1 week loans

Need to borrow money for a week? A short payday loan means getting cash fast, but high interest rates.

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

You can see your next payday coming up, but you’re short on cash now and in desperate need. If you’re out of all other options, a one week payday loan could help you out of a pinch. Using an online payday lender means money in your pocket fast, but it also means high interest rates.

While plenty of lenders previously offered loans of less than a month, many are choosing to move away from the very shortest-term, payday-style loans.

What will it cost?

High cost short term credit interest rates are capped by the Financial Conduct Authority (FCA) at 0.8% per day. In other words, if you borrow £100 for a week and pay it back on time, you should never pay more than £5.60 in interest. Borrow £200 for a week and pay it back on time, and you should never pay more than £11.20 in interest.

Only use lenders authorised and regulated by the FCA. You can quickly search the lender you have in mind in the FCA’s register to find out if it’s legit.

When it comes to loans with the shortest terms, most payday lenders have opted to charge the maximum allowed, so you should realistically expect to pay that 0.8% daily rate.

Most lenders in this space won’t charge fees unless you’re late making a repayment, but it’s still important to double check. If you are late making a repayment, then you’re likely to incur a fee of up to £15, an you’ll pay more interest because you’re borrowing for longer. You’re also highly likely to damage your credit score – making it harder to get a loan in future.

If you can repay your loan early, you may be able to reduce the overall cost.

Am I eligible?

Eligibility criteria differs between lenders, and the majority of payday lenders don’t expect you to have a perfect credit history. You will need to meet some basic requirements, however:

  • Age. You’ll need to be at least 18 years old.
  • Residency. You’ll need to be a UK citizen or permanent resident and provide proof of address
  • Income. Ultimately, you’ll need to be able to afford the loan. You’ll need to show that you receive a regular income, and in some cases may need to meet minimum income requirements.

Commonly, you’ll also be required to have a UK bank account with debit card and a mobile number and email address.

How does it work?

Online payday lenders generally offer a very streamlined, fast lending experience. From the lender’s website the process will typically follow these steps:

  1. Check you meet the lender’s eligibility criteria and apply online.
  2. The lender runs quick, automated affordability and credit checks and usually gives an instant decision.
  3. If you accept the lender’s formal loan offer, funds are typically transferred within an hour. Depending on the lender, this can take longer if you apply outside of office hours.
  4. The capital and interest will be collected from your account in a single transaction, seven days later.

In most cases, payday loans and other short term instalment loans are repaid using a continuous payment authority (CPA). That means funds will be automatically taken from your account on the scheduled day. CPA’s differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Some lenders accept payments by other means however, such as direct debit or a manual transfer.

Can I modify my loan after taking it out?

This depends on the lender. In most cases, lenders are perfectly happy for you to repay early, and won’t charge you a penalty. However, some lenders will reduce the overall interest when you repay early while others might not. If repaying ahead of time is a possibility for you, check the lender’s policy. Similarly, some lenders will let you extend your loan, while others won’t.

What are the pros and cons?

Payday loans are a very expensive method of borrowing and should only be considered as a last resort. While they may seem have many attractive features, they may not solve your money problems, and they’re not a good idea for borrowing over longer periods, or for sustained borrowing.


  • You can usually get the money quickly and easily. Some lenders can get the money to you in as little as a few minutes.
  • You can use the money however you want. Once you get your money, you can use it for any legitimate purpose. However, you should only really use these loans for unexpected financial shortfalls, and not for day-to-day or unnecessary expenses.
  • You can apply with bad credit. Most short term lenders have more lenient eligibility criteria than more mainstream lenders like high-street banks.


  • Very high interest rates. Although the FCA has enforced a cap on the rates and fees that payday lenders can charge you, most lenders choose to charge the maximum allowed.
  • Fewer and fewer lenders offer these loans. In the wake of Wonga’s demise, many short term lenders have increased their minimum loan terms.
  • You can fall into a cycle of debt. If you’re searching for a short term loan, chances are you’re already in a financially precarious position. Short term loans may sound like a quick fix, but could fall into a cycle of debt that you’ll find difficult to get out of.

The bottom line

Getting a one week short term loan can help cover you for unexpected emergencies or special occasions, but with higher-than-average fees, be sure you compare all your options before applying.

Make sure you know exactly how you’re going to repay the loan in seven days. If you think you may not be able to repay the loan on time, it’s best that you don’t take the loan at all. You could end up paying fees and hurting your credit rating.

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