Best payday loans

  • Fast 3 to 60 month online loans
  • 100% No obligation loan quotes
  • Accept and get your cash in 10 minutes*
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Cash in minutes
Cash into your bank account in 10 mins
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Affordable repayments
Affordable repayments

Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative.

Rates between 11.8% APR and Maximum 1698.1% APR. Loan term lengths from 3 to 60 months. There are no fees for our service.

What’s the right payday loan for one person might be the wrong payday loan for someone else. With over 85 direct lenders and hundreds of bad credit brokers competing for your business, there’s a good chance that there is the right payday loan out there for you.

But how do you find the best payday loan for you? With so much choice out there, it’s difficult for many borrowers to know where to start. Should you make a shortlist of all the bad credit loan companies on the market and then come up with your own list on which companies are likely to offer the best loan for your circumstances?

That would take a long time and, if you’re like most bad credit loan borrowers, you won’t have the time to do all that because you need the money in a hurry. And what makes the best bad credit loan anyway?

Important to know

Where can I find the best payday loan in the UK?

The problem for borrowers is that payday loan lenders don’t generally tell the visitors to their websites what their “ideal borrower” is before they make an application.

To a lender, an ideal borrower earns a certain amount of money each month (and a minimum of £750), they have a certain level of debt, and they spend a certain amount each month on their outgoings. Their ideal borrower needs the money for a specific reason and the amount they need is within the range of what they’re prepared to lend out.

For most borrowers, the best payday loan will likely be provided by a payday lender specifically set up to work with borrowers in their financial situation.

Best payday loans for people with bad credit - what to look out for

To get the best bad credit loans, what should you look out for? Above everything else, check out that the lender or broker you’re thinking about using is authorised and regulated by the Financial Conduct Authority (FCA).

The FCA is the governing body which is responsible for deciding which companies can lend money to consumers and which brokers can offer their services to consumers. For a loan provider, being FCA-authorised and regulated means that they have to follow a lot of rules designed to protect borrowers from irresponsible or predatory lending practices. Growing Power and all of the lenders on our panel are FCA-authorised and regulated.

Can I get two payday loans at once - at the same time?

Many lenders will likely not allow you to have two separate payday loan accounts at the same time. They’ll probably expect you to pay off your existing payday loan on time and in full before they’ll consider letting you take out another one.

A borrower may try to take out a payday loan through another company if they already have one that is not yet due for payment or is outstanding with another. Most loan providers would not be willing to lend to you on this basis.

If you already have a payday loan out and you are considered taking out another one, you may be in financial trouble. If so, you may wish to get in touch straight away with one of the UK’s debt help organisations. Their advice is free of charge and you can visit their websites by clicking on the following links – StepChange, PayPlan, National Debtline, the Debt Advice Foundation, the Money Advice Service, and Citizens Advice.

Ready for a quick loan?

How fast are the best payday loans in the UK?

Many of the best payday loans on offer in the UK process your application and pay the money into your bank account very quickly. After they’ve approved your loan, they’ll show you the information you need to know about your payday loan before you decide to go ahead with it. That information includes how much interest is on your payday loan, when you have to make the repayment (and for how much), and any account management charges if you fail to make your repayment.

If you are happy with the offer and you have read, understood, and agreed to the lender’s terms and conditions, you can go ahead and get your loan. Your money could be in your bank account, ready to withdraw, within 10 minutes, depending on your bank’s policies and procedures and depending on the lender.

Can I repay my payday loan early?

Many bad credit lenders will allow you to pay your loan off early. Better still, if you do pay it off early, you’ll actually save money on interest in most cases.

Check your lender’s terms and conditions for how they’ll respond to your early repayment offer.

What happens if I can’t repay my payday loan?

If you can’t make the repayments on any current loan you have, you should contact your payday lender as soon as possible to let them know that you will have difficulty in meeting your obligations. Each lender has their own policies when dealing with late repayments and, by getting in touch with them as soon as possible, you’ll give them the opportunity to help you potentially avoid any late fees or interest penalties.

Please do not apply for a loan if you’re not entirely certain that you’ll be able to repay the loan in full on the date you agree with your lender.

Apply through GrowingPower

Here at Growing Power, we always look at the world through borrowers’ eyes because that helps us to provide you with the best service.

For us, there are two things to think about when considering what the best bad credit loan for you is:

  • will this lender be happy to work with you if you have a bad credit rating?
  • if they do approve your application, will they offer you a competitive and affordable loan?

For each of the lenders on our panel, they tell us who their ideal borrower is. When you fill in your details on our application form, our job is to match the information you’ve given us as closely as possible to our lenders’ ideal borrower profile.

The better we match you up, the higher the chance that you’ve got of being approved for your loan at a rate you find competitive.

Brokers like Growing Power have access to this type of information which borrowers just don’t have. Better still, our matching service is free of charge, there’s no obligation on you to accept any offer one of our lending partners make, and our service is instant – no waiting hours or days around for an answer.

And when we’re searching for a bad credit lender for you, we use exactly the same guidelines. We only introduce you to those lenders who are most likely to work with you. We then re-direct you to the website of one of our lender partners likely to offer you a really competitive and affordable loan if you meet their eligibility criteria.

If you’re accepted, the bad credit loan we find you from our panel of lenders could be in your bank account within 10 minutes, subject to your bank’s policies and procedures.

Growing Power offers loans of between £100 and £10,000 over a period of three months to five years. To search for the best bad credit loan in the UK from our panel of lenders tailor-made for you and your financial situation, please click here.

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