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.

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.

QuickQuid Payday Loan | |||||

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

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

Use code MONEY30 to save 30% on your initial interest rate. No hidden fees. | |||||

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

Peachy Loans Short Term Loan | |||||

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

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

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

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

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

Representative Example: The Representative APR is 278% 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. | |||||

Cashub.co.uk Payday Loan | |||||

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

1,734% | £50 to £500 | 30 days | £125 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 1,734% (variable) so if you borrow £200 over 28 days at a rate of 326% p.a.(fixed) you will repay a total of £250. | |||||

QuickQuid FlexCredit | |||||

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

1,362% | £100 to £1,000 | 10 months | £123.49 over 30 days | ||

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

Representative Example: The Representative APR is 1,362% so if you borrow £1,200 over 10 months at a rate of 300% p.a. (fixed) you will repay £2,831.34. | |||||

Cash Lady Payday Loan | |||||

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

2,670% | £80 to £300 | 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% so if you borrow £200 for 28 days at a rate of 378% p.a. (fixed) you will repay £258 in total. | |||||

Paydaylady.co.uk Payday Loan | |||||

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

1,734% | £50 to £500 | 30 days | £125 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 1,734% so if you borrow £200 over 28 days at a rate of 326% p.a.(fixed) you will repay a total of £250. | |||||

Purple Payday Payday Loan | |||||

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

3,257.5% | £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 3,257.5% so if you borrow £320 over 28 days at a rate of 446.3% (fixed) you will repay £419. Includes £3 transmission fee. | |||||

MyMate Loan | |||||

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

1,362% | £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% 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. | |||||

CashCowNow Payday Loan | |||||

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

1,737% | £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% 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% | £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% 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% | £100 to £1,000 | 28 days | £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% 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. | |||||

Satsuma Loans Short Term Loan | |||||

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

793.8% | £100 to £300 | 6 months | £140.01 over 13 weeks | ||

Satsuma Loans are a Short Term Loan Provider. | |||||

Representative Example: The Representative APR is 793.8% so if you borrow £260 over 6 months at a rate of 136.1% p.a. (fixed) you will repay £16.80 per week and £436.80 in total. | |||||

Tide u Over Payday Loan | |||||

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

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

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

TideMeOver Payday Loan | |||||

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

1,734% | £80 to £500 | 30 days | £125 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 1,734% (variable) so if you borrow £200 over 28 days at a rate of 326% p.a. (variable) you will repay a total of £250. | |||||

PiggyBank Payday Loan | |||||

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

1,355% | £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% 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 | |||||

KwikPayday Payday Loan | |||||

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

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

MYJAR Payday Loan | |||||

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

3,943% | £100 to £100 | 18 days | £120 over 18 days | ||

Representative Example: The Representative APR is 3,943% so if you borrow £100 over 18 days at a rate of 406% p.a. (variable) you will repay £120 in total. | |||||

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

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

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

Use code MONEY30 to save 30% on your initial interest rate. | |||||

Representative Example: The Representative APR is 1,999% so if you borrow £100 over 90 days at a rate of 347% p.a. (fixed) you will repay £188.50. |

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.

Finding a loan online with bad credit is much easier than it used to be, but paying them back on time is as important as ever. We've looked into how they work, what the risks are and how to make the right choice for you.

## How online loans work

Many lenders now operate online, meaning you can find deals without leaving the house and compare how much each will cost without contacting each lender direct.

When you've chosen your loan and applied for it, the money is then transferred to your current account.

You will have to pay back what you owe - including fees and interest - by the date specified, which is often within a month. The amount due is usually taken from your account automatically.

## Who should consider payday loans?

The high interest rates and fees on payday loans mean that they cost more than most other types of borrowing, even if they're only taken out over the short term.

If you don't pay the money back on the date it's due but roll the loan over, this will push up the amount you owe with more interest and fees, making it far tougher to pay back.

Many lenders will set up a Continuous Payment Authority to use to claim the money you owe them on the repayment date. It lets them make two attempts to take funds straight from your account, meaning you could be left without money needed to pay more urgent bills.

Make sure you have enough in your account to cover the repayment; if not, contact the lender in advance to let them know you're struggling, in case there's a compromise they can offer, like giving you a little more time.

## How to find the cheapest online loan for bad credit

There are plenty of alternatives to payday loans - credit cards, an authorised overdraft, borrowing from friends, a guarantor loan or a Credit Union or Budget Loan.

You can read more about the choices available in our guide, What is the Best Way to Borrow Money Until Payday?

If you decide to take out a payday loan, make sure you understand how much you'll be paying back and when, as you'll need to be able to afford to repay it and still have enough left to keep you going for the rest of the month.

The interest rate and fees are important as they will determine how much you pay back in total but you should look at the cost per £100 to get an idea of how one online bad credit loan provider compares to another.

You'll also need to make sure you're able to borrow the amount you require - keep your costs down by making sure you don't borrow more than you need. How much a lender will offer will be determined in part by your credit rating and what you can afford to pay back.