Compare Payday Loans
Payday loans can sound pretty attractive. If you’ve run short of cash, or there’s an unexpected emergency and you need money in a hurry, a payday loan could be just what you need.
What is a payday loans?
A payday loan is where you would typically borrow a small amount of money and repay the loan (and interest) on your next pay date. You can usually get a speedy decision from a lender and the money into your account relatively fast, provided you have passed their affordability and creditworthiness checks.
On average people take out payday loans for around 30 days, more often than not when they find themselves in urgent need of cash. The short term injection of money is typically used to pay for emergency expenses such as a broken boiler, car repairs or a medical bill where the borrower’s disposable income does not cover the cost. You can use the loan immediately to pay off your expense, and then repay the loan on your next pay date.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
It’s important to remember every time you are refused an application for a loan it may impact your credit rating. It is advisable to only apply for the loans that you are confident of being accepted for.
Warning: Late repayments can cause you serious money problems. For more information see our debt help guides.
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These are some lenders we compare
Payday Loans FAQs
Most lenders tell you instantly or within minutes, but it could take longer if you give incorrect information on your application.
No, all payday loan applications require a credit check.
Ask the lender why. You should also find out if there are any issues with your credit record.
Yes, your credit record tells lenders if you are a responsible borrower, but the lenders in this comparison may accept you with bad credit.
Most payday lenders send the money on the same day your application is approved, but it could take up to a couple of days to reach your account.
There is no limit, as long as you pass the lender’s credit check process and give honest information about any existing loans you have when you apply.
Legally, they must be regulated by the Financial Conduct Authority (FCA) but not all are. Check the FCA website to find out which lenders are regulated.
Lenders can only let you borrow money if you can afford to pay it back. Here is more information on the rules a lender must follow.