Best Payday Loans: Direct Lenders Compared

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Last Update: January 17th, 2017

Compare Payday Loans for Bad Credit (+Prime)

About:

The payday loan boom was a direct result of the financial crisis (2007 to 2009). These savvy web start-ups simply stepped up to the mark when the banks stopped lending. This industry was originally adopted from America. The oldest active lender is The Money Shop who opened their first store in Nottingham in 1996. Online lending was rooted to 2003 when we saw several brands popping up such as EPDL (closed) and PaydayUK. The monthly product available had an average interest charge of £30 per £100 borrowed. Slow BACS transfers took a few days to clear whilst expensive same day funding was possible by CHAPS. Through EU ruling, Faster Payments would eventually become the standard.

Dominance:

PaydayUK and QuickQuid have historically been the main firms battling out for local market share. Wonga took a few years to spring up, but they would eventually become the premier name through their alternative short term offering. Factoring monthly-only lenders, QuickQuid has generally been the top dog. They have always commanded an excellent search engine presence and they plough tons of cash into TV advertising. Pretty much every big name broker has been signed up to their partner program that has made a difference. The QQ product itself is packaged well in many areas.

Eligibility:

You must be a UK resident at the age of 18 or above. In general it is asked for a monthly pay packet of £750. Bad credit has always been the primary target of these lenders who may still consider defaults, late payments etc. There would likely be a decline if you have a CCJ on your record. Having to fax over documents was common in the early days. This is less so the case now since they run credit checks. They also tend to contact your work for verification purposes.

Market Size:

This is the most popular subprime sector (by search data) and so with the mass consumer demand there is bound to be tons of market choice. There are 38 current listings attached, but we have also included short term lenders who differ by offering more repayment flexibility. They have their own Comparison Page. The quantity of active firms was much greater and then came the FCA price capping at the beginning of 2015. This caused a series of closures with many companies being unable to meet the 0.8% daily limit. The firms that bowed out were generally those that were known to charge excessive fees. We have listed the Closures Here.

We Have Compared:
Cost (C): Total cost of a £100 monthly loan (30 days)
Operations (O): Opening days and times
Sums (S): How much can be borrowed (New = N and Return = R)
Terms (T): What repayments can be selected. We have highlighted the term in days (or months if applicable)

Notes:
– Listings are sorted alphabetically.

Best Payday Loans: Direct Lenders Compared:

100Pounds (2012)
100Pounds
C: £24
O: Mon/Fri (9am/6pm)
S: £100 (N) and £300 (R)
T: 10 (20 or 30)
* 20 and 30 day terms are for existing customers

247Moneybox (2009)
247Moneybox
C: £24
O: Mon/Fri (8.30am/6pm)
S: £80 to £200 (N) and £800 (R)
T: 30
* Existing customers can receive 24/7 funding

Cash ASAP (2012)
Cash ASAP
C: £23.84
O: Mon/Fri (8am/9pm), Sat (8am/7pm), Sun (9am/7pm)
S: £50 to £300 (N) and £750 (R)
T: 1 to 31 or 3 months
* Starts from £100 for 3

CashFloat (2014)
CashFloat
C: £24
O: Mon/Fri (9am/5.30pm)
S: £200 to £500 (N) and £1100 (R)
T: 1 to 4 months
* £200 is minimum and so you would pay £48

Credio (2014)
Credio
C: £16
O: Mon/Fri. Times unknown
S: £50 to £200 (N and R)
T: 1 to 4 months
* Looks to be dormant. See profile for more info

CreditStar (2011)
CreditStar
C: £24
O: Mon/Sun (9am/8pm)
S: £100 to £300 (N) and £700 (R)
T: 5 to 30

Drafty (2016)
Drafty
C: £5.40
O: Mon/Sun (7am/10pm)
S: £200 to £3000 (N) and £5000 (R)
T: 1 day+
* No fixed repayment. Can draw £50 (1st) and then £20 on re-loans

Ferratum (2010)
Ferratum
C: £24
O: Mon/Tue (8am/7pm), Wed (8am/5pm), Thu (8am/7pm), Fri (8am/5pm), Sat (8am/12pm)
S: £50 to £300 (N) and £500 (R)
T: 1 to 4 months or 3 to 6 months (PlusLoan for return users only)
* Existing customers can receive weekend funding
* PlusLoan amounts differ as £300 to £500 (N) and £1000 (R)

Kabayan Finance (2010)
Kabayan Finance
C: £25
O: Mon/Fri (9am/5pm), Sat (10am/2pm)
S: £100 to £1000 (N and R)
T: 1, 3, 6 or 12 months
* Above the legal cap. Update expected soon. Instalment from £300+

Miss Payday (2015)
Miss Payday
C: £24
O: Mon/Fri. Times unknown
S: £100 to £500 (N and R)
T: 30

Monkey Dosh (2010)
Monkey Dosh
C: £24
O: Mon/Fri (9am/5pm)
S: £100 to £750 (N and R)
T: 30

MPP Money (2013)
MPP Money
C: £21
O: Mon/Fri (9am/5.30pm)
S: £100 to £500 (N and R)
T: 15 to 90
* Must show 2 payslips

MyJar (2013) (TxtLoan/2009)
MyJar
C: £22.50
O: Mon/Fri (8am/8pm), Sat (8am/6pm), Sun (9am/6pm)
S: £100 to £3600 (N and R)
T: 3, 6 or 12
* Existing customers can receive 24/7 funding
* You can settle early for terms below 3 (cap £900)

NextCredit (2012)
NextCredit
C: No 30 day term
O: Mon/Sun (9am/11am)
S: £100 to £300 (N and R)
T: 7, 14, 21 or 28
* 28 days is the max term

Payday Aid (2011)
Payday Aid
C: £24
O: Mon/Fri (10am/2pm)
S: £50 to £200 (N) and £500 (R)
T: 7 to 45

Payday Express (1999)
Payday Express
C: £24
O: Mon/Fri (8am/7pm), Sat (9am/4pm)
S: £100 to £2000 (N and R)
T: 1 to 12 months
* Existing customers can receive Sunday funding

PaydayUK (2003)
PaydayUK
C: £24
O: Mon/Fri (8am/7pm), Sat (9am/4pm)
S: £100 to £2000 (N and R)
T: 1 to 12 months
* Existing customers can receive Sunday funding

Peachy (2011)
Peachy
C: £23.20
O: Mon/Fri (10am/6.30pm), Sat/Sun (9am/5.30pm)
S: £50 to £700 (N and R)
T: 1 to 12 months
* Peachy promo code box on site, but no live codes

PiggyBank (2012)
PiggyBank
C: £24
O: Mon/Thu (8am/7pm), Fri (8am/5pm), Sat (9am/1pm)
S: £100 to £400 (N) and £1000 (R)
T: 7 to 35 days or 2 to 5 months
* 2/5 amounts differ as £150 to £1000 (N and R)

Pixie Loans (2014)
Pixie Loans
C: £24
O: Mon/Fri (8am/5pm)
S: £150 to £650 (N) and £1000 (R)
T: 1, 2 or 3 months
* Would have to borrow £150 (£36)

Pounds Till Payday (2006)
Pounds Till Payday
C: £24
O: Mon/Fri (5am/8pm)
S: £100 to £500 (N) and £1500 (R)
T: 1 to 5 months

Quick Loan Shop (2012)
Quick Loan Shop
C: £24
O: Mon/Fri. Times unknown
S: £100 to £500 (N and R)
T: 1 or 3 to 12 months
* 3/12 amounts differ as £400 to £2000 (N and R)

QuickQuid (2007)
QuickQuid
C: £22.80 (promo) | £24 (returning)
O: Mon/Fri (7am/10pm), Sat/Sun (10am/6.30pm)
S: £50 to £1000 (N) and £1500 (R)
T: 1, 2 or 3 months
* QuickQuid Promo (QQ5) is for new customers

Quidie (2015)
Quidie
C: £24
O: Mon/Fri (9am/8pm)
S: £100 to £400 (N and R)
T: 3 to 38 (next pay date)
* Must be 21+ to qualify

Quid Market (2009)
Quid Market
C: £24
O: Mon/Thu (8am/6.30pm), Fri (8am/6pm), Sat (9am/4pm)
S: £200 to £750 (N and R)
T: 1 to 6 months
* £200 is minimum and so you would pay £48

Response Funding (2016) (Fancy a Payday/2009)
Response Funding
C: £48 (/£200)
O: Mon/Fri (9am/6pm)
S: £150 to £200 (N) and £500 (R)
T: 3 months
* You can settle early for terms below 3. £100 not available

SafetyNet Credit (2012)
SafetyNet Credit
C: £24
O: Mon/Fri (8am/7pm), Sat (9am/5pm)
S: £100 to £500 (N and R)
T: 1 to 40
* Banking access required. Sunday funding for return users

SkyQuid (2014)
SkyQuid
C: £24
O: Mon/Fri (9am/6pm)
S: £100 to £500 (N) and £1000 (R)
T: 1 to 90
* Loan sum set by credit check

Smart Pig (2012)
Smart Pig
C: £24
O: Mon/Fri (9am/7pm), Sat/Sun (10am/6pm)
S: £50 to £350 (N and R)
T: 1 to 180 (next SLC pay date or sooner)
* Student only loans

Sunny (2013) (1 Month Loan/2004)
Sunny
C: £21.60 (promo) | £24
O: Mon/Thurs (8.30am/7pm), Fri (8am/5pm), Sat/Sun (10am/3.30pm)
S: £100 to £2500 (N and R)
T: 6 to 14 months
* Sunny Promo (SUNNY10) is for 6 months or less
* You can settle early for terms below 6

Sunshine Credit (2016)
Sunshine Credit
C: £12
O: Mon/Fri. Times unknown
S: £100 to £500 (N and R)
T: 30

Swift Sterling (2010)
Swift Sterling
C: £24
O: Mon/Fri (5am/8pm)
S: £100 to £500 (N) and £1500 (R)
T: 1 to 5 months

The Money Platform (2016)
The Money Platform
C: No 30 day term
O: Mon/Fri. Times unknown
S: £250 to £1000 (N and R)
T: 21 to 84
* Must be 20+ to qualify with good credit
* Term is 28 days and £100 is not available. Hypothetically, cost would be £12

THL Direct (2008)
THL Direct
C: £48 (/£200)
O: Mon/Fri (9am/6pm)
S: £200 (N) and £500 (R)
T: 3
* You can settle early for terms below 3. £100 not available

Vivus (2016) (Original/2012)
Vivus
C: £12 (new) | £24 (returning)
O: Mon/Fri (9am/7pm), Sat (9am/2pm)
S: £100 to £500 (N) and £1000 (R)
T: 10 to 41
* 50% saving for new customers only

WageDayAdvance (2004)
WageDayAdvance
C: £22.40
O: Mon/Fri (8am/8pm), Sat (9am/5pm), Sun (10am/4pm)
S: £80 to £500 (N) and £750 (R)
T: 1 to 3 or 4 to 6 months (Advance Plus)
* 4/6 amounts differ as £100 to £500 (N) and £1000 max (R)

WageMe (2012)
WageMe
C: £24
O: Mon/Fri. Times unknown
S: £50 to £400 (N) and £750 (R)
T: 30

Wonga (2007)
Wonga
C: £24
O: Mon/Sun (7am/10pm)
S: £50 to £400 (N) and £1000 (R)
T: 1 to 35 or 3 months (Flexi)
* Existing customers can receive 24/7 funding
* Flexi amounts differ as £150 to £400 (N) and £1500 (R)

Comparison Insights:

Cheapest Payday Loans (/£100 for 30 Days):

1) Drafty: £5.40 (0.180%)
2) Sunshine Credit: £12 (0.400%)
3) Vivus: £12 (0.400%)

Notes: Daily rates shown to 3DP. The Vivus £12 charge is for new customers only (standard is £24). Another new entry (The Money Platform) also charges the same rate, but you’d need to select 28 days and borrow at least £250.

Experience: Payday Express

Payday Express dates back to 1999 (retail) and they also appeared online in 2003. Express have just taken over from SafeLoans (1989) who have now closed.

Flexibility: Drafty

Drafty’s service can be used for any term of your choice.

Loans on Sunday: Various

Cash ASAP, CreditStar, Drafty, Ferratum (return), MyJar, NextCredit, Payday Express (return), PaydayUK (return), Peachy, QuickQuid, SafetyNet Credit (return), Smart Pig, Sunny, WageDayAdvance and Wonga all lend on Sundays.

Sums (Smallest): Drafty

Drafty’s returning users can draw £20 sums, but £50 when new.

Sums (Largest When New): Drafty

Drafty’s £3000 is some way ahead of the pack. The next highest amount is £1000 that comes from QuickQuid. Whilst MyJar heads to £3600, this is for a full year term. For a short repayment they cap at £900. Sunny offers £2500, but this is for 14 months.

Sums (Largest When Returning): Drafty

This new lender comes out top again at £5000.

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