Compare the best 21 payday loan offers in August

UK’s number one real-time payday loan comparison. Please select how much money to borrow and for how long, and our system will find the best solutions for your financial aid. Fast and easy - precise results guaranteed.

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You have chosen to compare £ 200 when borrowed for 30 days

The idea behind payday loans is that they are for short-term borrowing. This is because they are expensive and the interest rate is much higher. It is also extremely important that you fully understand the interest costs and other charges before you take out the loan.


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Warning: if you are late paying your loan, you could face serious financial problems. If you need help or advice contact moneyadviceservice.org.uk. Alternatively, you can get in touch with the StepChange Debt Charity for free debt advice and financial issues on 0800 1381111.

If you don’t pay your loan on time, it could end up being extended and this has a negative effect on your credit score. It also means you are being charged late payment charges and extra interest meaning the amount you owe is increasing.

If you don’t make a payment, you could even have to deal with a collection agent. Also, if you can’t pay a payday loan, don’t take out an additional one, as this will simply make the situation worse: read our loan guides for the full impact of this and ideas how to solve the problem in other ways.


Our service is free of charge and we are an independent comparison service. However we might receive commission from some of the companies we can offer to you and those that we do are indicated by a symbol of lightning for complete clarity.

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How to Choose a Loan visely

There are plenty of adverts around for payday loans on the TV and all over the internet but the adverts don’t tell you a lot about how to pick a payday loan. Nor do they tell you what to do if you have a bad credit rating. So here, we are looking at some basics about how to choose the right payday loan for you.

What are Payday Loans?

Payday loans are a way of getting a small loan without having to go through a bank. They are often available from a range of internet sites and some of these companies also have shops on the high street. Small amounts of money can be borrowed relatively quickly without too much paperwork but the interest rates are a lot higher than they would be from a bank. You also tend to pay them back over a short period of time, for example 30 days, rather than 5 or 10 years as bank loans can be.

What to consider before taking one?

The most important thing to think about before you go and take a payday loan is can you pay it back within the required timescales? This is crucial because if you cannot, then you could end up owing a lot more money than you expected and this short-term solution to a problem could become a far longer term issue.

The second thing to ensure is that you are using a reputable company. Lenders should always tell you about the main features of the loan before you take it. These facts should include:

  • How much you will have to pay back

  • What the consequences are if you don’t pay it back within the agreed timescales

  • What you will be charged if you go over the agreed timescales

Under new regulations they should also make sure you are aware that this is not a replacement for a long-term loan and that late repayment can lead to serious money problems. The final thing they should explain is something called a continuous payment authority (CPA), how these work and how they can be stopped.

Paying back it to the lender

Typically in United Kingdom, the period of time the money is lent to you is 30 days – you have until the end of that period to pay back what you borrowed plus the interest you were told about when you borrowed it. Most people use a debit card to pay this. When you take out the loan, you agree to a CPA, this is where the lender can take the money from your bank account and if there isn’t enough money there for it, you will be charged by your bank.

You can stop the payment going through if there is an emergency by contacting your bank at least one working day before the money is due to be taken. Always speak to your lender if this is going to be the case to see what any consequences may be and to arrange when you will make the payment.

Can Payday Loans be extended?

If unexpected problems occur and you think you aren’t going to be able to make the payment on the due date to complete the loan, always contact your lender. Some lenders will agree to roll over the loan for a new period of time or giving you more time to pay it.

A rollover loan is basically taking out another loan, with a new agreement and due date. Be sure to check not only the new due date but what the amount you will have to pay is and what new interest is being added to the account. Most lenders won’t allow you to roll over a loan more than twice under new regulations. If you are still struggling, your lender will provide you with information on getting free debt advice to help you sort your problems.

Does a bad credit record matter?

The good thing about payday loans is that a bad credit record isn’t an issue. This is because you are not going through an application process with credit scoring and other measures due to the short-term nature of the loan. Most lenders will carry out a credit check but it is more to make sure you can pay the loan rather than looking at your past record.

In fact, some studies have shown that taking out small loans and replaying them successfully and before due time can actually help your credit rating. This is because you are showing you can manage your money and pay off your debts within or earlier than the agreed times. However, don’t take out loans just for this reason.

Top related loan guides

for more information please visit our ABC loan guide section

 

Conclusion

There are a huge number of companies providing payday loans with a range of different interest rates and terms. Therefore, it is always wise to make comparisons to get the best deal for you and also, if you do have credit history problems, find the ones who are the most tolerant. Always remember that payday loans aren’t designed to last for a long term and are there to deal with a short term problem. So always consider careful before taking one and make sure you can pay it back on time to avoid a short-term fix becoming a long-term problem.

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