Payday Loans – Day or Night!

About PM Loans

PM Loans is a trading name of The Money Hive Limited, a direct lender authorised and regulated by the Financial Conduct Authority (FCA reference number 736632). When you apply, we assess your application ourselves. We confirm your identity, look at your income and outgoings, and carry out credit checks to make sure the repayments are affordable for you.

If we are unable to offer you a loan, we may, with your agreement, pass your application to a panel of FCA-authorised lenders who may be able to help. We never charge a fee for this, whether or not you are offered a loan, and you are under no obligation to accept any offer.

Our payday loans are repaid in monthly instalments over 2 to 12 months rather than in one lump sum on your next payday, so you can spread the cost of an unexpected bill.

How It Works

1. Check the cost – use our loan illustration to see your monthly repayments and the total amount repayable before you apply.
2. Apply online – our application takes around 2 minutes. We ask about your income, outgoings and employment.
3. We assess your application – we check your identity, affordability and credit history, including a search with credit reference agencies.
4. Get a decision – if you are approved, you will see your loan agreement, including the total cost and repayment schedule, before you sign.
5. Receive your money – once your agreement is signed, we send the funds to your bank account.
6. If we cannot lend – with your consent, we may refer you to other FCA-authorised lenders. You are under no obligation to accept any offer.

What Does a Short-Term Loan Cost?

Short-term loans are an expensive form of credit and are not suitable for long-term financial difficulties. All high-cost short-term credit in the UK is covered by the FCA price cap, which means:

• Interest and fees are capped at 0.8% per day of the amount borrowed.
• If you miss a payment, default fees are capped at £15.
• You will never pay back more in interest and charges than the amount you borrowed.

You can repay all or part of your loan early at any time, and you only pay interest for the days you have borrowed. You also have 14 days after signing your agreement to withdraw, by repaying the amount borrowed plus interest for the days you had it.

Is a Short-Term Loan Right for You?

Before borrowing, consider whether there is a cheaper option. That could be an arranged overdraft, a credit union loan, or asking the organisation you owe whether you can delay or spread the payment. Do not take out a loan to repay another loan.

If you are struggling with existing debts, free and confidential advice is available from MoneyHelper, StepChange and Citizens Advice. If you ever have difficulty making a repayment, contact us as early as possible so we can discuss your options.