Top 10 Payday Loans in the UK
PaydayLoansUK is the top credit broker in the UK and this is because our online service helps to speed up the search process for the best payday loans in the United Kingdom with a maximum loan limit of up to £5000. And with our panel of FCA-compliant lenders, you will be able to easily compare the best UK payday loans with no hidden fees or charges to worry about.
Plus, all our lenders are open to offering loans to borrowers with bad credit as well, which means that you can still secure yourself the best payday loans online, even if your credit history is less than stellar.
And the best part is that our application process is so simple, as all it takes to get started is to fill out an online form with your details, which only takes a few minutes to complete. Our system will then generate a list of all your available lending options, from which you can choose an offer that best suits your financial situation.
Once you formally accept it, the lender will conduct an affordability and creditworthiness check and if approved, you can expect the funds to be deposited in less than 24 hours. The only downside is that since we are a credit broker, we cannot directly provide you with a payday loan.
How Does Payday Loans UK Compare?
|Why Use Us?|
|What is the maximum amount I can borrow?||Up to £5000||Instant approval|
|Will I be considered if I have bad credit?||Yes||Bad Credit Considered|
|Interest rates (variable)||49.7%||Zero paperwork|
|Loan repayment terms||1-36 months||Flexible repayment|
|Will I be credit checked?||Yes||Will perform credit checks as for financial regulations|
|How do I apply?||Apply online||Simple application form|
2. Lending Stream
Lending Stream is one of the best loan companies in the UK because if you need to secure a payday loan at extremely short notice, they can help you get funded in just a few hours.
They allow you to borrow from £100 to £1,500 and even though they conduct creditworthiness and affordability checks, their approval process is usually extremely fast, as their loan deposits follow shortly after with almost no wait time.
And unlike most other payday loan companies they offer flexible loan amounts and even allow customers to repay the borrowed amount early without having to pay interest, which is also why they don't have a standard repayment period.
Furthermore, they have the same basic eligibility requirements for UK payday loans as most other direct lenders, which means they can provide you with the easiest payday loan to get in the UK. However, the problem with Lending Stream is that while they do offer extremely quick funding, they have low loan limits and they don’t necessarily provide the best interest rates in the market.
If you happen to have a bad credit history, then it can often be very difficult to secure a loan from a traditional lender. Luckily, QuidMarket specializes in this type of lending, as they are one of the best loan companies in the UK for bad credit, as they are open to providing borrowers with fast and flexible payday loans of £300-£1,500 with no hidden fees.
They also offer a repayment duration period of about three to six months, but the terms of repayment, as well as loan amounts, tend to vary, depending on affordability checks made by the company.
They don’t require a guarantor or collateral on any of their loans, and all payments deposited by them are securely made via Debit Card through a Continuous Payment Authority (CPA). However, the downside of borrowing top payday loans from QuidMarket is that their eligibility requirements are more complicated and stringent, as compared to other payday lenders in the UK.
To be eligible, QuidMarket requires you to be 23 years of age or above, be a UK resident, have an active UK bank account with a valid debit card, have a UK phone number, and have a monthly income of £1,300 or more.
Tappily is one of the most flexible credit lenders in the UK for securing top payday loans without even having to go through the tedious process of applying for a loan. They allow borrowers to connect their bank accounts and automatically top up their accounts whenever they need it, instead of having to keep borrowing a single lump sum.
And to get started, you only need to fill out a quick online application form to provide your bank account number, sort code, debit card information, and e-Banking log-in details, which should help facilitate extremely fast deposits and withdrawals.
They will also automatically deduct repayments from your account, but only when you are able to afford them. They charge no late repayment fees or penalties either. In terms of loan limits, they allow you to borrow fast and flexible credit between £500-£2,500 with a repayment duration that varies from one month to twelve months.
They offer the same basic eligibility requirements as most other payday loan companies, which means you need to at least be 18 years old, be a UK resident, have a regular monthly income, and have a current bank account with a valid debit card. The downside of Tappily is that while some customers find their automatic repayment procedure to be convenient, others consider it to be frustrating.
Some of the best loan companies in the UK are the ones that offer innovative replacements for the traditional payday loan and Creditspring is one of those lenders.
Unlike other payday lenders in the UK, in order to be eligible for a Creditspring loan, borrowers need to first sign up to become members by signing up to a relatively cheap monthly subscription plan that costs £60-120 per year and is payable in monthly instalments of £5, £8 or £10. In return, members are able to take out two loans per year for a maximum total of £300- £1000.
These loans will then need to be repaid in six monthly instalments, all of which are completely interest-free, which makes it a top 10 payday loans online lender. Creditspring also does not charge its members any late or missed payment fees or penalties either, but keep in mind that any defaulters will still be reported to the relevant credit reference agencies.
Aside from that, the only downside of borrowing from them is that you will only be able to take out a specified amount because it helps the company to simplify its loan procedures.
6. Fund Ourselves
If you want a payday loan UK lender that offers you convenient repayment terms, then Fund Ourselves is your ideal match. They essentially allow you to borrow money between £100 and £1,500, with no hidden fees and costs, while their average repayment duration tends to vary from four to six months.
They also allow you to make early repayments at any point without fear of being charged early fees or penalties. And this is because they only charge interest on the days that you borrow, which means that repaying early ensures guaranteed savings for borrowers.
Their eligibility requirements are quite basic, since you only need to be aged 18 or above, be a UK resident, have a valid bank account, and show proof of a stable monthly income.
Plus, they even send reminders whenever your loan repayments are due, and since their loan application process is instantaneous, this means you can expect to receive your funds within the same application, which makes them a good choice for the best UK payday loan.
The only downside is that they have a rather complicated repayment procedure that can be difficult to understand for some borrowers.
As a credit broker, BeeLoan has a reputation for being able to easily connect borrowers to a good number of reliable payday lenders in the UK and all you need to get started is to fill out an online loan application that will only take a few minutes to complete.
They also do not charge borrowers for using their service, since they charge lenders for advertising services provided via commissions. You can borrow from £100 - £5,000 with a repayment duration set between a minimum of one month and a maximum of 36 months.
This gives BeeLoan an edge over most of the other best loan companies in the UK on this list. Furthermore, in order to qualify for a loan from their lenders, you will need to be aged over 18, have an active UK bank account, be a UK citizen, and have a steady income stream.
The only downside is that as a credit broker they cannot directly provide you with a payday loan, which means that you will have to get matched with one of their lenders first. And this also means having to deal with varying interest rates and APR.
8. THL Direct
THL Direct is another credit broker that can connect you with lenders that offer quick payday loans best in the UK from £150 to £5000, with a repayment period that spans between 2 to 24 months. They also don’t charge any upfront, late interest, or default fees and all borrowed funds come directly through THL Direct, then deposited into your bank account.
They are open to borrowers with bad credit scores but the biggest advantage of THL Direct is that borrowers are able to conveniently decide how much to borrow and which dates they are most comfortable with paying the loan back.
This means that you can decide whether you want the repayment period to be set either weekly or monthly. However, the downside with THL Direct is that their interest rates are not as favorable as some of their competitors.
9. Polar Credit
Polar Credit is a relatively new payday loan lender that allows borrowers to borrow money between £200 to £2,000 and unlike most other best loan companies in the UK, they provide an open-ended line of credit with an option to repay on a monthly basis.
This means that upon your first application, you will be offered an initial credit limit that is specifically tailored to your financial situation, but can be later increased or decreased, as you see fit.
This also means that when you need money, you only need to simply log in and initiate a transfer to your bank account, making the loan process significantly convenient, transparent, and fast. There is no fee to set up and maintain your credit line, as you will only be obligated to make a payment when you borrow.
And much like other top loan direct lenders, you need to be at least 18 years of age, in full or part-time employment, and have a UK bank account, as well as a valid debit card, in order to be eligible. On the flip side, the biggest downside is that they may not be open to approving loans from borrowers with bad credit scores.
Creditstar is one of the best payday loan lenders in Europe with branches in Finland, Estonia, Lithuania, Poland, Sweden, and the UK. They offer loan amounts between £100 and £700 but limit first-time borrowers to £300. There are no hidden fees to worry about, as everything is kept fair and transparent, with their repayment period stretching from five days to thirty days.
Furthermore, their best payday loans online application process is fairly straightforward, as you only need to register on their website after which, they will send you a form to fill. The review process will usually take no longer than 60 minutes and if approved, they will deposit the funds into your account.
However, the downside of using Creditstar to borrow payday loans in the united kingdom is that, aside from having low loan limits, they are also unwilling to provide UK payday loans to anyone with a bad credit history.
1. How do I find the best payday loan in the UK?
With so many payday loan companies to choose from in the UK, it can often be difficult for borrowers to pinpoint which one actually offers the best UK payday loans.
It is for this reason that PaydayLoansUK exists, as we are a respected credit broker with FCA-compliant lenders in our network that are not only able to offer you fast UK payday loans, but also some of the most favorable payday loan interest rates in the country. And since our service is completely free-of-charge, you don’t have to worry about any hidden fees either!
2. Is it possible to find the best lender without a credit check?
No. There is no such thing as a no credit check loan in the UK and if you do come across any lenders that offer you such terms, then be cautious of them because the Financial Credit Authority (FCA), which regulates all credit lenders in the country, requires all lenders to assess the creditworthiness of every borrower before approving any loan application.
However, the good news is that most payday loan companies are more interested in your ability to repay the loan, rather than your credit score. And this means that you can still apply for payday loans in the UK, even if you have a less than stellar credit history.
3. What if I am unable to repay my payday loan?
If you are not confident in your ability to make your payday loan repayments on time, then you must quickly initiate contact with your top payday loans lender before the payment comes due.
This gives you an opportunity to avoid incurring late payment fees and penalties, as they may be open to moving forward your repayment date, freezing your interest and fees, or even re-finance your payday loan.
However, you should always be careful of accepting a loan offer that you aren’t confident you can afford because not only can you end up with more debt, but failing to make your repayments can also damage your credit score.
4. Is it possible to get two payday loans at the same time?
You can secure yourself two payday loans in the UK at the same time since there are no rules that say otherwise. However, doing so would be a mistake because even the best payday loans come with high-interest rates and fees, so taking a second payday loan can seriously damage your finances.
It is for this reason that these loans are only ever recommended for use in dealing with emergencies. And should you feel the need to take out a second payday loan, then it is best to speak to a financial advisor on how else to deal with your problem.