Payday loans are expensive and should only be used for short term borrowing. Make sure you understand the costs before you apply.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Debt problems? Get free confidential advice from StepChange Debt Charity on 0800 138 1111.

Your loan may be automatically extended if you don't repay it in full, this may impact your credit score and cost you extra in fees and interest. Failure to pay could mean you face collection action. If you already have a payday loan don't take out another as cheaper options are available; our guides explain.

sunny.co.uk Short Term Credit Account
Representative APR
1,971% APR (variable)
Loan Amount
£100 to £1,000
Maximum Term
5 months
Repayment for £100
£128.99 over 30 days
No transfer fees. No late payment fees. Flexible repayment schedules over 1 to 5 months.
Representative example: The Representative APR is 1,971% APR so if you borrow £350 over 12 months at 348% p.a. (variable) you will repay £105.65 per month. You will pay £917.80 in interest and £1,267.80 in total.
Satsuma Loans Short Term Loan
Representative APR
794% APR
Loan Amount
£100 to £1,000
Maximum Term
39 weeks
Repayment for £100
£140.01 over 13 weeks
There are absolutely no extra fees or charges whatsoever. 97% of our customers would use us again.
Representative Example: The Representative APR is 794% APR so if you borrow £260 over 26 weeks at 136.1% p.a. (fixed) you will make 26 weekly payments of £16.80. You will pay £176.80 in interest and £436.80 in total.
QuickQuid Payday Loan
Representative APR
1,212% APR
Loan Amount
£100 to £1,000
Maximum Term
3 months
Repayment for £100
£124.80 over 31 days
Representative Example: The Representative APR is 1,212% APR so if you borrow £200 over 35 days at 292% p.a. (fixed) you will repay £56 in interest and £256 in total.
Peachy Loans Short Term Loan
Representative APR
1,183% APR
Loan Amount
£50 to £500
Maximum Term
5 months
Repayment for £100
£133 over 28 days
Representative Example: The Representative APR is 1,183% APR so if you borrow £200 over 61 days at 365% p.a. (fixed) you will repay £151.08 each 30 days. You will repay £97.16 in interest, a £5 transmission fee and £302.16 in total.
Lending Stream Loan
Representative APR
1960.5% APR
Loan Amount
£50 to £800
Maximum Term
6 months
Repayment for £100
£200 over 6 months
Free express cash transfer. Flexible repayment options over 1 to 6 months. Prepay with no extra fee.
Representative Example: The Representative APR is 1960.5% APR so if you borrow £200 over 6 months at 314.7% p.a. (fixed) your first repayment will be £50 followed by £90, £80, £70, £60 and £50 the following months. You will repay £400 in total.
Pounds to Pocket Short Term Loan
Representative APR
278% APR
Loan Amount
£200 to £2,000
Maximum Term
12 months
Repayment for £100
-
Representative Example: The Representative APR is 278% APR so if you borrow £500 over 12 months at 140% p.a. (fixed) you will repay £79.09 per month. You will pay £449.01 in interest and £949.01 in total.
PaydayUK Loan
Representative APR
1,297% APR
Loan Amount
£100 to £1,000
Maximum Term
46 days
Repayment for £100
£122.40 over 28 days
Representative Example: The Representative APR is 1297% APR so if you borrow £230 over 28 days at 292.2% (fixed) you will repay £51.56 in interest and £281.52 in total.
different money Short Term Loan
Representative APR
1,072% APR
Loan Amount
£150 to £2,500
Maximum Term
12 months
Repayment for £100
-
Short term instalment loans and provider. No transfer fees and capped interest
Representative Example: The Representative APR is 1,072% APR so if you borrow £500 for 6 months at 255.5% p.a. (variable) you will repay £159.39 per month. You will repay £456.35 in interest and £956.36 in total.
Wonga Short Term Cash Loan
Representative APR
1,509% APR
Loan Amount
£50 to £400
Maximum Term
54 days
Repayment for £100
£124 over 30 days
One off missed payment fee of £15.
Representative Example: The Representative APR is 1,509% APR so if you borrow £100 over 13 days at 292% p.a. (fixed) you will repay £10.40 in interest and £110.40 in total.
MrLender.com Short Term Loan
Representative APR
1,216.7% APR
Loan Amount
£100 to £1,000
Maximum Term
6 months
Repayment for £100
£122.40 over 30 days
Mr Lender are offering a new lower interest rate (0.8% per day), with no added fees. Borrow up to £1,000 & pay back over 1-6 months.
Representative Example: The Representative APR is 1,216.7% APR (fixed) so for a £500 loan, duration 5 months, (5 Payments, Payment 1-£220, Payment 2-£196, Payment 3-£172, Payment 4-£148, Payment 5-£124). Rate of interest 0.8% per day, 292% per annum (fixed). Total repayable £860.
PiggyBank Payday Loan
Representative APR
1,355% APR
Loan Amount
£50 to £400
Maximum Term
35 days
Repayment for £100
£133.10 over 28 days
Representative Example: The Representative APR is 1355% APR so if you borrow £250 for 30 days at 300% p.a (fixed) you will pay £62.50 in interest, a £9.95 administration fee and £322.45 in total.
Next Credit Payday Loan
Representative APR
1,556% APR
Loan Amount
£100 to £300
Maximum Term
28 days
Repayment for £100
£124 over 28 days
Representative Example : The Representative APR is 1556% APR so if you borrow £100 over 28 days at 313% p.a. (fixed) you will repay £6 per week. You will pay £24 in interest and £124 in total.
CashCowNow Payday Loan
Representative APR
1,212% APR
Loan Amount
£100 to £1,000
Maximum Term
31 days
Repayment for £100
£124 over 31 days
This is a payday loan broker, they will search other payday loan companies to find you a loan.
If you want the money the same day you may need to pay a faster payment fee.
Representative Example: The Representative APR is 1,212% APR so if you borrow £200 over 35 days at 292% p.a. (fixed) you will pay £56 in interest and repay £156 in total.
Payday Pig Payday Loan
Representative APR
1,212% APR
Loan Amount
£100 to £1,000
Maximum Term
31 days
Repayment for £100
£124 over 31 days
This is a payday loan broker, they will search other payday loan companies to find you a loan.
If you want the money the same day you may need to pay a faster payment fee.
Representative Example: The Representative APR is 1,212% APR so if you borrow £200 over 35 days at 292% p.a. (fixed) you will repay £56 in interest and £256 in total.
UK Payday Today Payday Loan
Representative APR
2,327.87% APR
Loan Amount
£100 to £1,000
Maximum Term
18 months
Repayment for £100
£134.57 over 28 days
This is a payday loan broker, they will search other payday loan companies to find you a loan.
Representative Example: The Representative APR is 2,327.87% APR so if you borrow £275 over 28 days at 359.4% p.a. (fixed) you will repay £82.36 in interest and £357.36 in total.

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Important Information About Payday Loans

Here is some important information about the practices used by many of the payday lenders we list on money.co.uk. To find out about the specific practices and charges applied by your chosen payday loan lender you will need to check their website and read their terms and conditions carefully before you apply.

The financial implications of non-payment

You should always make repayments on your payday loan on time and in full. The interest rates and information we list in our comparison tables assume that you will do this. Payday loan lenders each have their own policies regarding non-payment, this affects the additional interest and charges they apply and the debt collection practices they use.

If you do not make your agreed repayments on time then you are likely to be charged extra interest and additional fees. Some lenders will also take legal action if you repeatedly fail to repay. How much extra you are charged and the collection practices used for non-payment will depend on the payday loan lender you have borrowed from; you should check this before applying. Your payday loan payments will be taken out of your account automatically. However, if you do not have enough money in your account to cover the payment you are likely to incur extra charges. You are also likely to be charged interest on your balance at that point; this may be more than the original amount you borrowed.

If you think you may have difficulty making a repayment you should contact your lender immediately. Failure to do so could impact your credit score and result in additional charges.

The impact of non-payment on your credit score

Non-payment will also be recorded on your credit file. Repeated non-payment may have a negative impact on your credit rating and affect your eligibility for future borrowing. You should always make repayments on time and in full to avoid any repercussions on your credit rating.

Renewal policy information

It is not advisable to renew or extend a payday loan. However, if you do need to you should contact your lender to arrange an extension before they try to take payment. Most payday loan lenders will charge you an extension fee and additional interest on your total outstanding balance. Some lenders will automatically renew or extend your payday loan if you do not make an agreed repayment. This is likely to cost you extra in additional fees, interest and charges. You should check your chosen lender’s approach to payday loan extensions before you apply.

Payday loan collection practices

If you fail to make an agreed repayment on a payday loan most lenders will contact you by phone, post or email to rearrange your repayment. If you repeatedly fail to make repayments then they may use collection practices or take legal action. You should familiarise yourself with the collection practices of your chosen payday lender before you apply.

Financial difficulty

If you are struggling to make repayments on a payday loan you should contact your lender right away. You can also get free advice from debt charities like StepChange, Citizens Advice Bureau and the National Debtline.

Should I Ever Take Out a Payday Loan?

by BillJ

With many of us feeling the pinch, it can sometimes feel like a struggle to make your wages last through to the end of the month. But is taking out pay day loans ever worth considering?

Head In Hands

What are Payday loans?

A payday loan is a one-off, short term loan designed to keep your finances afloat until you receive your monthly wages. You generally have the option borrow between 80 and 1,000 and the idea is that you pay off the loan in full as soon as your monthly wages arrive in your bank.

However this instant-access borrowing doesn't come cheap, and most payday loans UK companies charge rates of interest into the thousands.

Although payday loan lenders design their packages to be short-term, instant loans there is an option to roll on your debt from month to month - a very bad idea considering the amount of interest you will be paying.

Who should consider getting one?

Payday loans shouldn't ever be your first option. However, despite the fact that the 'Credit Crunch' may now be officially over, it has left many people still desperate for cash. If you have exhausted every other possible avenue of raising finance, have a few too many black marks on your credit history and have a genuine unavoidable reason for needing the money, then - and only then - should you consider the possibility of taking out a payday loan.

There are exceptional circumstances that might push you towards taking out a pay day loan, such as an unexpected bill. However always try talking to whoever sent you the bill first. If you explain your situation then it may be possible to come to some arrangement with regards to making staggered payments - don't think that a 'bad credit loan' is your only option. Investigating other possible avenues of finance first is a must.

How do you get one?

Payday lenders advertise their products as instant loans pushing the fact that taking out one of their same day loans is quick and easy - which, of course, is part of their attraction - rather than properly explaining the cost. They are more lenient with borrowing history meaning bad credit won't necessarily affect your application although should carry out affordability and credit checks. You can apply for payday loans online and have the money transferred to your bank account in as little as 15 minutes. As long as you are over 18, have a bank account and are employed with a regular month income, then you should be able to apply for a payday loan from a wide selection of payday loan lenders which gives you the power to compare your options and go for the cheapest if you really need to go down this route.

Even though the interest rates on pay day loans are astronomical, you should still shop around and try to get the lowest possible APR you can find. To give you an idea, a quick look at our payday loan comparison table shows rates of interest varying by 1,000s%. Plumping for the lower APR could mean a significant saving on the amount of interest you pay back. Comparing the cost for the amount you want to borrow over the period you want to borrow is essential because this is the only way you'll know what your borrowing will cost you.

Some payday loan companies hide their APR rates by quoting your repayments in pounds only. Paying back 125 when you borrow 100 might sound attractive if you are in a tight situation, but lurking behind that 25 charge is an APR of 1737%. You need to pay careful attention to the APR rate. If you fail to pay back your loan with your month's wages, you will find yourself being charged extra interest for each subsequent month.

Most importantly, just because applying for short term loans is so quick and easy, it doesn't mean that you have to rush into it when it comes to taking one out. Take your time and read all of the small print in the terms & conditions extremely carefully. Compare payday loan companies, and compare their criteria - and most importantly compare APRs and the cost of borrowing. You should also check that they are signed up to the Good Practice Charter because this should mean that they'll employ more measures to give you a fairer service.

How to make it work for you?

If you are willing to take out a payday loan despite the astronomical interest rates, then the only way you can extricate yourself from an extremely perilous financial situation is to ensure that you pay back the entire amount that you borrowed as soon as you are paid your wages.

It is vital that you only ever borrow what you can actually repay from your next pay packet and clear the debt as soon as possible. To do this, only ever borrow the absolute minimum amount you need. If you need to borrow 200, then think very hard about whether you can manage with 100.

Never in any circumstances be tempted to borrow a little bit more because it is being waved in front of your nose by payday loan lenders. This will only make an already dangerous situation much worse. If you are forced to carry over or defer your loan to the following month then your debt will grow - quickly. You could also incur bank charges if your loan repayments take you beyond your authorised overdraft limit.

What alternatives are there?

If you are even considering pay day loans then it is probably a good indicator that you are already living beyond your means. If that is the case, you should think about contacting your nearest Citizens Advice Bureau or a debt charity like StepChange, not brokers or payday loan lenders, to discuss how you can go about reducing your debts. There are also a number of debt repayment charities throughout the country that were set up to provide support and help to people in these exact circumstances.

Ask yourself if you really do need a payday loan. Then go to bed and when you wake up in the morning, ask yourself again: do you need this loan? There's a world of difference from taking a loan out to buy food for your children, and paying up front for a holiday.

If the answer is still 'yes', consider asking a parent, partner or friend to loan you the money. The old adage about not mixing money and friends might have some truth to it, but so does 'a friend in need'. Sometimes just discussing the issue with someone close to you may open up a solution that you hadn't previously considered.

If your credit rating will allow it, there are so many better options out there than same day loans. Whereas we don't condone running up debt, many of the major credit cards offer 0% against new purchases for a number of months which could potentially help you bridge the gap between paydays. Even personal loans are available from as little as 9% APR - a slightly more manageable figure than 2,000%!

Other useful resources for payday loan lenders: