Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Manage your loan online

Some lender's let you log in to your account through their website, using the details and password you gave when you applied for your loan. You can then:

  • Check your progress: You can see when your next payment is due, and how much is left to pay on your loan at any time.

  • Make overpayments: You can pay extra each month to save money on interest. Most lenders do not charge for this, and you could clear your loan quicker.

However, most lenders do not offer an online service. This mean you can only manage your loan by checking your statements or calling your lender.

Cancel your loan early

After your loan is approved you have a 14 day cooling off period to give the money back, plus any interest due from the days you had the loan.

However, most lenders let you repay your loan at any time without charges. This means you only pay the interest due for the time you held the loan.

Pay off your loan

There are three ways you could pay off your loan:

  • By paying monthly: This clears your loan by your agreed end date, as long as you keep up with your payments.

  • Early repayment: Most lenders let you repay your loan early by card or cheque, which could save you on paying interest for each day remaining on the term of the loan.

  • With another form of borrowing: If you have an account that charges you less in interest, like a 0% overdraft, think about using it to pay off your payday loan.

If you cannot repay

Call your payday lender straightaway and tell them you are having financial difficulties. They will try to arrange a repayment plan that works for both you and them.

If you say nothing, and miss one or more payments your payday lender could leave a negative mark on your credit record and charge you for each missed payment.

Borrow more

The way you borrow more depends on your circumstances:

  • Your existing loan is ending: Once you get the final confirmation by email that your loan has been repaid, you can make a new application for a loan.

  • On top of your existing loan: You could borrow on top of your existing loan or borrow separately, and keep the same end date or choose a new end date.

  • With a different lender: If you can get a cheaper loan with another lender, compare the total cost and look out for any early repayment charges.

When you apply for more money, you need to go through another credit check process. Find out how each payday loan application affects your credit record here.