Compare short term loans of £50 to £1,000

Compare rates from a range of lenders on loans from 2 to 10 months.

Young lady in cafe smiling at tablet
Lending Stream Instalment Loan
Moneyboat Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan
Table: promoted deals, sorted by total payable
How much do you need to borrow?


How long do you need to borrow for?


Name Product Available Amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Moneyboat Short Term Loan
£200 to £1,500
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
QuidMarket Short Term Loan
£100 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
Satsuma Short Term Loan
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
Sunny Loan
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

You should always refer to your loan agreement for exact repayment amounts as they may vary from our results. High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing. The maximum APR of the loans we compare is 1,721.0%.

How do payday/short term loans work?

These are straightforward, easy-to-access, fast but expensive loans for relatively small amounts, where the sum borrowed accrues daily interest of up to a maximum of 0.8% – that’s 80p per £100 borrowed. Borrowers will usually make monthly or weekly repayments which consist of the interest accrued so far plus a chunk of the outstanding capital.

Payday loan application process

Payday loans, along with other short term (a year or less), unsecured personal loans where the APR (annual percentage rate) is 100% or higher are classed as “high-cost short-term credit” by the Financial Conduct Authority (FCA), which regulates the market.

Under the FCA’s rules, lenders can’t charge more than 0.8% interest daily and the total cost of repaying the loan can’t exceed the original amount borrowed – so if you borrow £100, the most you’ll ever have to pay back is £200. Any fixed fees (for example a fee for missing a payment) are capped at £15.

You generally won’t see high-street banks providing these loans. A number of new, predominantly online companies like Wonga and QuickQuid found success in the early 2000s offering payday loans over the Internet.

Payday and short term loans are much easier to get approved for than a longer-term personal loan from a high-street bank – you don’t need to have good credit. However, they’re an expensive method of borrowing, so you should explore other options before you take one out, and only use them for essential one-off expenditures. With the costs involved, they’re not a good idea for borrowing over longer periods, or for sustained borrowing.

How do I repay the loan?

Generally lenders will schedule the payments for on or just after your payday, and some offer the flexibility to make payments weekly or fortnightly, if that’s how you receive your income.

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(s).

Some lenders accept payments by other means such as direct debit or a manual transfer.

Although the lenders don’t charge a fee to set up the loans, fees of up to £15 can be incurred if you don’t make payments on time. Late payments will also damage your credit rating and therefore your ability to borrow in the future. You should only consider a payday or short term loan if you’re certain you’re going to be able to meet the repayment schedule.

What is a Continuous Payment Authority (CPA)?

A CPA is a payment arrangement in which you give a company permission to withdraw money from your account on a reoccurring basis. CPAs 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. Most payday loan companies will use CPAs to collect your repayments, though you can cancel this at any time by consulting with either your lender or your bank. If you do cancel a CPA, make sure you arrange to make repayments by another means. If you miss a repayment it will affect your credit score, and potentially cost you extra in fees and additional interest.

How should I compare payday loans or short term loans?

When you’re in urgent need of money, even a bad deal can look good. Be sure to compare lenders to get a loan with the best rates that fits your needs. Here are some things to consider:

  • Total payable. Probably the single most important factor to consider, this is the total amount the loan will cost you (provided you don’t miss any repayments). It consists of the original amount borrowed plus the interest. Because different lenders structure their loans in different ways, the total payable helps consumers to easily work out which lender would be cheapest. Focusing on the interest rate alone can be misleading, because lenders can structure repayments in different ways (for example loans where you only pay off the interest, until the final payment when you pay the interest plus the original sum borrowed). It can also be tempting to borrow over a longer time frame to access a lower rate – in turn pushing up the overall cost.
  • Eligibility. To be eligible for a short term loan you must be a UK resident, at least 18 years old and have a current account. While most lenders won’t reject you simply based on your credit score, they will normally require you to be employed and have a steady income. Some direct lenders specify what your minimum income must be, so it’s a good idea to check before you apply.
  • Flexibility. Most lenders don’t charge fees for repaying a loan early, and will only charge you interest for the days on which you borrowed. If you’re planning to make overpayments where possible, and to clear your loan ahead of time, check the lender’s policy on early repayments to make sure you’ll save money by doing so. Additionally some lenders allow you to “top up” your loan if you need to, although this will obviously affect the overall cost.
  • Fees. Generally payday lenders don’t charge any upfront fees such as “product” or “application” fees (although it’s still smart to make sure), but some will charge up to £15 for a late repayment. There are plenty of other good reasons not to miss a payment – not least the damage to your credit score.
  • Discounts. Some short term lenders now offer promotional codes which let borrowers save money on their loan. You may wish to browse our QuickQuid, Peachy and Sunny discount code pages before applying with these lenders, for example.

What is APR?

The annual percentage rate (APR) is a measure designed to help consumers compare loans from different providers. However, APR alone should not be used to decide on a payday or short term loan – it is important to consider other factors such as the total amount repayable.

All payday or short term loan providers must calculate the APR of their products and services using the same calculation. It’s calculated based on a one-year term (even if the loan is only for one month) which can make already-high rates seem even higher. It also takes into consideration both the interest and charges.

APR for payday loans explained

How to tell if a short term lender is legitimate

With new payday loan companies emerging all the time, these pointers can help you find legit short term loans easily:

  • It has FCA authorisation. If the broker or direct lender you’re borrowing from is legitimate it should be in the FCA register.
  • It gives various active contact details. Take some time to find a lender’s contact details – typically in the footer of its site. If a lender provides no more than a contact form or an email address, see how responsive it is before you apply. A legitimate short term lender shouldn’t shy away from providing a physical address, phone support or live chat.
  • It’s upfront about costs. Direct lenders of legit short term loans should be upfront about the fees and charges you have to pay during the loan term, and to adhere to all given maximum limits (if a lender’s quoting a rate higher than 0.8% per day, steer clear). The loan contract should clearly set out all applicable fees and charges.
  • It doesn’t require money upfront. One of the biggest red flags when researching a lender is if it requests money upfront. You shouldn’t have to pay anything before you borrow.

In our comparison table, we only include direct lenders that are authorised and regulated by the FCA.

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Your questions about payday loans

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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