Top 10 Lists + Full Lender Lists (Linked in Brackets)

3 Month Loans (40) | 6 Month Loans (29) | Payday Loans (36)

In the latest comparison we analysed the top 10 prices at 3 months. We have today moved on to 6 month loans where the public demand is greater and there are more lenders targeting this particular instalment niche. It was the Lending Stream who were the first company to get the ball rolling when they launched back in 2008. At this time the subprime landscape was mostly dominated by PaydayUK and QuickQuid. Wonga soon became the market leader through their more flexible short term product. In the background, Lending Stream was becoming more popular and other firms were starting to model themselves on their product with UK Lenders Alliance being one such example.

This trend was seen with a few other lenders, but the largest wave of payday firms wouldn’t make the switch until loan capping was introduced in 2015. Keeping customers on longer contracts was the best way to make money moving forward and in some cases the only way to stay in business. There are however perks also seen on the consumer side. Smaller more manageable repayments helps, the interest rates are more competitive and the added flexibility enables partial or even early settlements. The cheapest 6 months loans will follow below as before, scored using the example of a £300 sum. The full period would be 180 days although this will change depending on your pay date. The companies below are linked once profiled.

Related: Browse All the Lenders (29 Brands)

Cheapest 6 Month Loans Online UK

10) PaydayUK (£217.80)

We begin with PaydayUK who are price matched with Express below. PDUK is more popular and their deposit times are improved, but other than this the services are the same. The Money Shop that is the 3rd DFC brand in this list outshines the pair with their amazing deal at £143.04 compared to £217.80.

9) Payday Express (£217.80)

Express and their sister-brand PaydayUK are as noted matched on price. This company is notable through their early formation of 1999. They headed online in 2003. It is just a shame that they have never received a big ad push unlike their fellow firms who are frequently seen on TV.

8) Pounds to Pocket (£203.85 to £208.08)

Enova’s Pounds to Pocket is the most popular lender you’ll see listed today. They had started out with a dedicated 1 year product, but in time improved their range from 6 to 12 months. The first charge of £203.85 factors in their promo saving that is only available to first time customers (use 5SOC). Otherwise, the cost will be £208.08. A quick loan could be yours 7 days a week. It is just a shame that they no longer operate 24/7.

7) H&T Finance (£178.32)

Harvey & Thompson is the UK’s leading pawnbroker with 190 stores and a rich history dating back to 1897. Their direct web product was only unveiled in 2015 matching The Money Shop below. Their 6 month charge at £178.32 is a good price. It would be advised to go with this term rather than 3 where they ask for £134.40. A key feature of H&T is that they offer extra long terms up to 2 years.

6) Kabayan Finance (£154.94)

This service has been competitively priced ever since Kabayan launched back in 2010. This company has become very popular with their target audience of the Filipino community. Around 7000 fans have joined their Facebook page. There has been no wider ad campaigns though that has prevented them from becoming a greater threat to the majors.

5) Smart Pig (£150)

Smart Pig from FCL Consumer Finance was formed in 2012. This service is strictly available to university students only. They can apply for between £50 and £350 before their next payment; the total term range is 1 to 180 days. An interesting concept in place with Smart Pig is their very own interest cap of 50% of the sum borrowed. This means that £300 would cost you the same over 3 and 6 months.

4) The Money Shop (£143.04)

The Money Shop’s online service was unveiled in 2015. Previous to 2015 they used other DFC brands (PaydayUK and Payday Express) to fund their web leads. This lender hasn’t had an enjoyable few years on the retail front through bulk closures. It has in this instance been essential for them to compete online. They have got off to a good start by undercutting their high street rival H&T on pricing.

3) Quick Loan Shop (£140.55)

There was no surprise to see this lender spring up favourably as they did in the 3 month countdown. As on that side, the minimum instalment term is £400 and so for our example we split a £600 charge (£281.10 to £140.55). This is one of the many payday lenders who have only recently adapted to offer more flexibility. This has been a welcome change although they strangely charge £24 for a single month, whilst their fellow brand Sunshine Credit drops to £12.

2) Drafty (£97.20)

We have already become familiar with Drafty who took the top rankings in both the payday and 3 month price comparisons. They have to take the runner-up position here, but this is with a notable price of £97.20. As has been discussed in the other submissions, the key advantage in place here is the ability to draw funds from a qualified balance 24/7. However, fair/good credit is required.

1) Fair Finance (£85 to £96)

East End Fair Finance’s social enterprise takes the very top ranking. This was achieved by default after My Home Finance closed in 2016 at a cost of £64.76. The charges here are either £85 (monthly) or £96 (weekly). There is an arrangement fee of 5% (minimum £25) applied. There is a noted reduction to 4% for anyone returning. The agreement must also be completed in one of their offices with varied documents. Other than their HQ, they have 5 of these that are situated across London. On the plus side, they are happy to consider bad credit.

Data Last Updated: March 2017.