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Payday loans are a really quick way of getting a small amount of cash for a very short time period. As you'll know they have been heavily criticised, but these days the FCA and the payday lenders themselves have largely addressed the problems.
Other types of cash loan have also been developed that may suit you better, so it's worth looking at these as an alternative to a payday loan.
If you are thinking of applying for a payday loan then please make sure that you are able to repay it on the due date. No lender wants you to end up with serious money problems. If you need cash for longer than a month then there are probably more appropriate options.
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The other benefits of using our search and comparison service is that you will only see the lenders who are able to lend so you'll save lots of time not having to apply direct to lenders only to be rejected. And by seeing all the loan deals before you commit to a lender you can be more confident you've got the best payday loan deal.
First it is possible that a payday loan does not suit your situation - may be you:
But if you still think a payday loan is the right type of loan for your situation then it is also worth noting that there are now restrictions on what payday lenders can charge, namely:
The imposition of these limits imposed by the FCA in January 2015 meant that many payday lenders left the industry. Those that remain are now more cautious, but they are also less able to compete on price. Most lenders are likely to charge similar amounts for their short term credit.
Having a bad credit history shouldn't preclude you from borrowing. Loans are short term and a lender will be more concerned about your ability to repay the loan in a few weeks than what might have happened in your credit past. So while credit problems may not be the issue you expect you should be prepared to jump through some hoops in relation to proving you can repay any new payday loan - the so-called affordability checks.
If you have questions about payday loans make sure you check out our FAQ section. Here we cover all the main issues that you are likely to be wanting to find out about. Otherwise you can apply now for your loan.
Applying through Solution Loans is free - and our loan search service means you'll be going direct to payday lenders and applying to multiple direct lenders simultaneously! A massive time saving. And using our service gets you the same deals as going direct.
We can't think of any reason why you wouldn't use our no fee loan service!
Technology means an instant response from lenders who can help you in principle. And in each case you'll be able to stay online and complete your application with your chosen lender.
Payday loans are small cash loans with the very specific purpose of getting you through a short term budgeting problem until your next pay day. On that day you should repay the loan in full. Payday loans should never be used to try to resolve a medium or even long term financial shortfall. The costs are simply much too high.
This is an example of how a payday loan could legitimately be used - your washing machine breaks down and will cost £150 to repair. Your normal monthly budget it tight. You don't have any savings so you need a small amount of cash to get you through. You use a payday loan of £150 and on your next pay day repay the lender the £150 plus (approx) £45 interest.
If you are in paid employment with a regular income but have few savings to draw upon in the event of a financial emergency then a payday loan could make sense. But only if you can repay the loan in full on your next pay day from your pay only (i.e. don't take out a new loan to repay this loan!).
Simply complete our enquiry form and we'll find you a payday lender who can help you in principle. You will then need to complete a final stage of the online application process. Lenders typically 100% online processes you you will not need to handle any paperwork, and you should receive your loan the same day directly to your bank. Please remember that lenders operate responsible lending policies.
The charging structure of payday lenders is pretty straightforward. They charge a fixed amount for each £100 you borrow and then you repay the full amount on your next pay day. The costs to truly avoid are the so-called roll-over fees. So, make sure you are able to repay the full amount of the loan plus interest on the agreed date.
In terms of timing the only sensible thing to do is repay the loan amount and interest in full on the date you agreed with the lender. While your lender may agree to let you roll over the loan for another period you will accrue further charges and the debt will simply get larger. This is to be avoided. Do not take out a payday loan unless you can repay it and the interest in full when you agreed to!
Remember that the lender will take the money from your bank account as they have your debit card details. You need to ensure that you have a sufficient balance in your account on the day the lender will take the funds from you. If you do not extra costs will be triggered.
The first thing is that we would urge you not to borrow if the chances of you repaying on time and in full are remote. If you borrow knowing you cannot repay the loan the this is a type of fraud. If you are constantly struggling to balance your domestic budget then the last thing you need is more debt. In this situation you might do better getting some financial advice instead from an organisation like the Money Advice Service.
If you do borrow then keep in mind that payday loans are an expensive short term solution. Are there cheaper ways to get the emergency cash you need? Can you borrow from friends or family?
With a payday loan lenders will get access to your bank account using your debit card. These so-called "continuous payment authorities" mean banks can take money from your bank account without having to check with you first.
As is the case with any debt, whether it be a loan or a bill from a utility company, you must confront the issue if you doubt that you can pay on time. You must contact your lender and discuss the options open to you. Don't delay.
If you have already missed one or more repayments then your debt will be increasing fast. A good idea is to also get in touch with organisations like:
The problem with payday loans is that while they are very "easy" to organise they are expensive and inflexible. The fact that you have to repay the full amount plus interest on your next payday means that something else in your budget has to be cut next month to compensate. This isn't always possible hence the risk of the debt rolling on and the debt getting larger as further interest and charges accrue. This is the downward spiral you need to avoid.
Fortunately there are some alternative "short term cash loans" you could consider. Repayment terms are typically longer (if you wish) so that monthly repayments are lower. The APR% will be lower too, but keep in mind that the total amount you repay may actually be greater than with a payday loan because you are stretching out the repayment period.
You can also take advantage of our Find Loan tool to explore your loan options by answering just 4 quick questions.
In simple terms no. As with all credit if you repay it in full and on time then that good credit management behaviour will be recorded and it should actually enhance your credit file.
It is rumoured that some mortage lenders will treat the use of a payday loans as an indicator that your personal finances are not in order - i.e. you have resorted to the use of payday loans to cover cash flow issues. This could be treated by a potential mortgage lender as worrying sign. We would always recommend that you treat the underlying cause rather than resort to a payday loan.
No. All payday lenders issue their loans direct to the applicant's bank account using the "faster payment" system, or via BACS. If you don't have a bank account then you could consider a doorstep loan instead.
Here are some things to consider:
Never take the issue of credit lightly. You should only ever borrow if you believe you will be able to repay the loan, and you should be prepared for consequences if you fail to. It always makes sense to talk to your lender as soon as you suspect a problem.
(Also see our blog post "How the payday loan industry cleaned up its act")
1 Subject to application being approved by the lender. Not all lenders are able to provide up to £1000.
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