starting from £80 with denominations in the multiples of £40 (example: £80, £120, £160 and so on). You can apply to borrow up to £400 for your first loan with us. Based on the credit analysis we run on you, we may offer you a loan for the amount you apply for or an amount less than what you applied for. You can then choose to borrow up to that limit. Once you have paid your first loan in full, you will be eligible to apply for a further loan of up to £1000, if a future emergency need arises. The approval of any further loan application and the loan amount we offer you will also depend on your eligibility and our credit analysis.
3. When and how will I receive my cash?
There are two options for cash transfer and they have different speeds and different fees. The first, and fastest, is called CHAPS. A CHAPS transfer of funds into your account typically takes about 30 minutes. If you apply before 03.00 pm. on a working day, money will be transferred electronically into your account the same day. If you apply after 03.00 pm., the transfer of money will take place on the next working day. The fee for a CHAPS transfer is £15. This is the transfer fee that Lending Stream is charged by CHAPS.
The other, slower option is called BACS. There is no fee for a BACS transfer and it usually takes about 3 days to complete. Please note that bank transfers do not materialize on weekends and public holidays and this can delay the transfer of money to your account.
4. Do you provide loans to self-employed people?
No, we do not provide loans to self-employed people.
5. Can I apply for one more payday loan while I am repaying the existing one?
No, you cannot receive another payday loan until you have paid all prior payday loans. This is for your protection. Multiple payday loans are an indication of financial problems which are longer-term and more serious than an emergency, quick cash requirement. If your need for multiple loans is based on your inability to make the payment on the due date, it is essential that you immediately contact us and inform us.
6. Do you run credit/score checks?
Yes, we perform credit checks as a part of our decision making process. However, we may approve your application even if your credit is poor. Our payday loan solutions are designed to help even those with poor credit.
7. What is the loan finance charge?
We will charge £25 for every £100 borrowed. An additional fee of £15 will be charged for same day CHAPS payment. This is the transfer fee that Lending Stream is charged by CHAPS. You can alternatively choose BACS transfer (which is free of cost) and receive payment usually within 3 days. Apart from the fees described above, there are no other charges when you borrow from Lending Stream.
8. Can I be accepted for a loan if I am in overdraft?
No, we do not accept loan requests if you are in overdraft.
9. When do I have to repay my loan?
We offer 4, 5 and 6 pay cycle loans based on the loan amount approved. These plans are focused on giving you the option of lower monthly repayment amounts. If you're borrowing £80, your repayment schedule will follow the 4-cycle plan. £120 and £160 loans will follow the 5-cycle plan, while the 6-cycle plan is applicable for loans of £200 or greater.
You will have to pay only the interest on the first pay date followed by the monthly interest due (reducing principal balance) along with a fraction of the principal, which will be split in equal instalments, for the remainder of the term.
The first repayment date will be the first payday (when you receive your pay cheque) falling at least 8 days from the date of approval of the loan. The second repayment date is your immediate payday (next pay cheque) following your first repayment date. Based on the number of cycles, successive repayment dates will follow this pattern.
If you wish to pay the least total interest, you can also prepay your loan at any point during the loan term with NO prepayment penalties.
10. What if I am paid weekly?
Unfortunately, we currently provide loans only to customers who are paid monthly. Please do visit our website soon as we intend to change this requirement shortly.
11. How do bank holidays and weekends affect the service?
Bank transfers do not clear on weekends or on public holidays and hence may delay the transfer of cash into your account.
12. Can I get a loan if I am between jobs / have recently left a job and don´t yet have another one?
No, you need to be in regular employment in order to qualify for a loan.
13. Can I choose how much I want to borrow?
Based on our assessment of your application and your ability to repay, we may offer you a loan amount equal to or less than the amount that you requested. You can choose to borrow the loan amount offered or an amount less than the amount we offer to lend.
14. What if I fail to repay the loan on the due date?
If you think you will not be able to repay the entire loan amount on time, you should call us at 08442 510 530, email us at info@dreamzloanz.co.uk or contact us immediately in order to avoid legal collection procedures.
15. How do I repay the loan?
We will debit the agreed repayment amount from your debit card on your next payday.
16. Do I need a debit card to take out a loan?
Yes, you need to have a working debit card in order to qualify for a loan.
17. What are the criteria for a Payday Loan?
In order to be eligible for loan with lending stream you must:
Be at least 18 years of age Reside and be regularly employed (not self-employed) in UK Have a bank account which receives direct deposit and have a valid debit card Be paid monthly and have a minimum take home monthly pay of £750 18. What if I want to pay early?
To prepay your loan, you can call us at 08442 510 530 or fill in the application form on the 'Existing Customer' page with 'prepay your loan' as the type of query. Our customer service representative will then contact you for further procedures.