Cash Generator provides payday loans in the UK in co-operation with The Loan Store, the originator of the short term loans.
The way these short term loans (also known as a pay day loan or pay day
advance) are available from The Loan Store, in association with Cash
Generator, is that they operate like an advance on your salary from
Typical uses for payday loans include unexpected expenses from emergencies such as car or a washing machine breaking down, medical expenses or paying for utilities.
The loans are typically paid back when your next pay cheque is due, often within a few weeks time from taking the loan.
However, these are not financial solutions for long-term money problems, partly due to the high costs of borrowing, as measured by high annual percentage rates (APRs) of interest.
You should also consider looking at the alternatives to payday lending in UK, including taking a salary advance from your employer, taking a cash advance from a credit card, or getting a small consumer loan from your local bank.
There are two ways to apply for a payday loan from the service, either
through the official online website, or by visiting one of the stores
in-person (available from most stores).
Available loan sums range from £50 to £1,000, subject to sufficient proof of identification and an affordability assessment that is part of the loan application processing.
If you apply online, the form takes about 5 minutes to fill in, and after submitting the application, the loan decision is usually available within a few minutes.
After approved application, you will also need to confirm your agreements and T&C’s online, and once the documents are received, the firm will transfer the funds.
According to the firm's FAQ section, if you decide to apply in-person at one of the outlets, you will need to provide 3 forms of valid ID, including proof of address within the last 6 weeks (e.g. a current utility bill).
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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