A small payday loan could meet your needs if:

  • You need to borrow a small amount of money

  • You have bad credit

  • You have exhausted all other options

This type of loan is usually the most expensive form of borrowing you can get, with many lenders charging interest rates over 1,000% APR.

Before you compare lenders, ask yourself:

  • How much do you need to borrow? This comparison shows lenders that can offer loans of 100 or less.

  • When do you want to pay it back? This comparison shows the terms each lender offers on their loans, ranging from seven days to 14 months.

When you get a quote from each lender you are not credit checked, so get as many as possible to find the cheapest small loan.

How much interest could you pay?

You find out how much interest you pay when you apply, but if you miss a payment you could get charged more.

This comparison only shows lenders regulated by the Financial Conduct Authority (FCA), meaning the most they can charge you in interest is 100% of the amount you borrow.

For example, if you borrow 100, the most the lender can charge you is 100 in interest over the term of your loan - a total repayment of 200.

Here are the rules a lender must follow when you apply and get approved for a loan.

Small loan FAQs

Q

What if my small 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

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 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

Are short term 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. 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.