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Cheapest Payday Loans Online | Top 10 UK Lenders

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The UK’s payday loan industry has been in dire straits since the FCA rolled out price capping in early 2015. Every lender from this point onwards could charge no more than 0.8% daily. This was a total cost and so this includes interest plus any associated fees such as for quick transfers. Some firms closed, some moved away from the single month whilst others tended to meet the cap head on. This meant that the majority of providers charged £24 for a £100 loan over 30 days. As you will see below, there are fortunately a selection of cheaper deals available. We are aware of just the 10 featured brands that ask for less than 0.8% per day.

Related: Browse All the Lenders (36 Brands)

Cheapest Payday Loans Online UK

10) Cash Asap (£23.84)

Cash Asap Loans

Cash Asap is the newest entry to this list after we learned that Vivus had closed. Cash Asap delivers an excellent flexible service whereby applicants can choose how much to borrow to the exact pound and to the exact day. They are also open for business 7 days a week. Their #pricecheck promotion is an interesting offer whereby if they decline you and any of the firms listed below fund you then they’ll pay out how ever much the interest would have been.

9) QuickQuid (£22.80 to £24)

QuickQuid Loans

QuickQuid is the most successful lender listed with 1 million customers and counting. The owner (Enova International) also operates as On Stride Financial and Pounds to Pocket. QuickQuid’s terms are 1, 2 or 3 months where the interest is always charged at 0.8%. The listed £22.80 fee factors in their promo code (SOC5). This deal is available to first time users only who’ll be able to access £1000 7 days a week. Those returning pay the standard charge, but they can apply for £1500.

8) MyJar (£22.50)

MyJar Loans

MyJar was the new name introduced for TxtLoan in 2013. The original company launched in 2009. In the early years they started out with a fixed term of 15 days. They have flipped this to offer much more flexibility today handing monthly options of 3, 6 and 12. Early settlements can be made at any time whereby you pay interest up to the cleared day. In our example, we did this over a full month. The USP of this service is their instant funding that becomes available when reloaning. Existing customers see auto-approval that enables them to request funds 24/7.

7) WageDayAdvance (£22.40)

WageDayAdvance Loans

WageDayAdvance is an experienced loan provider formed in 2004. They are today part of CURO Financial Technologies Corp who are well known for their Speedy Cash high street chain. This lender operates 7/7 and has adapted to offer flexible terms up to 6 months (as with many firms they started out at a single month). This brand was once reported on as being the UK’s 2nd most profitable payday lender, only edged out by the market leader (Wonga).

6) Sunny (£21.60 to £24)

Sunny Loans

Sunny’s roots lie with 1 Month Loan that was formed in 2004. Fortress Group was later sold to America’s Think Finance who have since rebranded as Elevate Credit International. The Sunny brand was unleashed in 2013 and since this time they have been relentless with advertising on TV and the web. They have 2 products with starting terms of 6 or 14 months. However, you can select just a month on their calculator and it states that you can quickly settle to cover this period (or any other that you’d like). Whilst the monthly cap is met, the promo code (SUNNY10) shaves 10% of the price. This deal is available to first time users only. It can also only be used on a term of 6 months or less. Sunny’s funds can be accessed 7 days a week and they offer up to £2500.

5) MPP Money (£21)

MPP Money Loans

MPP Money hasn’t been promoting much since they launched back in 2013 and so you may not be familiar with this brand. The main feature of the service is seen in flexibility. Customers can choose any single amount to the exact pound between £100 to £500. At the same time any single day between 15 and 90 days can be opted for. Just to point out that before a payout is made, your 2 most recent payslips must be shown to them.

4) Credio (£16)

Credio Loans

Dormant company. See profile for more info.

3) The Money Platform (£12)

The Money Platform Loans

Gracombex’s Money Platform is a peer-to-peer network targeted at short term lending. The £12 example has been taken from running a calculation based on their short term interest charged at 0.4%. Do note that £100 can’t be selected and you’d also need to opt with a 28 day term rather than 30. They also seek borrowers with a clean record who are aged above 20.

2) Sunshine Credit (£12)

Sunshine Credit Loans

The Quick Loan Shop’s sister brand comes with a highly competitive low monthly fee of just £12 for new and existing customers. Their site does look a little dated for a 2016 newcomer though with there being no login added or encryption used. These are in place at the QLS that has recently been adapted to offer additional longer repayments plus larger cash sums. The monthly charge there is however double the price.

1) Drafty (£5.40)

Drafty Loans

For the cheapest payday loans online it is Drafty that comes out ahead of the competition. This is a new project from the same team who brought us Lending Stream. This service works like an overdraft facility with initial limits set up to £3000 and £5000 when trust is earned. From the qualified limit, small draws can be made at any time. The first time you need to use £50+, but this then drops to £20. There is no set repayment and so you can borrow for as long as you please, always paying 0.18% daily. This lender operates 7/7, but once the limit is set funds can be requested 24/7. The cost is what really stands out here, but they are seeking borrowers with a good credit history earning a monthly wage of at least £1250.

Data Last Updated: February 2017.