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Payday Loans

  • Borrow up to £20001
  • Trusted lenders only
  • Payouts within 24 hours
  • Responsible lending policy
  • Alternatives available

Cheap Low Cost Payday Loans

At the start of 2015 limits were imposed on the cost of payday loans (see box). This has caused a shake up amongst lenders - many left the market while the more innovative and lower cost ones remained. Even now there is interest rate cost competition.

For instance if you were to borrow £200 for 28 days the maximum you should have to repay is £244.80 [£200 + (0.8% x 28 days x £200)]. However we know of lenders who will charge in the region of £229 to £232. Quite a saving.

How cheap could loans be?

There are upper limits on payday loan charges:

  • Max 0.8% interest per day
  • Total repayment no more than double the initial loan
  • Max £15 fee for defaulting

There are also restrictions on loans being rolled over (which would otherwise add to the loan's cost).

What is the Cheapest Payday Loan?

Prior to 2015 payday loans were often criticised for being ridiculously expensive - and there were certainly horror stories about relatively small value loans spiralling out of control and becoming an enormous debt. The limits imposed by the FCA have stamped this out.

Nowadays payday loans are one of the cheaper forms of short term debt. In fact unauthorised bank overdrafts often cost much more than the cheapest payday loans. Another form of short term loan, the doorstep loan, charges approximately the same daily interest as the cheapest payday loan - but a doorstep loan could be something else to consider if you prefer a face-to-face arrangement. They also have the advantage that you can repay the loan over slightly longer period.

Payday Loans

  • Borrow up to £1000
  • Repay next pay day
  • Instant payouts possible
  • Only use in a true cash emergency
  • Repay on time to avoid high rollover costs
  • Representative APR 1081%

Instalment Loans

  • Borrow up to £2000
  • Repay over your chosen period (max 2 years)
  • Early repayment possible
  • No guarantor required but there are cheaper alternatives available
  • Representative APR 302%

Doorstep Loans

  • Borrow up to £2500
  • Fixed repayments over 13 to 104 weeks
  • No hidden charges
  • Doorstep service via agent
  • No bank account required
  • Representative APR 535.3%

Small Guarantor Loans

  • Borrow up to £750
  • Repay over 6 to 24 months
  • Guarantor required (non-homeowners accepted)
  • Same-day cash payouts possible
  • Designed for bad credit
  • Representative APR 347% (12 months)

About Payday Loans

Representative Example

Loan Amount


Monthly Repayment


Loan Term

4 months

Total Repayment


Actual Interest Rate

292% (vrbl)

Representative APR


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Warning: Late repayment can cause you serious money problems. For help, go to

1 Subject to application being approved by the lender. Not all lenders are able to provide up to £1000.

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