A Pay Day Advance is a short term cash advance that requires repayment when your salary is next credited to your bank account.
Customers are permitted to write up to 3 personal cheques (not exceeding £100), which we will hold until an agreed date within the next 28 days.
As Pay Day Advances are similar to an unsecured loan, ClearACheque will only offer this service to customers that qualify. The amount of cash advanced is based on our assessment of a customer's ability to repay the advance.
To qualify, you must meet the following criteria:
Currently in full time employment or education.
Salary is paid directly into your own bank account by BACS of electronic transfer.
You have a valid cheque guarantee card for the same bank account*.
You have not used another Pay Day Advance or similar service within the last 3 months. (N.B. For which we will check a National Register.)
Provided you qualify on all four criteria, you will need to bring last month’s full bank statement covering 28 days worth of transactions and the addressed coverpage. (Please note that we cannot process your transaction without this.)
You will also be required to bring the cheque book and guarantee card for the same account.
For each £100.00 cheque held for 2 weeks or less, you will receive £88.00 cash back or £83.00 cash back if the cheque is is held for 3 or 4 weeks. (443.22% APR) Remember, this flat fee is still far cheaper than bank penalty charges on an excess overdraft or a returned Direct Debit.
The maximum permitted for first time customers is £200 (2 x £100 cheques) less the commission and admin fee, subject to status.
After the first transaction clears, a typical customer is permitted to write 3 x £100 cheques, subject to status.
Pay Day Advances are a short-term advance that requires payoff by the due date indicated on the Pay Day Advance Agreement. This service is not intended to be a long-term financial solution and should not be used as an extended loan.
In turn, although renewals are permitted, please note that this will affect the status of your account with us. If you wish to renew you Pay Day Advance, you will be required to pay all commissions and admin fees beforehand.
*Please note that it is not enough to present a cheque guarantee card as they only cover cheques for 3 working days.
A Pay Day Advance is a short term cash advance that requires repayment when your salary is next credited to your bank account.
Pay Day Advances are a short-term advance that requires payoff by the due date indicated on the Pay Day Advance Agreement. This service is not intended to be a long-term financial solution and should not be used as an extended loan.