There are several payday lenders in the UK that could lend you money at short notice, even if you have a poor credit record.

Payday loans are an expensive type of borrowing, so be sure you need the money before applying. Here is information on how to apply for a payday loan online.

However, you will not be eligible to apply for a payday loan if:

  • You have an outstanding county court judgement (CCJ) in your name

  • You have been bankrupt in the last 12 months

  • You are on a debt management plan

How to get the best deal

To find the cheapest payday loan, you need to decide:

  • How much you need to borrow: If you borrow more than you need then you will pay more interest on your loan.

  • How long to pay your loan back over: If you can afford to pay it back quicker, you can reduce the amount of interest you pay.

Get quotes from the payday lenders that let you borrow the money you need over the term you want, and compare the total cost you pay back to find the cheapest deal.

Do not just look at rates

Payday lenders show their rates as an annual percentage rate (APR), which tells you how much interest you would pay over 12 months.

When you apply for a payday loans you usually choose a much shorter term, like a week or a month, so the APR does not give a fair reflection of the cost of each loan.

To find out the exact cost, compare the total amount you pay back for the amount you borrow to find the best deal.

Payday loan with bad credit FAQs

Q

Is it harder to get a loan with bad credit?

A

Yes, your credit record tells lenders if you are a responsible borrower, but the lenders in this comparison may accept you with bad credit.

Q

When will I know if my payday loan application is approved?

A

Most lenders tell you within minutes, but it can take longer if you have given incorrect information on your application.

Q

When will the money arrive in my bank account?

A

Most payday lenders send the money on the same day your application is approved, but it could take up to a couple of days to reach your account.

Q

What if my payday loan application is declined?

A

Ask the lender why. You should also find out if there are any issues with your credit record.

Q

Can I get a payday loan without going through a credit check?

A

No, all payday loan applications require a credit check.

Q

What does responsible lending mean?

A

Lenders can only let you borrow money if you can afford to pay it back. Here is more information on the rules a lender must follow.

Q

Are all payday lenders regulated?

A

Legally, they must be regulated by the Financial Conduct Authority (FCA) but not all are. Check the FCA website to find out which lenders are regulated.

About our payday loans comparison

Q

Who do we include in this comparison?

A

We include our panel of direct lenders and credit facilities that offer short term loans. We check and verify they are all authorised and regulated by the FCA. They also need to complete our due diligence questionnaire to make sure they satisfy our screening standards.

We check these lenders do not pass your details to other lenders or brokers without your permission. Here is more information about how our website works.

We check this because lenders you find elsewhere may not be authorised and could even try to defraud you. Find out more about unauthorised lenders on the FCA website.

Q

How do we order our results?

A

We display them based on the details you enter in our payday loan calculator, e.g. the loan amount and term you need. The results are ordered by how much they cost, and the cheapest deals are shown first. If two separate loans cost exactly the same amount, we choose which comes first at random.

Q

How do we make money from our comparison?

A

We have commercial agreements with the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.

You do not pay any extra and the deal you get is not affected.