TODAY LOAN REVIEW
With Today Loan, the minimum amount available for borrowing is £50 and the maximum is £750. This is similar to most other brokers operating in the UK market.
The APR is 1737% and the flat rate fee applicable to every £100 you borrow, £25. This is quite typical of such payday loan companies. Note that this applies to a loan period of 1 month: the shorter the time you take to pay back, the lower the cost of borrowing.
Today Loan is part of the well-established Loan Machine that is registered with the Office of Fair Trading and that holds a Data Protection Licence.
They claim to have a secure online application form.
They posit that they aim to have the cash deposited into your bank account the same day, and add that there is a good chance of this happening if your application is approved before 2:00pm.
Some of their lenders may perform credit checks, but most of the time Today Loan is able to secure their customers a loan, even if they have had credit problems in the past.
The entire application process is done online, so no need to fax in any paperwork.
The do not clarify whether they have a minimum monthly income requirement.
They also accept applications from the self-employed, part-timers etc., and they are flexible in terms of the acceptable pay frequency.
The seem to accept both debit cards and direct debit.
They do not have any hidden fees or charges, but the actual rates may vary depending on the lender that accepts your loan application.
