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.
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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.
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.
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.
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.
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.
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.
Needing to borrow money quickly can limit your options, especially if you need money within a few hours, but there are several lenders that offer loans for bad credit instant decision options in the UK.
Here's how to compare quick loans online so that your get the deal for your finances and keep the cost of your borrowing under control.
Before you apply for an instant payday loan it makes sense to consider the other financial options available to you.
Although applying for a quick online loan seems a convenient way to borrow money at short notice, it is also very expensive so should only be used as a financial last resort.
The cheapest way to borrow money quickly isn't usually with an instant loan; it can often be with a credit card, especially if you can find a deal with 0% interest on balance transfers or 0% money transfers for a number of months.
If your credit rating means credit cards aren't an option, look into an authorised bank account overdraft, borrowing from a friend, a guarantor loan or a Credit Union or Budget Loan.
Take a look at our guide: The Cheapest Way to Borrow Money Fast. This will give you a list of alternatives to bad credit instant loans when you need to borrow at short notice.
Knowing exactly how much you need to borrow and for how long before you start comparing instant pay day loans will enable to look for a loan best suited to your borrowing needs.
Calculate the minimum you need to borrow to meet your financial needs until pay day and avoid increasing the amount you apply for simply because it is on offer.
Although you need to borrow money at short notice, you should still take the time to compare instant payday loan prices so your short term loan doesn't become a long term headache.
Look at the interest rates and fees applied by each payday lender and go for the option that costs you the least overall, whether that's with a broker, or direct with no brokers involved.
All of the payday loan providers listed in our instant payday loans UK comparison table offer instant decision loans and transfer the money into your account quickly, to speed up the process many are no credit check payday loans meaning you get a decision within minutes.
You can compare quick loans for bad credit online side by side, find the cheapest option, apply direct and get access to the money you need fast.
Payday loans can give you enough money to tide you over till your next pay cheque clears, but at great cost. We look at whether it's ever worth taking one out, and if so, how to find the one that'll give you the cheapest cash.
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