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If you are short of money before you get your next salary and need to pay some bills quickly then you could qualify for instant payday loans for various amounts from many companies to tie you over. Choose from one of the following lender specialising in these loans and you could get the cash within one hour in some cases if you apply early enough during the day.

The interest rate may vary according to your circumstances and could also vary during the day depending on the amount of money available for lending. Payday loans are designed for short term borrowing which is reflected in the higher interest rates you see.

What is a pay day loan ?

A payday loan is designed to help people through the requirement of needing instant cash for a few days or a couple of weeks before they get their next salary cheque. Most of the lenders could provide the loan the same day if you are quick and apply early in the day and the loan amount vary but generally are between £80 and £750 in value. There are also special offers and discount available from time to time so check this site regularly for special deals and voucher codes to reduce the overall amount you need to repay.

How is the interest rate calculated ?

Because the loan amount are small and for a short period of time, the interest rates may appear to be high. For example if you borrow £500 the amount you may repay is £625 after 30 days. The actual interest charged is 25% but because it's over one month the annual percentage rate or APR is calculated at 1737%. To compare this with a standard unsecured loan of £500 that you repay over 36 months the total repayment might be £745 over the whole three years. The actual interest charged is 49% (nearly double the pay day loan amount) but the APR is calculated at 16.9% because it's over a three year period and not just one month. For more information on how it works for guaranteed loans see this page.

Instant Cash Loans

If you are looking to get an instant cash loan today then many of the lenders can help you. To improve your chances of success you should apply early in the day. Most customers will receive the funds the same day and if you need the cash more urgently some lenders can make the funds available within one hour. In these cases it's generally if you have been a previous customer and repaid the loan on time. A bad credit history generally does not affect the process nor the amount of interest but you may be required to provide more information about your financial circumstances.

Do I qualify for a loan ?

Most people in the UK will qualify for payday loans but to ensure you don't get turned down here are the general requirements. You should be permanently employed and be earning at least £750 after tax per month and be paid monthly. You should also be over 18 years old and have a current bank account with a valid debit card. If you do not meet all the above requirements there may still be payday loan companies that can lend to you such as the paydaybank mentioned above.

To get the process started all companies will require your name and address, your employment and salary details, your bank account information as well as two telephone contact numbers and your email address. To get in contact with us please use our contact us form and about your privacy on this site please view our privacy policy on what information we store.

Representative Example: Borrow £180 for 28 days, total amount payable is £225. Interest rate p.a. 1737% (default) Interest payable is £45. Click here to apply now !

External Sites

financial regulator | Consumer Direct | Citizens Advice