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Frequently Asked Questions

What is a payday loan?

A payday loan provides you with an unsecured, short-term cash advance until your payday. Customers choose payday loans to cover small, unexpected expenses while avoiding costly bounced-cheque fees, late payment penalties or other unfair and credit damaging expenses. With 1 Month Loan you can apply for a loan online and have your cash electronically deposited to your current account.

How much can I borrow?

You can borrow between £75 - £200 for your first loan. Once your first loan has been repaid in full, you will have the option to borrow more for each subsequent loan. The maximum amount that you may borrow is based on your monthly take home pay.

Do you undertake credit checks?

At 1 Month Loan we do not perform traditional credit checks. However, we do verify information submitted with several national databases. This does not affect your credit rating or let anyone else know that you are considering taking out a loan.

Do I need to be paid by direct deposit?

Yes, in order to qualify for a loan you must receive your wages or salary by direct deposit into your current account.

I am paid by Social Security, do I qualify?

No, unfortunately, we cannot proceed with a loan if that is the case. You must be actively employed in order to qualify for a loan.

What documentation will I be required to send in?

We normally can complete the entire transaction online without any paperwork.

How long can I have the funds for?

Payday loans are usually due back on your next payday. We will let you defer the loan for a month or two as long as you pay the outstanding interest.

I am thinking of entering a Debt Management Programme?

If you thinking of entering a Debt Managment Programme please do not attempt to borrow money from 1 Month Loan as you will still have to pay our loan back before you enter the scheme. The agreement that you will be signing contains this extremely important section with regard to debt management, IVA's and Bankruptcy:

  • You must not borrow more than you can afford to repay.

  • By applying for a loan with us you will be agreeing to our Terms & Conditions which include the important section:

      1. Confirm that you are not under notice of leaving or redunancy and have no intention of leaving your current employment.

      2. Confirm that you are not currently or planning on entering into a Debt Management Programme, and IVA or intend on applying for Bankruptcy.

      3. Agree that should you enter a Debt Management Programme, within 31 days of taking this loan and before this loan is repaid that the loan and interest will be  repaid immediately and in full and any monies owed to Oasis Financial Services Limited or its appointed agents falls outside of the Debt Management programme.

 

Can I make payments on my loan?

We do offer rollovers (deferrals) on our loans. You can roll the loan over for a maximum of 4 months. Each month you must pay the interest for that month, then a new interest charge is added.

Is there an application fee to apply?

All fees and charges are covered by the £30 for each £100 interest charge. If you require a same day bank transfer we will need to pass on the £20 fee we are charged by the banks. If you are prepared to wait for a short while and accept a normal online bank transfer there is no charge but you will have to wait for a day or two.

Is my application and financial information secure?

Absolutely. We respect our customer’s privacy needs in managing their personal finances. Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive information transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.

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