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.
Compare fast £50 loans
Need a quick £50 to cover an emergency? Here’s how to find the best short-term lender.
With interest capped at an eye watering 0.8% per day, short term loans are far from ideal. At the same time, when unexpected expenses pop up, they have a role.
The funds on offer are smaller – and the rates higher – than loans on offer from traditional banks. You’ll also be expected to pay the money back faster.
Below, we explore whether short term lenders are the best option when you need a quick £50, and how to find the best deal.
How does a £50 short term loan work?
This form of loan is often referred to as a ‘payday loan’, because you’re expected to pay it back in one lump sum as soon as you’re able to (most likely your payday). The lender will ask you to name this day. Interest charges will be levied daily, so the further in the future your payday is, the more you’ll be charged. This is different from traditional loans, where your debt is paid back in monthly instalments.
Key features of short term £50 loans
- High interest rates. The defining feature for payday loans is the high interest rates. The cap for payday loan rates was recently set at 0.8% per day, which amounts to an APR of 1,286%.
- Short repayment periods. It’s rare for short term lenders to offer £50 loans for more than 30 days, although some may stretch as long as 90 days.
- Late repayment fees. Short term lenders are known for clamping down on you harshly if repayments arrive late. It’s a good idea to compare late repayment fees, but it’s much better not to pay late at all.
- Quick access to funds. As these sorts of loans are for emergencies, many short term lenders boast about their speed of transfer. It’s common to expect the money in your bank account within an hour. If you stumble across a lender that takes more than day to transfer £50, you might want to look elsewhere.
Pros and cons
- Quick access to money
- Simple application process
- Lenient eligibility criteria
- High interest rates
- Large penalties for large repayments
- Short repayment periods
Although it’s easier to be approved for a short term £50 loan than it is for a more traditional loan, most lenders will still list minimum eligibility criteria. Read these criteria before applying to ensure you don’t waste your time asking for a loan you’re not eligible for.
For a loan of this size, most lenders will check:
- You’re over 18 years old
- You have a regular source of income paid directly in your bank
- You have a valid phone number and email address
- You’re not already in serious debt
How to compare lenders
Short term loans are intended as a short term solution, they shouldn’t be used as a solution for long-term financial difficulties. Before taking out any loan you should compare your options and find the one most suitable to your financial situation. The easiest way to compare lenders is by using a comparison table. Our tables lay out all factors on the page in a digestible format that makes it easy to find the best deal for you.
With all of these factors in mind, it should be simple enough to find the best possible payday lender for your needs. With such high rates in this market, the difference between the best lender and the rest could be quite significant, especially if you’re borrowing money for a number of weeks. However, it’s worth noting that an alternative method of borrowing might better suit your needs, and be less costly to you.
If you do search for a lender using a different method, check whether it’s FCA registered. This will ensure its terms and conditions meet certain standards of compliance when offering payday loans.
Frequently asked questions
We compare payday/short-term loans from
More guides on Finder
Loans like Credio
Credio was a popular source of short-term credit online until the lender stopped issuing loans in 2018.
Sites like cashasap.co.uk
Looking for loans like Cashasap? Check out our list of UK lenders offering similar payday loans and services to Cashasap.
Top reasons for payday loan rejections
Had a payday/short-term loan application declined? Wondering why? We take you through the top reasons payday lenders say “no” plus what to do next.
Compare 6-month short-term loans
If you’re experiencing a financial shortfall, you might be considering a six-month loan. Use our guide to compare loan rates and overall costs from a range of lenders, and to learn more about how short-term loans work.
Sites like Cashfloat
Looking for sites offering similar loans to Cashfloat’s? Browse popular short-term lenders offering a comparable service. Compare rates, fees, eligibility and estimate the total cost of borrowing.
Compare £1,000 short-term loans
Experiencing unexpected costs and considering a £1,000 short-term loan? Use our in-depth guide to compare rates between lenders and to get a fast and simple estimate of costs.
Compare 3-month short-term loans
Sometimes unexpected costs pop up and leave us temporarily short of cash. If you need a helping hand for three months then you might be considering a short-term/payday loan. Use our guide to compare rates and total costs of borrowing from a range of UK lenders and to find out more about how short-term loans work.
Compare £300 short-term loans
It’s not always possible to see what costs are around the corner. If you’ve found yourself £300 short then you might be considering a payday/short-term loan. Use our guide to learn more about payday loans, to compare lenders and to calculate the cost of a £300 loan.
Compare £100 short-term loans
Need £100 to cover an unexpected shortfall? Before taking out a payday/short-term loan it’s smart to compare rates from a range of lenders. Use our fast and simple repayment calculation and learn more about short-term loans.
Can you repay your short term loan early?
Why not repay your payday loan early if you can? Find lenders that let you close your loan early without charging you a penalty or fee.