Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Choose a payday loan

To help you find the right payday loan, think about:

  • How much you need to borrow: To avoid paying more interest than you need to.

  • How long you want to borrow for: This is the time you have to pay the money back.

You can find out how much a loan will cost you by visiting a lender's website, but check you are eligible before you apply.

Check you are eligible

Payday lenders could let you borrow money even if you have a bad credit record, like from a missed payment on a credit card a year ago.

To apply for a payday loan, you need to be:

  • At least 18 years old

  • Working at least 16 hours a week

  • The account holder of the bank account you want your loan paid into

However, you will not be eligible if you:

  • Have had a CCJ in last 12 months

  • Are on a debt management plan

  • Have been declared bankrupt in the last 12 months

If you give incorrect information about your credit history, it will show up during the credit check process and your application could be rejected.

Start your application

Payday lenders are usually found online and let you start your application from their homepage. If not, there is usually a visible apply button you can click on.

When you apply, you have to confirm:

  • The amount you want to borrow

  • How long you want to pay it back over

At this stage, you see the loan amount, how much interest you pay over the term and how much you have to pay back each month.

Give your details

Once you have chosen the loan you want, you need to give your personal details to create an account with the lender, including:

  • Name

  • Date of birth

  • Email address

  • Telephone number

  • Address

  • Number of dependents*

* Who rely on you financially.

You then need to choose a password so the lender can save your details securely.

This means you can log in to your account at any time to keep track of your payments or borrow more in the future, without needing to give your information again.

Finally, give the bank details of the account you want the loan money paid into and where you want your monthly payments taken from. You may have to give one or both of the following:

  • Your current account sort code and account number

  • The long 16 digit number on the front of your debit or credit card

What happens next?

Most payday lenders give you a decision within a few minutes, either approving your application or rejecting it.

Application approved

The lender sends the loan money to your bank account, usually within 24 hours.

Most payday lenders transfer the loan money to your account within 15 minutes of approval, with some offering this service over the weekend too.

If you start to struggle financially and think you may not be able to keep up with your payments, contact your lender straight away to explain your situation.

Application rejected

Ask the lender why they rejected your application.

Check your credit record for any issues that you may have failed to mention in your application. Do not apply for another loan until you find and fix the issue.