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

What are your options?

You could apply for one of the following:

  • Payday loan: You could borrow up to 1,000 for a short amount of time, such as six months. The interest charged is much higher compared to other types of borrowing.

  • Overdraft: You could borrow money from your current account straight away if you already have an authorised overdraft facility.

  • Cash advance: You could borrow money by withdrawing from your credit card, however you will pay a cash advance fee and interest for taking cash out.

  • Money transfer: You could transfer cash from your credit card to your current account for a fee by calling your card company.

  • Personal loan: You could borrow money through a personal loan and pay the money back monthly, usually over a term longer than six months.

When do you need it?

If you need cash fast, the quickest methods can be more expensive:

To get cash the same day:

  • Apply for a payday loan (up to 1,575% APR)

  • Use your authorised overdraft, if you have one (up to 19.9% APR)

  • Use a cash advance on an existing credit card (up to 69.9% APR plus charges)

  • Go into an unauthorised overdraft, if your account lets you (up to 19.9% APR plus charges)

To get cash in the next few days:

  • Use a money transfer from your credit card (up to 60.5% APR plus a transfer fee)

  • Apply for an authorised overdraft (up to 19.9% APR)

  • Apply for a personal loan (up to 99.9% APR)

When you apply for a payday loan, an overdraft or a personal loan, you may need to wait a few days for your lender to authorise your application for credit.

How much do you need?

There may be restrictions on the type of borrowing you could apply for depending on how much you need, for example:

Type of borrowingUp to 500500 - 1,000Over 1,000
Payday loanYesYesNo
Cash advance *YesYesYes
Money transfer*YesYesYes
Personal loanNoYesYes
* Subject to credit availability.

Before you apply

To help you choose the right type of borrowing, think about:

  • How much cash do you need? If you borrow more than you need, you pay interest on it too. Compare interest rates to find the best deal for the money you need to borrow.

  • How quickly do you need the money? If you need the money straight away your options are limited, but if you can wait you could get a better deal.

  • How long do you want to pay it back over? If you want to be clear of your debt in a couple of months, look for borrowing that lets you repay over the same term.

When you apply for any type of borrowing you go through a credit check. Find out why your credit record matters here.

If you can wait

You could apply for a new current account that comes with a 0% overdraft. This means you can use the amount available in your overdraft without paying any interest.

Alternatively, you could apply for a new money transfer credit card, which lets you transfer cash to your current account for a fee, usually around 4% of the amount you transfer.

If you apply for a new account, you have to wait for your card to arrive by post before you can access the money. This can take between five and seven working days.