You should only apply for a payday loan, whether direct or through a broker, as a last resort.
They are usually the most expensive type of borrowing, but they could be an option if you have bad credit and do not qualify for other types of lending.
Finding the best direct deal
To find the best deal you need to get quotes from as many direct lenders as possible, and compare the total cost of paying back the amount you want to borrow.
Use this comparison to help you find a payday loan that meets your needs, by checking:
How much you can apply for: This could be as little as £50 or as much as £2,500, depending on the lender.
How much interest you get charged: This is usually more than 1,000% APR, but some charge more when you get a quote depending on your personal circumstances.
Benefits of a direct payday loan
Applying for a direct payday loans is usually better than using a broker because:
You do not pay a fee for having the broker find you a suitable loan
You can compare quotes from as many lenders as you like, rather than a select few
You avoid several searches on your credit record, which happen with some brokers
Every lender in this comparison is regulated by the Financial Conduct Authority (FCA). This means they have to follow rules to protect you as a borrower, find out more here.
Direct payday loan FAQs
Is a direct payday loan cheaper than using a broker?
Yes, brokers usually charge a fee for finding you a suitable payday loan. If you find a payday loan yourself you do not have to pay a fee.
What if my payday loan application is declined?
Ask the lender why. You should also find out if there are any issues with your credit record.
When will I know if my payday loan application is approved?
Most lenders tell you within minutes, but it can take longer if you have given incorrect information on your application.
When will the money arrive in my bank account?
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.
Can I get a payday loan without going through a credit check?
No, all payday loan applications require a credit check.
Are payday lenders regulated?
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.
What does responsible lending mean?
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.
About our payday loans comparison
Who do we include in this comparison?
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.
How do we make money from our comparison?
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.