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.

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 | Loan Amount | Maximum Term | Repayment for £100 | ||
---|---|---|---|---|---|

1,971% APR (variable) | £100 to £1,000 | 5 months | £127.06 over 28 days | ||

No transfer fees. No late payment fees. | |||||

Representative example: The Representative APR is 1,971% APR so if you borrow £350 over 12 months at a rate of 348% p.a. (variable) you will repay 12 monthly payments of £105.65 and £1267.80 in total. | |||||

QuickQuid Payday Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

1,999% APR | £100 to £1,000 | 3 months | £129.50 over 31 days | ||

Use code MONEYQ10 to save 10% on your initial interest rate. No hidden fees. | |||||

Representative Example: The Representative APR is 1,999% APR so if you borrow £200 over 31 days at a rate of 347% p.a. (fixed) you will repay £259. | |||||

Lending Stream Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

1,960.5% APR | £50 to £800 | 6 months | £125 over 30 days | ||

Representative Example: The Representative APR is 1960.5% APR so if you borrow £200 over 6 months at a rate of 314.7% p.a. (fixed) you will repay £400. | |||||

Purple Payday Payday Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

2,023% APR | £100 to £1,000 | 45 days | £125 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 2,023% APR so if you borrow £200 over 31 days at a rate of 682.78% (fixed) you will repay £257.99. Includes £3 transmission fee. | |||||

Pounds to Pocket Short Term Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

278% APR | £200 to £2,000 | 12 months | - | ||

Representative Example: The Representative APR is 278% APR so if you borrow £500 over 12 months at a rate of 140% p.a. (fixed) you will repay £79.09 per month and £949.01 in total. | |||||

Peachy Loans Short Term Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

1,058% APR | £50 to £500 | 5 months | £133 over 28 days | ||

If you want this loan you'll need to pay a £5 faster payment fee. | |||||

Representative Example: The Representative APR is 1,058% APR so if you borrow £200 over 60 days at a rate of 365% p.a. (fixed) you will repay £299.08 in total. | |||||

QuickQuid FlexCredit | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

1,392% APR (variable) | £100 to £1,000 | 10 months | varies | ||

Use code MONEY30 to save 30% off initial loan fees. | |||||

Representative Example: The Representative APR is 1,392% APR so if you borrow £1,200 over 10 months at a rate of 300% p.a. (fixed) you will repay £2,831.34. | |||||

MrLender.com Short Term Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

2,216% APR | £80 to £1,000 | 6 months | £130 over 42 days | ||

Representative Example: The Representative APR is 2216% APR (fixed) so if you borrow £500 over 5months at a rate of 30% (fixed). You will repay in total £950. This includes a registration fee of £7 | |||||

MyMate Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

1,362% APR | £150 to £1,000 | 6 months | - | ||

If you want this loan you'll need to pay an arrangement fee of £5.50. Other fees may be applied. | |||||

Representative Example: The Representative APR is 1362% APR so if you borrow £400 over 4 months at a rate of 292% p.a. (variable) you will repay £168.75 per month and £675 in total. Arrangement fee: £5.50, other fees may be applied. | |||||

PiggyBank Payday Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

1,355% APR | £50 to £500 | 42 days | £131.60 over 28 days | ||

If you want this loan you'll need to pay a total of £8.45 in fees. | |||||

Representative Example: The Representative APR is 1355% APR so if you borrow £250 for 30 days at a rate of 300% p.a (fixed)you will repay a total of £320.95. The total charge for credit is £69.45 and includes an administration fee of £8.45 | |||||

CashCowNow Payday Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

1,737% APR | £100 to £1,000 | 31 days | £125 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 1,737% APR so if you borrow £100 over 31 days at a rate of 296% p.a. (fixed) you will repay £125. | |||||

Payday Pig Payday Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

1,737% APR | £100 to £1,000 | 31 days | £125 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 1737% APR so if you borrow £100 over 31 days at a rate of 296% p.a. (fixed) you will repay £125 in total. | |||||

UK Payday Today Payday Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

2,327.87% APR | £100 to £1,000 | 18 months | £129.95 over 28 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 2,327.87% APR so if you borrow £275 over 28 days at a rate of 359.4% p.a. (fixed) you will repay a total of £357.36. | |||||

Cash Lady Payday Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

2,670% APR | £80 to £1,000 | 6 months | £129 over 28 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 2,670% APR so if you borrow £200 for 28 days at a rate of 378% p.a. (fixed) you will repay £258 in total. | |||||

Tide u Over Payday Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

1,734% APR | £100 to £500 | 39 days | £135 over 30 days | ||

Representative Example: The Representative APR is 1,734% APR so if you borrow £200 over 28 days at a rate of 326% p.a. (fixed) you will repay £261 in total. | |||||

KwikPayday Payday Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

2,670% APR | £10 to £750 | 28 days | £129 over 28 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 2,670% APR so if you borrow £200 over 28 days at a rate of 378% p.a. (fixed) you will repay £258 in total. | |||||

Kwik Cash Short Term Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

2,670% APR | £80 to £1,000 | 6 months | £129 over 28 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 2,670% APR so if you borrow £200 over 28 days at a rate of 378% p.a (fixed) you will repay £258 in total. | |||||

Ladder Loans Short Term Loan | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

299% APR | £500 to £1,500 | 18 months | - | ||

Representative Example: The Representative APR is 299% APR so if you borrow £1,000 over 12 months at a rate of 147% p.a. (fixed) you will repay £163.10 per month and £1,957.20 in total. | |||||

QuickQuid Payday Loan (3 Pay Period) | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

1,999% APR | £100 to £1,000 | 3 months | £188.50 over 90 days | ||

Use code MONEYQ10 to save 10% on your initial interest rate. No hidden fees. | |||||

Representative Example: The Representative APR is 1,999% APR so if you borrow £200 over 31 days at a rate of 347% p.a. (fixed) you will repay £259. | |||||

QuickQuid Payday Loan (1 Pay Period) | |||||

Representative APR | Loan Amount | Maximum Term | Repayment for £100 | ||

1,999% APR | £100 to £1,000 | 30 days | £129.50 over 31 days | ||

Use code MONEYQ10 to save 10% on your initial interest rate. No hidden fees. | |||||

Representative Example: The Representative APR is 1,999% APR so if you borrow £200 over 31 days at a rate of 347% p.a. (fixed) you will repay £259. |

money.co.uk, Dot Zinc Limited, 160 Fleet Street,London. EC4A 2DQ. We are a Credit Broker for all consumer credit products listed on money.co.uk.

We provide an independent comparison service free of charge but we may receive a commission from some of the companies we refer you to. These are indicated with purple buttons.

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.

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.