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.

Satsuma Loans Short Term Loan
Representative APR
845% 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 existing customers would use again.
Representative Example: The Representative APR is 845% APR so if you borrow £300 over 26 weeks at 140.1% p.a. (fixed) you will make 26 weekly payments of £19.62. You will pay £210.12 in interest and £510.12 in total.
sunny.co.uk Short Term Loan
Representative APR
1,295% APR
Loan Amount
£100 to £2,500
Maximum Term
14 months
Repayment for £100
£124 over 30 days
No early or late repayment fees and no admin fees. Fast, flexible loans from £100 up to £2,500.
Representative example: The Representative APR is 1,295% so if you borrow £400 over 6 months at 292% p.a. (fixed) you will repay 6 monthly instalments of £125.38 and £752.24 in total.
Lending Stream Loan
Representative APR
1272.0% APR
Loan Amount
£50 to £800
Maximum Term
6 months
Repayment for £100
£124 over 30 days
New low interest rate of 0.8% per day with no hidden fees. Borrow up to £1,500 and pay back over 1 - 6 months.
The Representative APR is 1272.0% APR so if you borrow £200 over 6 months at 292.0% p.a. (fixed) your first repayment will be £46.40 followed by £88, £78.40, £69.76, £59.84 and £49.28 the following months. You will repay £391.68 in total.
QuickQuid Payday Loan
Representative APR
1,212% APR
Loan Amount
£50 to £1,000
Maximum Term
3 months
Repayment for £100
£124.00 over 30 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.
PaydayUK Loan
Representative APR
1,297% APR
Loan Amount
£100 to £650
Maximum Term
5 months
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.
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.
Peachy Loans Short Term Loan
Representative APR
433.71% APR
Loan Amount
£50 to £700
Maximum Term
12 months
Repayment for £100
£122.40 over 28 days
Representative Example: The Representative APR is 433.71% APR so if you borrow £250 over 91 days at 292.25% p.a. (fixed) you will repay £126.48 each 30 days. You will repay £129.44 in interest and £379.44 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
-
Different Money is a Short term instalment loans provider. No transfer fees and capped interest. 78% of customers give a 5 star rating on trustpilot
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.
PiggyBank Payday Loan
Representative APR
1,297% APR
Loan Amount
£100 to £750
Maximum Term
5 months
Repayment for £100
£122.40 over 28 days
Representative Example: The Representative APR is 1297% APR so if you borrow £250 for 30 days at 292% p.a (fixed) you will pay £60 in interest and £310 in total.
Payday Pig Payday Loan
Representative APR
1,212% APR
Loan Amount
£100 to £1,000
Maximum Term
31 days
Repayment for £100
£124.80 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.
CashCowNow Payday Loan
Representative APR
1,212% APR
Loan Amount
£100 to £1,000
Maximum Term
31 days
Repayment for £100
£124.80 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 £256 in total.
Tide u Over Payday Loan
Representative APR
592% APR
Loan Amount
£100 to £500
Maximum Term
31 days
Repayment for £100
£120 over 31 days
Representative Example: The Representative APR is 592% APR so if you borrow £200 over 28 days at 208.6% p.a. (fixed) you will repay £32 in interest and £232 in total.
Balmoral Financial Short Term Loan
Representative APR
98.33%
Loan Amount
£200 to £1,000
Maximum Term
12 months
Repayment for £100
-
Applicants must be in regular employment as monthly repayments will be collected via Payroll.
Representative Example: The Representative APR is 98.33% so if you borrow £400.00 over 5 months at rate of 70.8% p.a. (fixed) you will repay £94.64 per month and £473.18 in total. Total charge for credit £73.18.

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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.

How to Find a £500 Loan for Bad Credit

by DanB from money.co.uk

If you need to borrow 500 to keep you going in the short term, your choices will be limited if you have a poor credit rating. If you get a payday loan, what you owe could quickly spiral out of control, so we've looked into how you can prevent this.

Happy Couple Discuss Borrowing

Payday loans are aimed at those with bad credit, offering quick access to cash, so they may seem like the right choice if you have a poor credit rating and need a loan fast.

However, it's worth looking into the alternatives too because they could work out a lot cheaper. This guide talks you through how else to borrow the money you need, such as using an overdraft, a credit card, or borrowing from a friend: What is the Best Way to Borrow Money Until Payday?

If you decide a payday loan is your only option, you'll need to be careful - they can be dangerous if you can't pay them off quickly and they aren't suitable for the long term. Here's what you need to know...

How do payday loans work?

When you've picked a lender, you can let them know how much you need to borrow and for how long, although some are more flexible on this than others.

Once the form-filling is complete, they'll transfer the money to your bank account, and it'll often be available for withdrawal straight away; it will start to generate interest just as quickly too.

The total amount you'll pay should be made clear when you take the loan out, then the amount you owe will be deducted from your account on the agreed date.

How to find the best 500 loan

Each company will have different rules on when you need to pay back what you owe. Borrowing for longer is usually a lot more expensive, but make sure you choose a repayment date that gives you enough time to raise enough to pay it back as rolling the loan over is a very expensive option.

Check the interest rates and charges, as how much the loan company charge per 100 will determine how much the loan will cost you.

What are the risks of a 500 payday loan?

Payday loans cost so much because of their high interest rates and the fees they impose for borrowing - this will make it even more expensive if you don't pay the money back quickly.

If you don't pay the loan back by the agreed date, you'll face more fees, further pushing up the amount you owe and making it harder for you to pay it off.

As well as increasing what you owe, missing payments will also impact your credit rating, making it even harder to borrow in the future and limiting your options further. Even if you keep up with repayments, just seeing that you've taken payday loans in the past is enough to put off some mortgage lenders so you should think twice before you go down this route and consider all the other possible options before committing to a payday loan.