Compare fast £50 loans

Need a quick £50 to cover an emergency? Here’s how to find the best short-term lender.

Last updated:

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

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.

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

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

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

Eligibility

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

  • Rates. This could be expressed as both a daily rate and the APR.
  • Total payable. This is the total amount you’ll owe to the lender if you’re approved for the loan. The capital owed, plus the total interest charges. Many lenders include a handy toggle on their websites, which shows you the total payable based on the rate and term length.
  • Available terms. Some lenders will allow you to pick the exact number of days you’d like to borrow the money for (usually up to 30 days). When you consider the size of interest rates, this is really useful. You don’t want to be paying interest for any longer than you need to.
  • Early repayment options. When you consider how high the daily rates tend to be, it could be beneficial to find a lender that allows you to reduce your interest charges by paying the loan back early. Not all them do, though.

The easiest way to compare lenders is by using finder.com comparison tables. Our tables lay out all of these 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.

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.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Moneyboat Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan

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.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site