This is my review of Payday Express who are a provider of Payday Loans in the UK.
I have previously used Payday Express on several occasions and thought I would share my experiences with you.
Payday Express charge £29 per £100 borrowed for 28 days and may be able to lend up to £800 once you have established a good record of repayment.
My application was straight forward and I applied for £200. I was approved and received my loan funds quite quickly.
At the time I used Payday Express, I was charged £15 for the privilege of a same day transfer although it appears now that there is no charge for a same day transfer.
Instead they now rely on your bank subscribing to the faster payments service.
Further Applications and deferring my Payday Express Loan
I made several subsequent applications which went through without any hassle. I also rolled over my loans on numerous occasions which means that instead of paying off the loan, I just paid off the Interest. The payday loan trap was beginning to take hold.
Like all my Payday Loans, I could no longer afford to repay my Payday Express Loan. I tried in vain to reach an affordable repayment plan but my requests got me nowhere.
In fact what Payday Express did was quite shocking, their Debt Collection Agency forced through the Debit Card Transaction which resulted in me being massively overdrawn with the Co-operative Bank.
I have now got a default with the Co-operative bank so thanks a bunch Payday Express. I suppose I should accept responsibility for my actions and I do, but I still think that things could have been handled better.
Concluding my Payday Express Review
So long as you know you will be able to pay them back then their service does exactly what it says on the tin. It’s a payday loan with a high rate of interest.
If you end up like me, and are unable to pay off your loan then be careful because you could end up paying more than just your loan back.
I ended up paying back default charges and then I paid with a default from the Co-operative Bank because the debit card transaction to repay my Payday Express loan was forced through.
Despite several e-mails to Payday Express, I have been ignored. I have now submitted a complaint to the Financial Ombudsman and hope the matter can be resolved soon.