Use this comparison to find payday lenders who can process your application within one hour.

A payday loan is an expensive type of borrowing, but if you have bad credit and need the money in an emergency it could be an option for you.

Most lenders give you a decision in minutes when you apply online, so you could get your money quicker if the loan gets approved.

Only apply for a payday loan as a last resort, as they are expensive and can have a negative effect on your credit record.

How to find the best instant loan

The best loan will be the one that costs you less to pay back over the term you choose.

Do not compare payday loans by each lender's advertised annual percentage rate (APR), as this represents the interest you pay over a whole year, rather than a shorter term.

To help you find the best loan, ask yourself:

  • How much money do you need? Lenders offer loans of varying amounts, with some specialising in smaller loans up to 500, and others up to 2,000.

  • When do you want to pay it off? Lenders offer different terms over which you can pay your loan back, ranging from one day to 24 months.

The more you borrow and the longer you choose to pay the loan off, the more you pay in interest. Only borrow what you need and for the shortest term you can afford.

Instant payday loan FAQs

Q

What if my instant 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

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

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

A

No, all payday loan applications require a credit check.

Q

Is an instant payday loan cheaper than one found by a broker?

A

Yes, brokers usually charge a fee for finding you a suitable payday loan. If you find a payday loan yourself you can avoid paying this arrangement fee.

Q

Are 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.

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.

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. They are all regulated by the FCA, satisfy our screening standards and do not pass your details to other lenders or brokers without your permission. Here is more information about how our website works.

We also check and verify that each lender in this comparison is authorised by the FCA, however you may find lenders elsewhere that are not. Find out more about unauthorised lenders on the FCA website.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of 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.