Have you ever felt cash-strapped? Or as if you’d never be able to make that credit card or energy bill payment? Well, help is at hand for those feeling unfortunate. We’ve compiled a list of the payday loans we feel will give you the best value. Before thinking about even getting a payday loan, always read the small print, understand what your interest rate will be on top of paying the money back, and work out how you will be able to repay the money back, and pay on time.
If you’ve found yourself short on cash this month, one possible solution is a payday loan. These short-term loans are designed to help you out in situations where you need a relatively small amount of money quickly – for a broken washing machine or an unexpected car repair, for example.
In this article, we’ll break down exactly how payday loans work, how much they’ll cost you, and how to avoid common payday loan mistakes that can lead you into debt. We’ve summarised our top picks for UK’s best payday loans below, but if you’re keen to shop around for yourself, we’ll also explain how to choose a reputable, ethical lender.
Best Payday Loans
- Mr Lender
Founded in 2008, Mr Lender is one of the UK’s oldest and most best payday lenders backed by over 30,000 verified customer reviews across their Trustpilot and Reviews.io profiles with an overall customer rating of 4.8 out of 5-stars.
Max. Loan: £200
Min. Loan: £1,000
Repayment Terms: 3-6 months
Rep. APR: Borrow £200 for 6 months, repay with 6 payments — payment 1: £81.33, payment 2: £73.23, payment 3: £65.13, payment 4: £57.33, payment 5: £49.24, payment 6: £41.14 . Rate of interest 0.80% per day on outstanding capital. Total repayable £367.40 (based on 30 day periods). Interest rate 292% per annum (fixed). Representative 1,248.3% APR.
URL: https://www.mrlender.com/
- Money Boat Loans
Money Boat is top-rated payday lender who has been helping UK consumers with access to quick cash for over 6 years now, boasting an overall customer rating of 4.7 out of 5-stars on their Trustpilot profile from a total of 4,683 verified customer reviews.
Max-Loan: £200
Min-Loan: £1,500
Repayment Terms: 2-6 months
Rep. APR:Borrow £400 for 4 months, four monthly repayments of £149.37. Total repayment £597.48, interest rate p.a. (fixed) 255.5%. Representative APR 939.5%. Compare Moneyboat loans.
URL: https://www.moneyboat.co.uk/
- Quid Market
Quid Market is one of the newer payday lenders in our review, founded in 20016, they have an overall Trustpilot rating of 4.3 out of 5-stars from a total of 639 verified customer reviews.
Max-Loan: £300
Min-Loan: £1,500
Repayment Terms: 3-6 months
Rep. APR: Borrow £300 for 3 months. Interest payable £154.37. Total amount payable: £454.37 in 3 instalments. 3 payments of £151.46. Representative 1301% APR. Interest rate 292% per annum (fixed). Maximum APR 1625.5%
URL: https://www.quidmarketloans.com/ - Cash Float
Cash Float offers UK consumers a wide range of credit options from personal loans to business loans and their so-called ‘payday loans 2.0’ which were designed for emergency use, allowing customers to quickly borrow money, even with poor credit scores. Their Reviews.io profile boasts a customer rating of 4.8 out of 5-stars from 621 verified customer reviews.
Max-Loan: £500
Min-Loan: £1,000
Repayment Terms: 3-6 months
Rep. APR: Borrow £900 for 7 months. 1st monthly repayment of £187.92, 5 monthly repayments of £250.56, last monthly repayment of £125.27. Total repayment £1,565.99. Interest rate p.a. (fixed) 198.72%. RAPR 529.09%
URL: https://www.cashfloat.co.uk/ - Cash ASAP
Cash ASAP is another top-rated UK payday lender with an overall Trustpilot rating of 4.4 out of 5-stars from a total of 1,854 verified customer reviews. They have been in business since 2011 with no signs of slowing down.
Max-Loan: £150
Min-Loan: £750
Repayment Terms: 3-6 months
Rep. APR: £250 loan for 3 months at a fixed interest rate of 290% pa. Total amount payable is £321.51 in monthly instalments of £93.26, £124.38 and £103.87. This is based on the amount of credit plus interest, no other fees apply. Representative 1288% APR
URL: https://cashasap.co.uk/
- Drafty
Drafty offers customers a new approach to lending with their unique ‘line of credit’ product offering which aims to combine the best bits from traditional payday loans, overdrafts and credit cards. They were founded in 2014 and have a Trustpilot rating of 4.5 out of 5-stars from over 9,698 verified customer reviews.
Max-Loan: £50
Min-Loan: £3,000
Repayment Terms: Open line of credit
Rep. APR: Drafty is a credit line with a Representative 89.7% APR, and a maximum APR of 91.2%. If you draw £50 against your credit line at 89.7% APR, it would be paid off in 6 months for a total of £60. There are no additional fees.
URL: https://www.drafty.co.uk/
- Lending Stream
Lending Stream was founded in 2008 and is owned by the same parent company (Gain Capital LLC) as the above lender Drafty. Lending Stream has a combined 40,000 verified customer reviews across their Trustpilot and Reviews.io profiles boasting an overall customer rating of 4.7 out of 5-stars.
Max-Loan: £50
Min-Loan: £1,500
Repayment Terms: 2-6 months
Rep. APR: Maximum APR 1721%. Given a Representative APR is 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total. There are no additional fees.
URL: https://www.lendingstream.co.uk/
What are payday loans?
A payday loan is a small, short-term loan of between £100 and £1,000. Originally, they were only designed to tide you over until the next payday, hence the name. Today, though, most lenders offer the option to repay in either a lump sum on an agreed date or in a series of instalments over a period of weeks or months. The repayments are usually taken from your bank account automatically by way of a continuous payment authority, or CPA
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