What Is the Best Place to Get a Payday Loan in the UK?
Not everyone has the same definition for the best payday loan. Some might be looking for quick approval, while others want a higher amount for their loan.
We understands that each individual has unique requirements, which is why we help you connect to a panel of lenders who can offer suitable loans for you. Our FCA-approved lenders consider your specific situation before offering you a payday loan to help ease your financial difficulties.
Payday loans are designed to help people get through the month without facing financial stress. These short-term loans should be repaid as soon as you receive your next paycheck. Since payday loans might be required in urgent and unexpected scenarios, Fast Payday Loans provide direct lenders options in the UK who can offer quick loans.
| Why Trust FastPaydayLoans? | ||
|---|---|---|
| How much can I take out? | £100-£5000 | No obligation quotes |
| Representative APR | 49.7%(variable) | Competitive rates |
| Will bad credit be accepted? | Yes | Lenient requirements |
| What are the repayment periods? | 1-36 months | Flexible loan term options |
| How can I apply? | Apply online | 24/7 available |
How To Select the Best Payday Loans?
If you are trying to decide which payday loan is best for you, here are a few important things to consider:
Cost
Payday loans aren’t cheap, so it is best to consider the total cost of borrowing beforehand. Check the APR of your payday loan and calculate the projected cost. Try to keep the cost as low as possible while ensuring that the repayment plan is suitable for you.
Reliable Lender
Check whether the loan company or broker is FCA-regulated. You can check this through the FCA register to ensure the reliability of your lender.
Loan Terms
A general rule of thumb is that the longer your repayment time, the higher the cost of the loan. However, it is sometimes necessary for people to spread the repayment of the loan to make the installments manageable. You should always check with different lenders to find the most suitable length of loan for your financial situation.
Repayment Plan
You should always plan your repayment installments around the date you receive your paycheck. Check whether the lender allows you to choose your own repayment date.
Loan Processing Time
If you need access to quick cash, the best payday loan for you might be one that is processed immediately. Consider whether the lender offers same-day or next-day funding for your loan.
Additional Fees
Some lenders charge some additional fees other than your loan repayment. Make sure you know how much you will be paying in the form of fees and choose the payday loan that charges the lowest amount. Fees for late repayments can range between £0 to £20.
Bad Credit Loans
If you have a bad credit score, it is best to find lenders who offer bad credit loans. Many short-term payday lenders in the UK offer loans to those who don’t have a good credit report.
Where Can I Find a List of Payday Loans Direct Lenders in the UK?
The best payday lender for you is one that is well-suited to your individual needs. To find the best payday loan direct lenders in the UK, you can refer to our list of payday lenders.
We carefully select payday loans direct lenders for you. You can apply online and fill out basic information such as the loan amount required and your personal details so that we can match you with suitable lenders. You can compare loan offers from different independent lenders and choose one that suits you best.
How much would you like?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
Top 5 Best Payday Loans in the UK
If you are looking for the best payday lenders in the UK, here are the top 5 options:
LendingTree
LendingTree is a well-reputed loan company that has many positive reviews from borrowers. Not only does LendingTree help you with payday loans, but you can also specify your requirements to apply for an auto loan or a personal loan.
Pros:
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- Good reputation as a lender
- Quick decisions from lenders
- Borrowers recommend it for good rates
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- Takes 2 days to provide loan offers
- Collects your personal information such as address and income during the initial application
- Sells your information to 4-5 further lenders with no guarantee of loan approval
- Do not specialize in payday loans
NowLoan
If you are worried about the safety of your personal information, then NowLoan takes care of that. With their online form, the entire loan application process is incredibly streamlined and quick. Many borrowers recommend NowLoan for their quick turnaround times and fast funding.
Pros:
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- Find suitable lenders according to your financial situation
- Keeps your information safe and secure through SSL
- Streamlined, online application procedure
- Lenders provide quick decisions
Cons:
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- Will conduct hard credit checks that can damage your credit report
- Might take long for you to receive funds
Cashfloat
Cashfloat is another popular loan company for borrowers looking for payday loans. Instead of connecting you to lenders, Cashfloat offers a variety of loans themselves. You can use their free online loan calculator to determine the full cost of borrowing before finalizing the terms.
Pros:
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- Trusted and authorised company by the FCA
- Direct lender, can help you access funds quickly
- Provides free online loan calculator
- Does not involve any application fee
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- Must be over 23 years old to apply
- Maximum APR is as high as 997%
- Charges late repayment fee
PaydayUK
If you don’t have a good credit score and are looking for a payday loan, then PaydayUK is a great option. PaydayUK promises to provide the best service to all borrowers and helps ensure that you get your required funds in time.
Pros:
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- Bad credit score doesn’t affect your application
- Funds deposited on the same day
- Passes details to other financial services companies if your loan request is rejected
- Work with nationally accredited credit agencies
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- Mixed online reviews from customers
- Might be challenging to get approved as a first-time borrower
- Requires you to fax documents for proof which is time-consuming
MrLender
MrLender provides 100% clarity to any borrower requesting for a loan. With this loan company, it is easy to access funding through their transparent and flexible terms. You can choose the terms of your payday loan according to your circumstance and requirements.
Pros:
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- Easy and straightforward application process
- No upfront fee is charged
- Offers flexible repayment methods
- No fees for late repayment
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- Offers a lower loan limit than other lenders
- Conducts a strict assessment before approval
Do Payday Loans Hurt My Credit?
No, getting a payday loan or any short-term loan will not hurt your credit. The only condition is to repay your loan in full and always pay the installments on time. If you are able to pay off the short-term loan according to the terms, then your credit rating might improve due to your increased credit worthiness.
However, if you miss out on repayments or apply for multiple payday loans, your credit score might be damaged. It is also hurt your credit score because lenders perform hard credit checks that will be permanently recorded on your credit history.
Even if you need money on an urgent basis, it is important to determine whether you would be able to pay off the loan within the agreed period. Otherwise, it may become harder to get approved for a loan in the future.
Can I Find the Best Payday Loan for Bad Credit?
Yes, you can find good payday loans for bad credit if you can provide enough proof for your repayment capability. However, you might have to pay high interest rates due to the increased risk of lending involved for the direct lender.
Remember that the best payday loan for bad credit is one that offers a reasonable interest rate and flexible repayment options.
Get Cash When You Need It Most
Get StartedFrequently Asked Questions
Who are the best direct payday lenders in the UK?
There are many direct payday lenders in the UK. You can access the best independent payday lenders under one roof through broker services like Fast Payday Loans.
How can I get a quick loan in the UK?
You can request a quick loan from brokers like FastPaydayLoans who will help you connect with a reliable panel of lenders. These lenders often approve your request on the same day or the next working day.
How can I get a small loan fast?
With loan brokers like FastPaydayLoans, you can get loans for as small as £100. Request a loan today to connect with reliable independent lenders.
What are the easiest loans to get approved for?
Payday loans are the easiest to get approved for since they are short-term and involve the least risk. These loans are to be repaid in full as soon as you get your next paycheck.
Are direct lenders better than brokers?
No, brokers offer more flexibility than direct lenders since you can choose between the best loan terms from different lenders. With direct lenders, your options are limited.