{"id":428,"date":"2019-11-14T14:52:17","date_gmt":"2019-11-14T14:52:17","guid":{"rendered":"https:\/\/learnbonds.com\/uk\/?page_id=428"},"modified":"2024-04-29T11:02:04","modified_gmt":"2024-04-29T11:02:04","slug":"best-payday-lenders-uk","status":"publish","type":"page","link":"https:\/\/learnbonds.com\/uk\/payday-loans","title":{"rendered":"Best Payday Loans Lender For The  UK In 2021"},"content":{"rendered":"<p><img decoding=\"async\" class=\"alignright wp-image-437\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/ask-cfpb-social-images-payday-loans.original.png\" alt=\"PayDay loans\" width=\"240\" height=\"126\" srcset=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/ask-cfpb-social-images-payday-loans.original.png 1201w, https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/ask-cfpb-social-images-payday-loans.original-300x158.png 300w, https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/ask-cfpb-social-images-payday-loans.original-768x404.png 768w, https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/ask-cfpb-social-images-payday-loans.original-1024x538.png 1024w\" sizes=\"(max-width: 240px) 100vw, 240px\" \/><\/p>\n<p>Payday loans are a common emergency funding source, which should be used with caution. Payday loans are known to charge exceptionally high APR rates, as well as extortionate fees if you are late on a repayment. UK customers are typically able to <strong>apply and receive processed loan amounts in less than 24 hours<\/strong> \u2013 sometimes faster, which can create a slippery slope into debt should your borrowing get out of hand.<\/p>\n<p>In this guide, we\u2019ll explain the loan application process, and advise on the best payday lenders. We\u2019ll cover how a payday loan works, how much you are likely to get, how much it is going to cost you, and what you need to avoid to ensure you don\u2019t get hit with additional fees. Towards the end of the article, we provide a list of three of the best payday loans lenders currently in the market.<\/p>\n<div data-accordeon class=\"toc-block\">\n  <div data-accordeon-item>\n    <div data-accordeon-title class=\"toc-title-wrapper\">\n      <div type=\"button\" class=\"toc-btn toc-btn_main\">\n          <svg width=\"12\" height=\"6\" viewBox=\"0 0 14 8\" class=\"icon\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M1 1L7 7L13 1\" stroke=\"#fff\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n<\/svg>\n          <\/div>\n      <span class=\"toc-title\">\n        In This Guide      <\/span>\n    <\/div>\n      <ul data-accordeon-content class=\"toc-list\" style=\"display: none;\">\n          <li class=\"StepProgress-item\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#what_are_the_pros_and_cons_of_uk_payday_loans\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">What are the Pros and Cons of UK Payday Loans?<\/a>\n\n        <\/div>\n\n    <\/li>  <li class=\"StepProgress-item\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#reviewers_choice_of_best_payday_sites\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">Reviewer\u2019s choice of best payday sites<\/a>\n\n        <\/div>\n\n    <\/li>  <li class=\"StepProgress-item subList-in-progress\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#how_to_apply_for_payday_loans_read_our_step-by-step_guide\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">How to Apply for Payday Loans? Read our Step-by-step Guide:<\/a>\n\n          <button data-accordeon-title class=\"toc-btn\" type=\"button\">\n        <svg width=\"12\" height=\"6\" viewBox=\"0 0 14 8\" class=\"icon\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M1 1L7 7L13 1\" stroke=\"#060606\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n<\/svg>\n          <\/button>\n        <\/div>\n\n      <ol data-accordeon-content class=\"StepProgress-sub-list\" style=\"display: none;\" id=\"TOC1sublist-how_to_apply_for_payday_loans_read_our_step-by-step_guide\">\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_1_find_the_best_payday_loans\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 1: Find the best payday loans<\/a>\n          <\/li>\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_2_start_the_application_process\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 2: Start the application process<\/a>\n          <\/li>\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_3_enter_your_personal_and_financial_information\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 3: Enter your personal and financial information<\/a>\n          <\/li>\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_4_read_the_digital_loan_agreement_and_sign_it\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 4: Read the digital loan agreement and sign it<\/a>\n          <\/li>\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_5_satisfy_the_verification_checks\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 5: Satisfy the verification checks<\/a>\n          <\/li>\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_6_funding_and_repaying_the_money\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 6: Funding and repaying the money<\/a>\n          <\/li>\n          <\/ol>\n  <\/div>\n    <\/li>  <li class=\"StepProgress-item subList-in-progress\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#best_3_payday_loan_sites_2021\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">Best 3 Payday Loan Sites 2021:<\/a>\n\n          <button data-accordeon-title class=\"toc-btn\" type=\"button\">\n        <svg width=\"12\" height=\"6\" viewBox=\"0 0 14 8\" class=\"icon\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M1 1L7 7L13 1\" stroke=\"#060606\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n<\/svg>\n          <\/button>\n        <\/div>\n\n      <ol data-accordeon-content class=\"StepProgress-sub-list\" style=\"display: none;\" id=\"TOC1sublist-best_3_payday_loan_sites_2021\">\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#criteria_used_to_rank_the_best_lenders\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Criteria used to rank the best lenders<\/a>\n          <\/li>\n          <\/ol>\n  <\/div>\n    <\/li>  <li class=\"StepProgress-item\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#what_are_payday_loans\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">What Are payday loans?<\/a>\n\n        <\/div>\n\n    <\/li>  <li class=\"StepProgress-item\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#how_much_do_payday_loans_actually_cost\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">How much do payday loans actually cost?<\/a>\n\n        <\/div>\n\n    <\/li>  <li class=\"StepProgress-item\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#am_i_eligible_for_a_payday_loan\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">Am I eligible for a payday loan?<\/a>\n\n        <\/div>\n\n    <\/li>      <\/ul>\n  <\/div>\n    <ul data-accordeon-content class=\"toc-list\" style=\"display: none;\">\n        <li class=\"StepProgress-item\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#what_are_the_pros_and_cons_of_uk_payday_loans\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">What are the Pros and Cons of UK Payday Loans?<\/a>\n\n        <\/div>\n\n    <\/li>  <li class=\"StepProgress-item\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#reviewers_choice_of_best_payday_sites\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">Reviewer\u2019s choice of best payday sites<\/a>\n\n        <\/div>\n\n    <\/li>  <li class=\"StepProgress-item subList-in-progress\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#how_to_apply_for_payday_loans_read_our_step-by-step_guide\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">How to Apply for Payday Loans? Read our Step-by-step Guide:<\/a>\n\n          <button data-accordeon-title class=\"toc-btn\" type=\"button\">\n        <svg width=\"12\" height=\"6\" viewBox=\"0 0 14 8\" class=\"icon\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M1 1L7 7L13 1\" stroke=\"#060606\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n<\/svg>\n          <\/button>\n        <\/div>\n\n      <ol data-accordeon-content class=\"StepProgress-sub-list\" style=\"display: none;\" id=\"TOC1sublist-how_to_apply_for_payday_loans_read_our_step-by-step_guide\">\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_1_find_the_best_payday_loans\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 1: Find the best payday loans<\/a>\n          <\/li>\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_2_start_the_application_process\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 2: Start the application process<\/a>\n          <\/li>\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_3_enter_your_personal_and_financial_information\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 3: Enter your personal and financial information<\/a>\n          <\/li>\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_4_read_the_digital_loan_agreement_and_sign_it\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 4: Read the digital loan agreement and sign it<\/a>\n          <\/li>\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_5_satisfy_the_verification_checks\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 5: Satisfy the verification checks<\/a>\n          <\/li>\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#step_6_funding_and_repaying_the_money\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Step 6: Funding and repaying the money<\/a>\n          <\/li>\n          <\/ol>\n  <\/div>\n    <\/li>  <li class=\"StepProgress-item subList-in-progress\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#best_3_payday_loan_sites_2021\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">Best 3 Payday Loan Sites 2021:<\/a>\n\n          <button data-accordeon-title class=\"toc-btn\" type=\"button\">\n        <svg width=\"12\" height=\"6\" viewBox=\"0 0 14 8\" class=\"icon\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M1 1L7 7L13 1\" stroke=\"#060606\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\n<\/svg>\n          <\/button>\n        <\/div>\n\n      <ol data-accordeon-content class=\"StepProgress-sub-list\" style=\"display: none;\" id=\"TOC1sublist-best_3_payday_loan_sites_2021\">\n                <li class=\"StepProgress-sub-item\">\n            <a href=\"#criteria_used_to_rank_the_best_lenders\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"3\">Criteria used to rank the best lenders<\/a>\n          <\/li>\n          <\/ol>\n  <\/div>\n    <\/li>  <li class=\"StepProgress-item\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#what_are_payday_loans\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">What Are payday loans?<\/a>\n\n        <\/div>\n\n    <\/li>  <li class=\"StepProgress-item\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#how_much_do_payday_loans_actually_cost\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">How much do payday loans actually cost?<\/a>\n\n        <\/div>\n\n    <\/li>  <li class=\"StepProgress-item\">\n  <div data-accordeon-item>\n  <div class=\"StepProgress-item__group\" >\n    <a href=\"#am_i_eligible_for_a_payday_loan\" class=\"btn-handleTocScrollToTitle StepProgress-item__link\" data-level=\"2\">Am I eligible for a payday loan?<\/a>\n\n        <\/div>\n\n    <\/li>    <\/ul>\n<\/div>\n\n                                        <div class=\"inContentProviderSingle inContentColor--learnbonds fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Try Our Recommended UK Payday Loan Provider 2020:<\/p>\n                                    <\/div>\n                                    <div class=\"col-12 col-md-4\">\n                                        <div class=\"inContentProviderSingle--rating\">\n                                            <div class=\"rating--holder\">\n                                                <p class=\"rating--text\"><\/p>\n                                                <div class=\"rating--star-container\">\n                                                    <div class=\"rating--star\" style=\"width: 100%;\"><\/div>\n                                                <\/div>\n                                            <\/div>\n                                        <\/div>\n                                    <\/div><!--\/.col-md-4-->\n                                <\/div><!--\/.row-->\n                                <div class=\"row\">\n                                    <!-- *******  Desktop Provider Logo ********** -->\n                                    <div class=\"col-12 col-md-12 text-center d-block d-sm-block d-md-none d-lg-none\">\n                                        <img decoding=\"async\" class=\"inContentProviderSingle--img mb-3\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/01\/lendingstream_250_250.png\" alt=\"\" width=\"125\" height=\"60\">\n                                    <\/div>\n\n                                    <div class=\"col-12 col-md-8\">\n                                                                                    <ul class=\"inContentProviderSingle--list\">\n                                                                                                    <li>Get an Instant Quote<\/li>\n                                                                                                    <li>Apply within 2 Minutes<\/li>\n                                                                                                    <li>Friendly Support Service<\/li>\n                                                                                                    <li>FCA Regulated<\/li>\n                                                                                            <\/ul><!--\/.inContentProviderSingle--lis-->\n                                                                            <\/div>\n                                    <!-- *******  Desktop Provider Logo ********** -->\n                                    <div class=\"col-12 col-md-4 d-none d-sm-none d-md-block d-lg-block\">\n                                        <img decoding=\"async\" class=\"inContentProviderSingle--img float-right\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/01\/lendingstream_250_250.png\" alt=\"\" width=\"125\" height=\"60\">\n                                    <\/div>\n                                <\/div><!--\/.row-->\n                                <div class=\"row\">\n                                    <div class=\"col-12 text-center\">\n                                                                                    <div class=\"inContentProviderSingle--button\">\n                                                                                                <a href=\"https:\/\/learnbonds.com\/uk\/visit\/lendingstream\" title=\"Start Trading\" rel=\"sponsored\" data-relfix=\"1\">Apply Now!<\/a>\n                                            <\/div>\n                                                                                <div class=\"inContentProviderSingle--disclaimerText\">\n                                            *Subject to lender requirements and approval.                                        <\/div>\n                                    <\/div>\n                                <\/div><!--\/.row-->\n                            <\/div><!--\/.container-->\n                        <\/div><!--\/.inContentProviderSingle--wrapper-->\n                    <\/div><!--\/.inContentProvider--single-->\n                            \n            \n<p>\u00a0<\/p>\n<div class=\"su-note\"  style=\"border-color:#e5e54c;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFF66;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><i class=\"omsc-icon sui sui-info-circle\" style=\"\"><\/i><strong>Note:<\/strong> While conventional credit cards in the UK comes with an average APR of around 22.8%, payday loans can cost surplus of 1,000% APR. As such, always explore whether you are able to obtain funding via a cheaper source before proceeding with an application.<\/div><\/div>\n<h2 id=\"what_are_the_pros_and_cons_of_uk_payday_loans\">What are the Pros and Cons of UK Payday Loans?<\/h2>\n<p><span style=\"font-weight: 400;\"><div class=\"su-row\"><div class=\"su-column su-column-size-1-2\"><div class=\"su-column-inner su-u-clearfix su-u-trim\"><\/span><\/p>\n<p><b>The Pros<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><div class=\"su-list\" style=\"margin-left:0px\"><\/span><\/p>\n<ul>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> <span style=\"font-weight: 400;\">Allows you to obtain emergency funding at short notice<\/span><\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> Most payday lenders can transfer the funds within 24 hours<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> Suitable for credit profiles of all sizes<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> Choose to pay the loan back in one-hit or via instalments<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><\/div><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><\/div><\/div><div class=\"su-column su-column-size-1-2\"><div class=\"su-column-inner su-u-clearfix su-u-trim\"><\/span><\/p>\n<p><b>The Cons<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><div class=\"su-list\" style=\"margin-left:0px\"><\/span><\/p>\n<ul>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> <span style=\"font-weight: 400;\">The interest rates are likely to be sky-high<\/span><\/li>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> Easy to build bad habits with payday loans<\/li>\n<li><i class=\"sui sui-remove\" style=\"color:#e31f28\"><\/i> Late payments often carry onerous penalties<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><\/div><\/div><\/div><\/div><\/span><\/p>\n<h2 id=\"reviewers_choice_of_best_payday_sites\">Reviewer\u2019s choice of best payday sites<\/h2>\n<div class=\"provider-list-container-0\"><div class=\"row fc-row provider-list-row\">\n    <div class=\"col-12 c-providerBox--loans\">\n        <div class=\"c-providerBox c-providerBox--learnbonds reviewers-choice\" id=\"provider-intro\">\n                            <div class=\"reviewers-choice-label\">\n                    <img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/plugins\/in-content-provider\/Library\/assets\/images\/entypo_shield.svg\" alt=\"\">\n                    Reviewers Choice                <\/div>\n                        <div class=\"c-providerBox--title-row\">\n\t\t        <div class=\"c-providerBox--title-name\">Piggy Bank<\/div>            <\/div>\n\n            <div class=\"c-providerBox--details-row row-eq-height row\">\n                <div class=\"c-providerBox--details c-providerBox--details-logo\">\n                    <img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/02\/piggy-bank-loans.png\" alt=\"\" class=\"provider-logo\">\n                <\/div>\n                <div class=\"c-providerBox--details-rating c-providerBox--title-rating d-inline-block d-md-none\">\n                    <div class=\"rating-star-label\">Rating<\/div>\n                    <div class=\"rating--star-container\">\n                        <div class=\"rating--star\" style=\"width: 92%;\"><\/div>\n                    <\/div>\n                <\/div>\n                                    <div class=\"c-providerBox--details c-providerBox--details-data provider_available_amount\">\n                        <div class=\"c-providerBox--details-data--label\">Available Loan Amount<\/div>\n                        <div class=\"c-providerBox--details-data--value\">\u00a3100 - \u00a31000<\/div>\n                    <\/div>\n                                    <div class=\"c-providerBox--details c-providerBox--details-data provider_available_term_length\">\n                        <div class=\"c-providerBox--details-data--label\">Available Term Length<\/div>\n                        <div class=\"c-providerBox--details-data--value\">7 days to 5 Months<\/div>\n                    <\/div>\n                                    <div class=\"c-providerBox--details c-providerBox--details-data provider_representative_apr\">\n                        <div class=\"c-providerBox--details-data--label\">Representative APR<\/div>\n                        <div class=\"c-providerBox--details-data--value\">1,255% up to 1698.1%<\/div>\n                    <\/div>\n                                <div class=\"c-providerBox--details c-providerBox--details-ctas\">\n                    <div class=\"c-providerBox--title-rating d-none d-md-inline-block\">\n                        Rating                        <div class=\"rating--star-container\">\n                            <div class=\"rating--star\" style=\"width: 92%;\"><\/div>\n                        <\/div>\n                    <\/div>\n\n                    <div class=\"signed-up-today d-none d-md-block\">\n                                                                                                <\/div>\n\n                    <a href=\"https:\/\/learnbonds.com\/visit\/piggy-bank\" class=\"btn btn-primary btn-learnbonds\" rel=\"sponsored\" data-relfix=\"1\">Visit Now                    <\/a>\n\n\t                                        <div class=\"c-providerBox--disclaimer-row\">\n                            <p class=\"c-providerBox--disclaimer-text\">PiggyBank Loans have now gone into Administration<\/p>\n                        <\/div>\n\t                                <\/div>\n            <\/div>\n\n            <div class=\"c-providerBox--footer\">\n                                                            <div class=\"c-providerBox--footer-data \">\n                            <div class=\"c-providerBox--footer-data--label\">Product Details<\/div>\n                            <div class=\"c-providerBox--footer-data--value\">\n                                <ul>\n                                    <li>Try our feature Payday Loan Supplier Instead<\/li>                                <\/ul>\n                            <\/div>\n                        <\/div>\n                                                                                <div class=\"c-providerBox--footer-data pro-con-data\">\n                            <div class=\"c-providerBox--footer-data--label\">Pros<\/div>\n                            <div class=\"c-providerBox--footer-data--value\">\n                                <ul>\n                                    <li class=\"pro-con-tick\">This company has now gone into administration<\/li>                                <\/ul>\n                            <\/div>\n                        <\/div>\n                                                                                <div class=\"c-providerBox--footer-data \">\n                            <div class=\"c-providerBox--footer-data--label\">Key Facts<\/div>\n                            <div class=\"c-providerBox--footer-data--value\">\n                                <ul>\n                                    <li>Piggy Bank are a Direct Lender<\/li><li>Available for Bad Credit Scores<\/li>                                <\/ul>\n                            <\/div>\n                        <\/div>\n                                                <\/div>\n\n                            <div class=\"c-providerBox--viewMore-row\">\n                    <a href=\"#\" class=\"c-providerBox--viewMore-btn\" data-show=\"show\">More Details<\/a>\n                    <a href=\"#\" class=\"c-providerBox--viewMore-btn hide\" data-show=\"hide\">Hide Details<\/a>\n                <\/div>\n                    <\/div>\n    <\/div>\n<\/div><div class=\"row fc-row provider-list-row\">\n    <div class=\"col-12 c-providerBox--loans\">\n        <div class=\"c-providerBox c-providerBox--learnbonds \" id=\"provider-intro\">\n                        <div class=\"c-providerBox--title-row\">\n\t\t        <div class=\"c-providerBox--title-name\">Car Cash Point<\/div>            <\/div>\n\n            <div class=\"c-providerBox--details-row row-eq-height row\">\n                <div class=\"c-providerBox--details c-providerBox--details-logo\">\n                    <img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/car-cash-point-platinum-logo.jpg\" alt=\"\" class=\"provider-logo\">\n                <\/div>\n                <div class=\"c-providerBox--details-rating c-providerBox--title-rating d-inline-block d-md-none\">\n                    <div class=\"rating-star-label\">Rating<\/div>\n                    <div class=\"rating--star-container\">\n                        <div class=\"rating--star\" style=\"width: 84%;\"><\/div>\n                    <\/div>\n                <\/div>\n                                    <div class=\"c-providerBox--details c-providerBox--details-data provider_available_amount\">\n                        <div class=\"c-providerBox--details-data--label\">Available Loan Amount<\/div>\n                        <div class=\"c-providerBox--details-data--value\"> - <\/div>\n                    <\/div>\n                                    <div class=\"c-providerBox--details c-providerBox--details-data provider_available_term_length\">\n                        <div class=\"c-providerBox--details-data--label\">Available Term Length<\/div>\n                        <div class=\"c-providerBox--details-data--value\"><\/div>\n                    <\/div>\n                                    <div class=\"c-providerBox--details c-providerBox--details-data provider_representative_apr\">\n                        <div class=\"c-providerBox--details-data--label\">Representative APR<\/div>\n                        <div class=\"c-providerBox--details-data--value\"><\/div>\n                    <\/div>\n                                <div class=\"c-providerBox--details c-providerBox--details-ctas\">\n                    <div class=\"c-providerBox--title-rating d-none d-md-inline-block\">\n                        Rating                        <div class=\"rating--star-container\">\n                            <div class=\"rating--star\" style=\"width: 84%;\"><\/div>\n                        <\/div>\n                    <\/div>\n\n                    <div class=\"signed-up-today d-none d-md-block\">\n                                            <\/div>\n\n                    <a href=\"\" class=\"btn btn-primary btn-learnbonds\">Visit Now                    <\/a>\n\n\t                                <\/div>\n            <\/div>\n\n            <div class=\"c-providerBox--footer\">\n                            <\/div>\n\n                    <\/div>\n    <\/div>\n<\/div><div class=\"row fc-row provider-list-row\">\n    <div class=\"col-12 c-providerBox--loans\">\n        <div class=\"c-providerBox c-providerBox--learnbonds \" id=\"provider-intro\">\n                        <div class=\"c-providerBox--title-row\">\n\t\t        <div class=\"c-providerBox--title-name\">Peachy Loans<\/div>            <\/div>\n\n            <div class=\"c-providerBox--details-row row-eq-height row\">\n                <div class=\"c-providerBox--details c-providerBox--details-logo\">\n                    <img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/02\/Peachy-Loans-Logo.jpg\" alt=\"\" class=\"provider-logo\">\n                <\/div>\n                <div class=\"c-providerBox--details-rating c-providerBox--title-rating d-inline-block d-md-none\">\n                    <div class=\"rating-star-label\">Rating<\/div>\n                    <div class=\"rating--star-container\">\n                        <div class=\"rating--star\" style=\"width: 78%;\"><\/div>\n                    <\/div>\n                <\/div>\n                                    <div class=\"c-providerBox--details c-providerBox--details-data provider_available_amount\">\n                        <div class=\"c-providerBox--details-data--label\">Available Loan Amount<\/div>\n                        <div class=\"c-providerBox--details-data--value\">\u00a3100 - \u00a31000<\/div>\n                    <\/div>\n                                    <div class=\"c-providerBox--details c-providerBox--details-data provider_available_term_length\">\n                        <div class=\"c-providerBox--details-data--label\">Available Term Length<\/div>\n                        <div class=\"c-providerBox--details-data--value\">1 Month to 1 Year<\/div>\n                    <\/div>\n                                    <div class=\"c-providerBox--details c-providerBox--details-data provider_representative_apr\">\n                        <div class=\"c-providerBox--details-data--label\">Representative APR<\/div>\n                        <div class=\"c-providerBox--details-data--value\">720%<\/div>\n                    <\/div>\n                                <div class=\"c-providerBox--details c-providerBox--details-ctas\">\n                    <div class=\"c-providerBox--title-rating d-none d-md-inline-block\">\n                        Rating                        <div class=\"rating--star-container\">\n                            <div class=\"rating--star\" style=\"width: 78%;\"><\/div>\n                        <\/div>\n                    <\/div>\n\n                    <div class=\"signed-up-today d-none d-md-block\">\n                                            <\/div>\n\n                    <a href=\"https:\/\/learnbonds.com\/visit\/peachy\" class=\"btn btn-primary btn-learnbonds\" rel=\"sponsored\" data-relfix=\"1\">Visit Now                    <\/a>\n\n\t                                <\/div>\n            <\/div>\n\n            <div class=\"c-providerBox--footer\">\n                                                            <div class=\"c-providerBox--footer-data \">\n                            <div class=\"c-providerBox--footer-data--label\">Product Details<\/div>\n                            <div class=\"c-providerBox--footer-data--value\">\n                                <ul>\n                                    <li>Peachy Are A Direct Lender<\/li>                                <\/ul>\n                            <\/div>\n                        <\/div>\n                                                                                <div class=\"c-providerBox--footer-data pro-con-data\">\n                            <div class=\"c-providerBox--footer-data--label\">Pros<\/div>\n                            <div class=\"c-providerBox--footer-data--value\">\n                                <ul>\n                                    <li class=\"pro-con-cross\">Spread Payments Over Multiple Months<\/li><li class=\"pro-con-cross\">Funds within 1 hour of processing<\/li><li class=\"pro-con-tick\">Unavailable for those with current CCJs<\/li><li class=\"pro-con-tick\">Minimum Monthly Income of \u00a31000 Required<\/li>                                <\/ul>\n                            <\/div>\n                        <\/div>\n                                                                                <div class=\"c-providerBox--footer-data \">\n                            <div class=\"c-providerBox--footer-data--label\">Key Facts<\/div>\n                            <div class=\"c-providerBox--footer-data--value\">\n                                <ul>\n                                    <li>Loan application Accessible on any platform or device<\/li><li>Peachy Claim Now Hidden Fees<\/li><li>See Fees Upfront On Their Calculator<\/li>                                <\/ul>\n                            <\/div>\n                        <\/div>\n                                                <\/div>\n\n                            <div class=\"c-providerBox--viewMore-row\">\n                    <a href=\"#\" class=\"c-providerBox--viewMore-btn\" data-show=\"show\">More Details<\/a>\n                    <a href=\"#\" class=\"c-providerBox--viewMore-btn hide\" data-show=\"hide\">Hide Details<\/a>\n                <\/div>\n                    <\/div>\n    <\/div>\n<\/div><\/div>\n<h2 id=\"how_to_apply_for_payday_loans_read_our_step-by-step_guide\">How to Apply for Payday Loans? Read our Step-by-step Guide:<\/h2>\n<p>If you are new to the online payday lending space, <strong>below you will find a useful step by step guide on how to obtain payday loans<\/strong>. If you just want to see our more detailed review of possible loan providers click <a href=\"https:\/\/learnbonds.com\/uk\/payday-loans#Best3PaydayLoanSites2020\">here.<\/a><\/p>\n<h3 id=\"step_1_find_the_best_payday_loans\">Step 1: Find the best payday loans<\/h3>\n<p><img decoding=\"async\" class=\"alignright size-full wp-image-2336\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/02\/FCA-Logo.jpg\" alt=\"FCA Logo\" width=\"240\" height=\"180\" \/>First and foremost, you will need to do some digging to find trusted payday loans lenders that meet your needs. This should include a direct lender that is willing to consider your credit record, but most importantly, a lender that is transparent with its fees. While the UK now has a cap on the amount of interest that you can pay on your loan, you should still try to find a direct lender with the most competitive rates.<\/p>\n<p>You also need to ensure that the lender is UK based, and registered and regulated by the Financial Conduct Authority (FCA) as an approved lender. If they aren\u2019t, the lender is potentially operating in an illegal manner. Nevertheless, to help you along the way, at the bottom of this guide we have listed three of the best payday loans currently in the market \u2013 so be sure to check them out.<\/p>\n<h3 id=\"step_2_start_the_application_process\">Step 2: Start the application process<\/h3>\n<p><img decoding=\"async\" class=\"alignright size-full wp-image-2340\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/02\/Start-The-application-Process-Peachy.jpg\" alt=\"Start The application Process Peachy\" width=\"240\" height=\"180\" \/>Once you have found a suitable loan lender such as Peachy which we have detailed screenshots for through this guide, you will then need to start the application process. Don\u2019t forget, the vast majority of payday loans allow you to complete this online, so you can proceed via your desktop or mobile device with ease if you would like. Initially, you will need to enter the amount that you wish to borrow, alongside your next payday. For example, if you are looking to borrow 500\u00a3, and you next receive your monthly salary on October 30th, this is the information that you need to enter.<\/p>\n<h3 id=\"step_3_enter_your_personal_and_financial_information\">Step 3: Enter your personal and financial information<\/h3>\n<p>As is the case with all loan types, the lender needs to obtain some information about who you are. As such, you will need to enter details pertaining to your full name, home address, date of birth, nationality, and contact details. Moreover, you might be asked to enter your passport or driver\u2019s license number to fast-track the verification process.<\/p>\n<p><img decoding=\"async\" class=\"alignright size-full wp-image-2338\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/02\/Peachy-Enter-Your-Payday-Loan-Details.jpg\" alt=\"Peachy Enter Your Payday Loan Details\" width=\"240\" height=\"180\" \/>Next, you will then need to let the payday loans lender know what your current employment situation is. This includes whether you are employed full-time or part-time, where you work, how much you earn, and once again \u2013 when you next get paid.<\/p>\n<p>You will then need to enter your bank details. Firstly, you will need to enter your bank account details so that the payday loans lender knows where to transfer the funds. In most instances, you will be required to pay back the funds using the same account the money is being moved into, but check the specific terms for each provider.<\/p>\n<h3 id=\"step_4_read_the_digital_loan_agreement_and_sign_it\">Step 4: Read the digital loan agreement and sign it<\/h3>\n<p>Once you have provided the necessary information, the best payday loans lender will then run some electronic credit checks on you. In some cases, they are hard checks, which will be seen on your credit profile so check before you start the application, too many credit checks in a short time can raise flags to credit lenders. The checks themselves rarely take more than a couple of minutes, so you should receive a decision on your loan application pretty much straight away. If you have been pre-approved, the lender will then let you know what terms they are willing to offer. Most specifically, this will include the interest rate that the direct lender will charge you to borrow the funds.<\/p>\n<p><img decoding=\"async\" class=\"alignright size-full wp-image-2339\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/02\/Peachy-Financial-Details-for-payday-loan.jpg\" alt=\"Peachy Financial Details for payday loan\" width=\"240\" height=\"180\" \/><\/p>\n<p>Although the Financial Conduct Authority now offers a range of protections on payday loans, you are still advised to read the digital loan agreement and terms\/conditions thoroughly. If you are happy with the terms and wish to proceed, you\u2019ll need to sign the digital loan agreement and submit it.<\/p>\n<h3 id=\"step_5_satisfy_the_verification_checks\">Step 5: Satisfy the verification checks<\/h3>\n<p>In the vast majority of cases, the payday loans lender will ask you to complete a verification exercise before they are willing to transfer the funds. While this will vary from lender to lender, this usually centres on proving your stated income. This might entail you emailing or uploading a copy of your most recent payslip, so that the lender can verify your employer\u2019s name and address, the amount that you earn, and the date that you get paid.<\/p>\n<p>Alternatively, the payday loans lender might need to call you at your place of work. While this can be an embarrassing scenario, payday lenders will usually not disclose the purpose of the call with the person that answers the phone. If you do have a direct phone number at work, it\u2019s best to provide this. Ultimately, the reason that payday lenders sometimes ask to call you at your place of work is to<\/p>\n<p><img decoding=\"async\" class=\"alignright size-full wp-image-2337\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/02\/Payday-loan-proof-of-income.jpg\" alt=\"Payday loan proof of income\" width=\"240\" height=\"180\" \/><\/p>\n<p>verify that the details you entered within your application are valid.<\/p>\n<h3 id=\"step_6_funding_and_repaying_the_money\">Step 6: Funding and repaying the money<\/h3>\n<p>As soon as you have passed the required security checks, the best payday loans lender will usually transfer the funds into your bank account the same day some times in 10 minutes or less, or the next working day at the latest. In terms of repaying the money, the exact date will mirror that of the loan agreement that you signed.<\/p>\n<p>In most cases, this will be the same day that you next receive your salary. As noted above, most payday lenders will take the funds from your debit card. As such, you\u2019ll likely find that the funds will be taken during the night that you get paid to ensure that they get paid on time.<\/p>\n<h2 id=\"best_3_payday_loan_sites_2021\">Best 3 Payday Loan Sites 2021:<\/h2>\n<p>If you have spent the time reading through our guide from start to finish, it is hoped that you now have a firm grasp of what payday loans are, and how they typically work. Most importantly, we hope that you have made some serious considerations regarding the costs of the loan.<\/p>\n<p>If you are still unable to find an alternative funding source that comes with a much cheaper rate of interest and have decided to proceed with the payday loans application, we have listed three of the best providers currently in the market.<\/p>\n<h3 id=\"criteria_used_to_rank_the_best_lenders\">Criteria used to rank the best lenders<\/h3>\n<p><span style=\"font-weight: 400;\"><div class=\"su-list\" style=\"margin-left:0px\"><\/span><\/p>\n<ul>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> Direct lenders with the most competitive interest rates<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> How much the direct lender is able to offer<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> What credit score you need to obtain the personal loan<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> What loan terms are available<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> Registered with the FCA as an approved UK lender<span style=\"font-weight: 400;\"><\/div><\/span><\/li>\n<\/ul>\n<h2 id=\"what_are_payday_loans\">What Are payday loans?<\/h2>\n<p>As the name suggests, <strong>payday loans are a type of loan that allows you to borrow funds until you next get paid<\/strong>. The overarching concept is that a payday loans lender give you access to fast, emergency funding as and when you need it. For example, if you find that three weeks into the month your boiler breaks down and thus \u2013 you need to pay for it to be repaired, then you might need to obtain a loan to cover the cost.<\/p>\n<p>In the vast majority of cases, payday loans are meant to be paid back when you next receive your salary. As such, the loan agreement will display your monthly salary date as the date that you need to repay the funds. In most cases, this will be taken via a direct debit agreement or directly from your debit card.<\/p>\n<p>Here\u2019s a quick breakdown of how a typical loan agreement works in practice.<\/p>\n<ol>\n<li>You would like to raise \u00a3500 to cover the cost of getting to work for the last week of the month<\/li>\n<li>As you have overspent this month, you decide to raise the funds via a lender<\/li>\n<li>Upon completing a quick online application, the payday loans lender is willing to loan you the \u00a3500 at a fee of \u00a365<\/li>\n<li>You borrow 500\u00a3 on November 24th and agree to pay it back on your next payday \u2013 which is November 30th.<\/li>\n<li>The \u00a3100 is transferred to your bank account within 10 minutes or in some cases the next working day<\/li>\n<li>On November 30th, the direct lender takes \u00a3565 from your bank account, and the debt is now 100% clear<\/li>\n<\/ol>\n<p>As you will see from the above example \u2013 two key points stand out. Firstly, payday loans are typically taken out for small amounts. As they are designed to cover you until you next get paid, some payday lenders allow you to borrow from just \u00a350. However, some direct lenders allow you to borrow much more, albeit, you\u2019ll likely get the option of paying it back over a few months. Secondly, and as we will discuss in the next section \u2013 although the loan fee above amounted to just \u00a322, this actually represents an extortionate rate of interest in APR terms. This is, unfortunately, the nature of the payday loans arena.<\/p>\n<h2 id=\"how_much_do_payday_loans_actually_cost\">How much do payday loans actually cost?<\/h2>\n<p>The most important consideration that you need to make on a loan is how much it is actually going to cost you. There is no getting away from the fact that the APR rates are sky-high, especially in comparison to more conventional debt products such as <a href=\"https:\/\/learnbonds.com\/uk\/personal-loans\">personal loans<\/a> or credit cards. As a result, direct lenders have a somewhat bad reputation in the United Kingdom, with campaign groups looking at the government for enhanced regulations on lending ethics.<\/p>\n<p>With that being said, you need to have a firm understanding of how much you are likely to pay \u2013 both in terms of the APR and additional fees.<\/p>\n<div class=\"su-list\" style=\"margin-left:0px\">\n<ul>\n<li><i class=\"sui sui-search\" style=\"color:#666a64\"><\/i> <strong>APR\u00a0<\/strong><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignright wp-image-368\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/Screenshot-2019-11-12-at-08.38.05.png\" alt=\"Annual Percentage Rate (APR)\" width=\"240\" height=\"146\" srcset=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/Screenshot-2019-11-12-at-08.38.05.png 581w, https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/Screenshot-2019-11-12-at-08.38.05-300x183.png 300w\" sizes=\"(max-width: 240px) 100vw, 240px\" \/><\/p>\n<p>The most obvious starting point when assessing the cost of your loan is that of the APR. This is a tricky one in the case of payday loans, not least because the APR percentage rate is based on a 12 month period \u2013 even though your payday loan agreement is unlikely to surpass a week or two. Nevertheless, the APR should still be taking into account as it presents a clear reflection of how much the interest is actually costing you.<\/p>\n<p>When you initially go through the instant loans application, it is likely that the respective lender will display your interest rates in real terms. By this, we mean that it will be displayed as a total amount in pounds and pence. For example, if you apply for payday loans of \u00a3200, the lender might state that your interest amounts to \u00a344, meaning that you\u2019ll need to pay back \u00a3244 in total.<\/p>\n<p>However, the good news for you is that the Financial Conduct Authority (FCA) recently imposed limits on the amount of interest that direct lenders can charge you. In layman terms, this amounts to a maximum interest amount of \u00a324 for every \u00a3100 that you borrow. If you borrow less than \u00a3100 then this will, of course, be charged on a pro-rata basis.<\/p>\n<ul>\n<li><i class=\"sui sui-search\" style=\"color:#666a64\"><\/i> <strong>Late Payment Fees\u00a0<\/strong><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignright size-full wp-image-2336\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/02\/FCA-Logo.jpg\" alt=\"FCA Logo\" width=\"240\" height=\"180\" \/><\/p>\n<p>On top of high APR rates,\u00a0 instant loans are also known to charge extortionate fees if you end up missing a payment. In the past, this has seen borrowers owe a significantly higher amount in comparison to what they actually received. However, the FCA ruling in late 2018 means that you are now protected from unethical late payment fees, insofar that this is now capped at \u00a315 per default.<\/p>\n<p>The \u00a315 cap is imposed irrespective of the loan size, which is great. It is important to note that payday loans lenders in the UK can still charge you interest on the amount that you default by, which is capped at 0.8% per day. However, the total amount that you end up paying back to the lender can never exceed twice the amount that you borrowed. For example, if you borrowed \u00a3150, the most that you can ever pay back is \u00a3300. This includes the original interest rate, the default fee, and the interest on the amount owed.<\/div>\n<p>For more information on the payday loans cap imposed by the FCA \u2013 <a href=\"http:\/\/www.fca.org.uk\/news\/fca-confirms-price-cap-rules-for-payday-lenders\">check out its website<\/a>.<\/p>\n<h2 id=\"am_i_eligible_for_a_payday_loan\">Am I eligible for a payday loan?<\/h2>\n<p>One of the key characteristics of the payday loans space is that borrowers typically come from low-income areas. With that being said, the eligibility threshold that payday loans in the UK install is wafer-thin. By this, we mean that as long as you have an income of some sort and you are able to verify your identity, then you won\u2019t find it hard to get approved for a loan. In fact, some direct lenders have been known to approve applications even when the applicant is not employed and thus \u2013 has no income at all.<\/p>\n<p><img decoding=\"async\" class=\"alignright wp-image-438\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/payday-loans-1-1024x683.jpg\" alt=\"PAYDAY Loans \" width=\"240\" height=\"160\" srcset=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/payday-loans-1-1024x683.jpg 1024w, https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/payday-loans-1-1024x683-300x200.jpg 300w, https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/payday-loans-1-1024x683-768x512.jpg 768w\" sizes=\"(max-width: 240px) 100vw, 240px\" \/><\/p>\n<p>Nevertheless, here\u2019s a quick overview of some of the minimum requirements that you will likely need to meet to be approved for a payday loan.<span style=\"font-weight: 400;\"><div class=\"su-list\" style=\"margin-left:0px\"><\/span><\/p>\n<ul>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> <strong>Age: <\/strong>You will need to be aged at least 18 years old to be eligible for payday loans<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> <strong>Residency: <\/strong>You will need to be a UK resident, and have been for at least three years<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> <strong>Verification: <\/strong>You will likely need to have a form of ID so that the lender can verify your identity electronically. It also helps if you are registered on the electoral roll.<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> <strong>Income: <\/strong>The lender is likely to request that you have an income of some sort. The specific requirements will of course vary depending on the payday loans lender in question. You should still be eligible if you work part-time, and some lenders will even consider your application if your income comes in the form of a state pension or benefits.<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> <strong>Credit Score: <\/strong>While some lenders will perform a credit check on you, others won\u2019t. If they do, then they might require you to have a minimum credit score. However, even if you have a bad credit score, this won\u2019t necessarily make you ineligible.<\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#77e31f\"><\/i> <strong>No Bankruptcies: <\/strong>If you have previously been made bankrupt, or you have an outstanding bankruptcy order on your credit histories, then you likely won\u2019t be approved for payday loans.<\/div><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--learnbonds fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Try Our Recommended UK Payday Loan Provider 2020:<\/p>\n                                    <\/div>\n                                    <div 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             <li>FCA Regulated<\/li>\n                                                                                            <\/ul><!--\/.inContentProviderSingle--lis-->\n                                                                            <\/div>\n                                    <!-- *******  Desktop Provider Logo ********** -->\n                                    <div class=\"col-12 col-md-4 d-none d-sm-none d-md-block d-lg-block\">\n                                        <img decoding=\"async\" class=\"inContentProviderSingle--img float-right\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/01\/lendingstream_250_250.png\" alt=\"\" width=\"125\" height=\"60\">\n                                    <\/div>\n                                <\/div><!--\/.row-->\n                                <div class=\"row\">\n                                    <div class=\"col-12 text-center\">\n                                                                                    <div class=\"inContentProviderSingle--button\">\n                                                                                                <a href=\"https:\/\/learnbonds.com\/uk\/visit\/lendingstream\" title=\"Start Trading\" rel=\"sponsored\" data-relfix=\"1\">Apply Now!<\/a>\n                                            <\/div>\n                                                                                <div class=\"inContentProviderSingle--disclaimerText\">\n                                            *Subject to lender requirements and approval.                                        <\/div>\n                                    <\/div>\n                                <\/div><!--\/.row-->\n                            <\/div><!--\/.container-->\n                        <\/div><!--\/.inContentProviderSingle--wrapper-->\n                    <\/div><!--\/.inContentProvider--single-->\n                            \n            \n<h2>Glossary of emergency loans<\/h2>\n\n\t\t<div class=\"glossary-component--container\">\n\t\t\t<div class=\"glossary-component--inner\">\n\t\t\t\t<div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Credit-Score.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Credit Score<\/span><\/div><div class=\"glossary-component--term-text\"><p>A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan. <\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Guaranteed.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Guaranteed Approval <\/span><\/div><div class=\"glossary-component--term-text\"><p>Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.\r\n<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Credit-Limit.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Credit Limit <\/span><\/div><div class=\"glossary-component--term-text\"><p>A Credit Limit is the highest amont of credit a lender will lend to the borrower.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Collateral.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Collateral<\/span><\/div><div class=\"glossary-component--term-text\"><p>Collateral is when you put up an item against your loan such as your house or car. These can be repossessed if you miss payments.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Cash-Advance.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Cash Advance  <\/span><\/div><div class=\"glossary-component--term-text\"><p>A Cash Advance is a short-term loan that has steep interest rates and fees.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Credit-Rating.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Credit Rating<\/span><\/div><div class=\"glossary-component--term-text\"><p>Your Credit Rating is how likely you are to fulfill your loan payments and how risky you are as a borrower.\r\n<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Fixed-Interest.png\" alt=\"Stocks Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Fixed Interest Rate<\/span><\/div><div class=\"glossary-component--term-text\"><p>Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Interest.png\" alt=\"Stocks Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Interest <\/span><\/div><div class=\"glossary-component--term-text\"><p>The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their money<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Default.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Default <\/span><\/div><div class=\"glossary-component--term-text\"><p>If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Late-Fee.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Late Fee<\/span><\/div><div class=\"glossary-component--term-text\"><p>If you miss a payment the lender will charge you for being late, this is known as a late fee.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Unsecured.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Unsecured Personal Loan<\/span><\/div><div class=\"glossary-component--term-text\"><p>An Unsecured Personal Loan is when you have a loan based solely on your creditworthliness without using collateral.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Secured-Loan.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Secured Loan<\/span><\/div><div class=\"glossary-component--term-text\"><p>A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Prime-Rate.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Prime Rate<\/span><\/div><div class=\"glossary-component--term-text\"><p>This is the Interest Rate used by banks for borrowers with good credit scores.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Principle.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Principal<\/span><\/div><div class=\"glossary-component--term-text\"><p>The Principal amount the borrower owes the lender, not including any  interest or fees.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Variable-Rate.png\" alt=\"Stocks Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Variable Rate<\/span><\/div><div class=\"glossary-component--term-text\"><p> A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase. <\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Installment-Loan.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Installment Loan<\/span><\/div><div class=\"glossary-component--term-text\"><p>An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Bridge-Loan.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Bridge Loan <\/span><\/div><div class=\"glossary-component--term-text\"><p>A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/AAA-Credit.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>AAA Credit<\/span><\/div><div class=\"glossary-component--term-text\"><p>Having an AAA Credit Rating is the highest rating you can have.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Guarantor.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Guarantor <\/span><\/div><div class=\"glossary-component--term-text\"><p>A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.\r\n\r\n\r\n\r\n<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/LIBOR.png\" alt=\"Stocks Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>LIBOR <\/span><\/div><div class=\"glossary-component--term-text\"><p>LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for the interest rates in London. It is an average of the estimates interest rates given by different banks based on what they feel would be the best interest rate for future loans.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Home-Equity.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Home Equity Loans <\/span><\/div><div class=\"glossary-component--term-text\"><p>Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Debt.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Debt Consolidation <\/span><\/div><div class=\"glossary-component--term-text\"><p>Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthly payment, usually with a lower interest rate.<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Federal-Student.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Student Loan<\/span><\/div><div class=\"glossary-component--term-text\"><p>If you obtain a Student Loan to pay your way through College then you loan is held with the Department for Education U.K.\r\n\r\n\r\n<\/p><\/div><\/div><div class=\"glossary-component--term\"><div class=\"glossary-component--term-image\"><img decoding=\"async\" src=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2020\/03\/Broker.png\" alt=\"Loans Glossary\"\/><\/div><div class=\"glossary-component--term-title\"><span>Student Grants<\/span><\/div><div class=\"glossary-component--term-text\"><p>Financial Aid in the form of grants is funding available to post-secondary education students throughout the United Kingdom and you are not required to pay grant<\/p><\/div><\/div>\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t\n<h2>FAQs:<\/h2>\n<div class='man_faq_sec' itemscope itemtype='https:\/\/schema.org\/FAQPage'> <\/time><time itemprop=\"dateModified\" datetime=\"2020-06-17 17:07:56\"><\/time><script>jQuery(document).ready(function() {\r\n\t\t\tjQuery('.accordionButton').on('click', function() {\r\n\r\n\t\t\t\t\/\/REMOVE THE ON CLASS FROM ALL BUTTONS\r\n\t\t\t\tjQuery('.accordionButton').removeClass('on');\r\n\t\t\t\t\t\r\n\t\t\t\t\/\/NO MATTER WHAT WE CLOSE ALL OPEN SLIDES\r\n\t\t\t\tjQuery('.accordionContent').slideUp('normal');\r\n\t\t\t\r\n\t\t\t\t\/\/IF THE NEXT SLIDE WASN'T OPEN THEN OPEN IT\r\n\t\t\t\tif(jQuery(this).closest('.ms_faq').find('.accordionContent').is(':hidden') == true) {\r\n\t\t\t\t\t\r\n\t\t\t\t\t\/\/ADD THE ON CLASS TO THE BUTTON\r\n\t\t\t\t\tjQuery(this).closest('.ms_faq').find('.accordionButton').addClass('on');\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\/\/OPEN THE SLIDE\r\n\t\t\t\t\tjQuery(this).closest('.ms_faq').find('.accordionContent').slideDown('normal');\r\n\t\t\t\t} \r\n\t\t\t\t\t\r\n\t\t\t\t});\r\n\t\t\t});\r\n\t\t\t<\/script><section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">How much do the best payday loans cost?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">While the specific rate that you pay will depend on the lender \u2013 as well as your individual credit score, there are now caps in place as to how much the lender can charge you. This amounts to a total interest charge of \u00a324 per \u00a3100 that you borrow, and a maximum default fee of \u00a315. Ultimately, the most that you can ever pay back on a single payday loan agreement is twice the amount that you borrowed.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">Can I still get a payday loan if I am unemployed?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">While the specific criteria will vary from lender to lender, most will ask that you have a minimum income amount each month. However, this can usually consist of employment, benefits, or a pension \u2013 as long as you meet the minimum amount.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">How quickly can I get a payday loan?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">If you are able to verify the information linked to your personal identity and income in quick fashion, some lenders can transfer you the funds within the hour. However, if you are required to submit supporting documentation, then this will, of course, delay the process.<\/p>\r\n                <\/div><\/div><\/section>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Best Payday Loan Lenders UK in 2020<br \/>\nLet\u2019s teach you how to apply for payday loan and match you with the best payday lender near you. Get a loan in the next 24hrs<\/p>\n","protected":false},"author":632,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"class_list":["post-428","page","type-page","status-publish","hentry"],"acf":{"show_disclaimer":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Best Payday Loans UK | How to Avoid SCAM Lenders in 2025<\/title>\n<meta name=\"description\" content=\"Compare Payday Loans in the UK. We selected the very best payday loan providers with instant loans and low APR rates. No sneaky hidden fees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/learnbonds.com\/uk\/payday-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Best Payday Loans UK | How to Avoid SCAM Lenders in 2025\" \/>\n<meta property=\"og:url\" content=\"https:\/\/learnbonds.com\/uk\/payday-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"LearnBonds UK\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-29T11:02:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/ask-cfpb-social-images-payday-loans.original.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"15 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/learnbonds.com\/uk\/payday-loans\/\",\"url\":\"https:\/\/learnbonds.com\/uk\/payday-loans\/\",\"name\":\"Best Payday Loans UK | How to Avoid SCAM Lenders in 2025\",\"isPartOf\":{\"@id\":\"https:\/\/learnbonds.com\/uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/learnbonds.com\/uk\/payday-loans\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/learnbonds.com\/uk\/payday-loans\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/learnbonds.com\/uk\/wp-content\/uploads\/sites\/2\/2019\/11\/ask-cfpb-social-images-payday-loans.original.png\",\"datePublished\":\"2019-11-14T14:52:17+00:00\",\"dateModified\":\"2024-04-29T11:02:04+00:00\",\"description\":\"Compare Payday Loans in the UK. 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