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Payday Loan

What is a payday loan?

A payday loan, sometimes referred to as a cash advance, is a short-term, small-principal loan used by people just like you for immediate cash needs. Ranging from £50 - £500, these short term loans are handed to you in cash and debited (plus finance charge) upon your next payday.

Who can receive a cash loan?

To pre-qualify, you must have a valid bank account, be at least 18 years old, receive a regular pay cheque or salary and be a resident of the United Kingdom.

How does it work?

Just complete an application and provide the necessary documents. Cash will be in your hands within minutes. Plus, less-than-perfect credit is not a problem! A cash advance can help improve your credit score.

Improve your Credit Rating

Did you know that each time you repay a loan from Phunkmedia, you’re improving your credit score? When you repay your loan on time, we inform the credit bureau of your timely repayments. This should positively affect your credit score, and in time, you’ll see an improvement to your credit history.

Not only can you improve your overall credit history, but paying back your advance on time will also build your credit rating with us. This means you’ll be able to qualify for higher loan in the future. As you improve your credit history, you may be able to apply for other financial products that you have been refused for in the past.

Rates & Fees

The loan is repaid after 1 pay period, typically one month. The finance charge and the full loan principal are due on your next pay date.

Loan Amount Finance Charge1 Total Amount Paid to Phunkmedia APR
£100.00 £20.00 £120.00 819.12%

Phunkmedia does not report to all credit reference agencies.

Phunkmedia does not guarantee timely repayments of a payday loan will positively affect your credit score or improve your credit history.

What happens next?

On your next payday, the loan amount and finance charge will be automatically deducted from your bank account.

What are the fees associated with a payday loan?

With a payday loan from Phunkmedia, all fees and charges are upfront, so there are no surprises.

Handling charge: All loans are subject to a one off administration fee of £3.10

Governing Law

Each loan agreement will be governed by the Consumer Credit Act of 1974 and all other applicable laws of England and Wales.


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