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All about the loan store

The Loan Store

The Loan Store is a UK based payday lender specialising in short term loans. They offer loans ranging from £50-£1,000 for short term financial assistance. Like other payday lenders the interest rates are quite high and the loans need to be paid back within a minimum period of 28 days.

The Loan

The Loan Store offers loans to most people as long as you qualify. The website has full qualification criteria and it is important to read this before you make a loan request. The interest rates on the loans is the standard 1733.5%, certainly every payday loan I have looked at has this interest rate. It may sound high but if you look at the amounts that you payback it is not really that bad for instance if you take a £50 loan you will payback £62.50.

If you cannot repay the loan within the original time period it is possible to extend the loan, but you must give The Loan Store at least five days’ notice if you wish to do this. Refinancing can be arranged via the website or by calling the customer service team.

Receiving your loan

The Loan Store has three payment methods, these include the standard BACS method, and this is free but does mean that you won’t receive your loan for 2-5 working days. If you need the loan within the same day, this can be arranged, but only if your bank accepts the methods used.

There is also a charge for this service they charge either £5 or £12 depending on the method chosen. Loans can only be paid on the same day if they are fully approved by 2:30pm.

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