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 the best instant decision payday loans
There are plenty of payday lenders willing to transfer cash fast. But even if you're in a hurry, it's worth taking moment to compare the best deals.
Despite what some lenders promise, “instant” payday loans simply don’t exist – but there are some fast options out there, and we can help you compare them.
While some lenders only approve loans during business hours, with no guarantee of when they’ll get round to it, other lenders make an automatic decision where a loan application meets certain criteria, after which you’ll be in for a wait that could be as short as 15 minutes.
Let’s take a look at how long it takes to get cash from some of the key players in the UK payday loans market. We’ve covered high-cost loans paid back in one lump sum on your next payday, and those paid in a few instalments.
Turnaround times for 8 popular payday loan companies
|Company||How fast is it?|
|247Moneybox says that If your application is approved before 5pm it typically sends payment instructions to its payment provider on the same day. If your application is approved after 5pm it typically sends payment instructions the next working day.||Go to site|
|Dot Dot loans says that if your loan is approved between 8.30am and 4.30pm Monday-Friday, it aims to have your funds in your bank account within 1 hour.||Go to site|
|Lending Stream says in most cases it will give an instant decision, and once agreed, stream the cash to your bank in under 90 seconds.||Go to site|
|The Money Platform says that if you agree terms before 3pm on a weekday you'll have the funds in your account that day within a few hours, if you agree terms after 3pm Monday to Thursday you'll have the funds the next morning, and if you agree terms after 3pm on Friday, you may not receive the funds until Monday.||Go to site|
|Peachy says it will process your online application within couple of seconds of receipt, and that once approved, receiving funds usually takes about 15 minutes, but depending on your bank could take up to 1 hour.||Go to site|
|PiggyBank says it aims to pay out approved loans within 1 hour.||More info|
|Sunny says it will give a quick decision and it pays out approved loans within 15 minutes.||More info|
Can I get a payday loan instantly?
Realistically you’ll be hard pressed to get a payday loan instantly, but some lenders have managed to streamline their processes to the point that borrowers who get approved can go from hitting “apply” to receiving funds comfortably within an hour.
Text loans and loans that access your online banking can in theory deliver funds even faster, but you’ll need to be an existing customer. However, you should never get to the point where you’re using this type of loan regularly – they’re simply not suitable for sustained borrowing.
So what happens after I submit my application?
The lender will run your application through its own in-house assessment (in many cases, this part of the process is automatic, but in more “borderline” cases may require human involvement – potentially even a discussion with you) and will also request a credit search from a credit reference agency (CRA).
Provided the lender’s happy to proceed, it will then make you a formal offer. In some cases, if the lender doesn’t feel able to approve the application in its received form, this offer may be for a lower amount or shorter loan term than you originally applied for.
Once you’ve accepted the offer, it’s then simply a matter of transferring the funds. This should in theory be fairly fast, depending on how slick the lender’s (and your bank’s) systems and processes are.
Compare payday and short-term instalment loan rates
We compare payday/short-term loans from
Tickets to the gameHugo’s best friend is moving soon, and he wants to treat him to tickets for the big game. Good seats are costly — about £90 per person — and Hugo knows they’ll be sold out if he waits until his payday.
He decides to look into a payday loan that deposits cash directly into his current account. Hugo compares lenders to find a company with a competitive rate, checks he’s eligible, then completes an online application. Within an hour, he has the money he needs to give his friend the send-off he deserves.
Hugo pays off the £200 loan in under a month. It’s been quick and convenient, but cost him an eye-watering £32 in interest.
Top features to compare
If you’re thinking of applying for an instant payday loan or short-term instalment loan, take some time to review these key features to choose a lender that’s right for you.
- Total amount payable. This figure should be your main focus when comparing lenders. It takes into account the rate plus any fees. Keep it as low as possible while ensuring the repayments are affordable.
- Eligibility. Don’t waste time looking into (let alone applying for) a loan if you’re not eligible for it. Remember that each application for credit will affect your credit record.
- Amounts and terms available. A loan with a great rate is one thing, but if you can’t get it for the duration and amount that you need, it’s unlikely to be suitable or cost-effective.
- Turnaround time. Most payday lenders like to shout about how fast they are – as you can see from the table of turnaround times on this page. If you’re really in a rush, choose one of the faster options.
- Early repayment terms. Most short-term lenders only charge you for the days on which you borrow, and will happily let you repay some or all of your loan early at any time. If you think this would be a possibility for you, double check the lender’s policy before proceeding – there are significant savings to be had.
Benefits and drawbacks to consider
What are the benefits?
- You can use the funds for almost any purpose. Payday and other short-term loans are an option when you’ve been hit by an unexpected, temporary shortfall. This could include paying a bill that was larger than anticipated, car repairs or fixing an appliance.
- You can still apply with bad credit. Bad credit doesn’t have to stop you from getting a loan. Most direct payday loan providers focus on your ability to repay, instead of your credit rating.
- You’ll get the money quickly. If you need money in a hurry, applying for a payday loan is one of your options. Some lenders can give you the required money within minutes.
What are the drawbacks?
- Sky-high rates. Payday loans tend to charge considerably higher interest when compared with conventional loans. If you don’t repay your loan on time, you could be penalised with additional fees and it will damage your credit record further.
- It’s a short-term solution. Hopefully your loan will get you out of a jam. Realistically, it’s not a cure-all for ongoing money problems, though. Try not to use these loans repeatedly, or you’re likely to get stuck in a cycle of debt.
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