Loan Extra is a payday loan service operated by the publicly traded Fairpoint Group PLC, and licensed by the Office of Fair Trading for UK loan market.
The firm is not a broker, but rather a direct payday lending entity, which means that they can offer fast turnaround on your loan application, and direct customer service on handling your loan.
Their payday loan products are a type of short term, small amount loans, that the borrower usually pays back on the next payday from regular employment.
Because of these are high interest loans, they are not suitable as solutions for long term financial problems, but rather, they are expected to be used to cover short-term unexpected expenses and emergencies, often up to £750.
In the UK, payday loans are called by many other names, ranging from instant payday loans, cash advances, same day loans, and cash till payday.
Popular alternatives to payday lending in the UK range from using cash advances on a credit to using small consumer loans from a local credit union.
In addition to full time employment, some of the other requirements for a
loan applicant include that you must be over 18 years old, earning
regular income of over £750 per month, with your salary paid directly
into a bank account, which has a debit card.
If you meet the requirements, the loan application itself is a very fast process, where you fill in the online form with, for example, personal details, employment details, pay dates, debit card number, and bank account details.
Occasionally, the company may ask further documents from you, to support your application.
Once you've submitted the application, a customer service agent will give you a call and walk you through the loan documentation and repayment process.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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