About MEM
Introduction
MEM Consumer Finance Ltd offers consumers loans of between £80-£750 over a typical period of 20 days – from the date of application to their payday. Typical borrowers have an annual income of between £15,000 and £35,000, but live on a tight budget that leaves little room for financial mis-steps or emergencies.
A Payday Loan helps people to get through a cash crunch without paying late fees or bouncing cheques – the charges for which are considerably more expensive for the customer than Payday Loan fees.
The loan process is simple. Customers apply online or by telephone and MEM’s bespoke underwriting system assesses each customer individually, assigning them an approval limit based upon their financial commitments. The funds are deposited into their account on the day the loan has been applied for and, on their payday, the amount is debited using the customer’s bank account debit card.
The MEM Payday Loan process allows customers who lead busy lives to apply without the need to leave their desks, visit their bank, make appointments, or wait for their cash after making a loan application.