Cheap 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
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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.

You’re more likely to find cheap payday loans by borrowing money from a lender who has gone into business so that they can specifically work with people who have a similar financial situation to you. Did you know that there are over 80 of them in the UK?

Payday loans aren’t long-term financial solutions. They were originally designed to help out borrowers who hit an unexpected financial hurdle – something like a vet’s bill or if they needed to replace their broken refrigerator in a hurry. We all try to spend our money as wisely as we can but sometimes, even with the best planning and a little bit of savings put aside, we have to raise money quickly.

Because payday loan providers realise that, in many cases, their borrowers need money fast to cover an emergency, their systems are set up to get money to borrowers’ bank accounts as quickly as possible. The application process takes a few minutes and the loan could be in a borrower’s bank account within ten minutes* of signing for the loan online.

So, what more do you need to know about cheap payday loans?

Cheap payday loans – what borrowers want to know the most

Can people with bad credit get a cheap payday loan?

Yes – people with bad credit can get a cheap payday loan. The key to finding a cheap loan is to find a lender who is the happiest with the amount you want to borrow and likes to work with people who have similar personal and financial circumstances to yours.

With over 80 bad credit lenders in the UK, finding a lender yourself is a time-consuming challenge. Let us do the hard work for you by selecting the most suitable lenders from our panel who are the most likely to offer a cheap bad credit loan to you based upon the information you provide us with.

Can I apply for a payday loan online if I have bad credit?

Yes. You can apply for a bad credit loan through our website, whether you’re using a computer, a mobile, or a tablet.

Should I take out a payday loan or look elsewhere?

If there is no other way to find the money you need in the time you need it, a cheap bad credit loan is an option you may wish to consider. However, please only use these types of loans to cover emergencies or unexpected bills – please don’t allow them to become part of your overall personal financial management approach.

Are payday loans safe and authorised?

Yes – online payday loans are safe as long as the lender offering them is authorised and regulated by the FCA.

How can I borrow money with no credit check?

You should be very wary of working with a lender or a broker which promises to offer you a cheap payday loan without a credit check.

In order to comply with the rules laid down by the FCA, all lenders must run a full credit check on applicants when a borrower makes a full application for a loan. No credit check loans are not regulated by the FCA.

What are the best cheap payday loans for people with bad credit?

The best cheap loans for people with bad credit are available by finding the lenders who are:

  • happy to lend the amount of money that you need,
  • are used to working with borrowers whose financial situation is close to yours,
  • happy with the reason you want to borrow the money,
  • certain that you can meet the repayments comfortably.

Do payday loans affect your credit file?

According to Experian, payday loans will not damage your credit score, so long as you repay the loan on time and in full. However, when performing a full credit search on you, other finance companies may view the appearance of a payday loan negatively. For other lenders though, there is no evidence that taking out a payday loan and repaying it on time and in full has any negative effect at all.

What are the best alternatives to cheap payday loans?

It’s always better not to take out any new debt. If you can afford to meet your emergency cost with your savings, you should use them. If you can pay for part of your emergency cost with your savings, then reduce the amount you borrow.

Can friends and family help you? Would your boss give you an advance? Could you get the money just as quick but cheaper from another finance provider?

How can I settle a cheap payday loan?

When you agree to take out a cheap payday loan, you and your lender will agree a date on which they’ll collect the repayment from your bank account. Many payday loan lenders allow you to pay off your loan early giving you the chance to save money on interest – please check a lender’s terms and conditions for more information.

Why are even cheap payday loans relatively expensive?

Even the cheapest payday loans are expensive in comparison to other forms of credit because many of the people who take them out have poor credit ratings. This means that they are less likely to repay their loan. A payday lender charges the interest rates that they do, such they can still make a profit - even if a high proportion of borrowers default on their loans.

Many people think that payday loan companies must be making a lot of money. That isn’t true and that’s because of the number of people who don’t repay them.

In America, similar companies make a net profit of between 4.91 and 5.94% (source) – so, that 4.91p-5.94p on every £1 they lend out. Net profit is what a company makes after every expense is taken off what they turn over.

To put that into context, the average UK company makes a net profit of 12.7% (source), nearly three times the profit that a payday lender makes.

I am struggling with my debt and can’t get a loan to consolidate. What should I do next?

Cheap payday loans (or any payday loan) should not be used to make repayments on other types of debt you have if you can’t make those repayments any other way. You should only take out a bad credit loan if you have no other option and for financial emergencies only.

If you are in debt and if you are concerned that you’re finding it tough to manage financially, you might wish to contact one of the UK’s leading free debt help organisations. Just follow the links to find out more – StepChange, PayPlan, National Debtline, the Debt Advice Foundation, the Money Advice Service, and Citizens Advice.

Apply for a bad credit loan with GrowingPower

Apply via GrowingPower for a loan of between £100 up to £10,000 and pay the loan back over 3 to 60 months. We’re not a lender – we’re a broker. What that means to you is that we match you with the lenders most likely to approve your application for a loan by matching you up based on:

  • what you’ve told us about yourself and your current financial situation, and
  • what the lenders on our panel have told us about the type of borrower they like to work with, the amount they like to lend, and over what period of time they like to lend.

If we find you a bad credit loan offer that’s both competitive and affordable, we’ll automatically transfer you to that lender’s website. When you’re there, answer a few short questions about yourself and submit your application. Your lender will then run a full credit search on you.

They will then get back to you within a few seconds to let you know they whether they are happy to offer you a loan, and if so, will provide you with a quote – they’ll tell you how much interest they’ll charge you (and the rate), any other charges, and confirm the date you’ll pay the loan back.

If you like the loan offer you’ve been made, you’ll be shown the lender’s terms and conditions. Please read them, make sure you understand them, and, if you agree, let your lender know. A loan agreement will then be made between you and your lender.

To apply for a bad credit loan from our panel of lenders, please click here.

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