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Pay Day Loans

16/03/2021
  • If there has been a single instance of a payday loan in the last twelve months and it was less than 10% of monthly net salary, this can be disregarded if a satisfactory explanation is received
  • If a payday loan has been obtained in the last twelve months exceeding 10% of monthly net salary, the loan will be declined
  • If more than one payday loan, of any amount, has been obtained in any of the most recent three months, the loan will be declined

In all other cases the highest payday loan obtained in the last twelve months will be treated as a monthly commitment