While you can borrow up to 28 days later, we don't lend to zombies says speedeloans
Claims that one in six payday loans users are only able to service the interest on their debts, leading to people “racking up” even more debt, have been challenged by industry expert and CEO of speedeloans.com , Gary Miller-Cheevers.According to research* by the R3 insolvency group, millions of Britons will turn to a payday loan in the next six months in order to tide them over until their next payday, with just over 16.5% becoming "zombie debtors” – a phrase coined to describe people who can only pay the interest on their debt and not the debt itself.