24/7 payday loans

What happens when you need money in the middle of the night? Find out how 'round-the-clock lenders work.

Sometimes you can land in a financial crisis with even the best planning. Even if you’ve got less-than-perfect credit and find yourself in a financial rut, you have options.

Short term loans, also called payday loans, can be helpful when emergencies strike and other options run dry. If you need cash to get you to the next paycheck, read this guide before accepting a loan.

How does 24/7 loan application processing work?

You can apply for a loan online or with any storefront lender that operates 24/7. When you apply in store, you can often have your money in under an hour. Online lenders can take a bit longer — about a business day for the funds to be transferred into your checking or savings account.

These types of loans are usually due in full on your next payday. Rates, maximum loan amounts and repayment terms vary by lender and your eligibility.

How quickly will my loan be processed if I apply over the weekend?

If you’re short on cash and need it over the weekend, you might be able to get the funds in your hand on Saturday or Sunday.

If you apply through an online lender, you may find the earliest your funds can be disbursed are the next business day, i.e. Monday. However, some short term lenders do operate outside of normal hours and offer loan disbursements on Saturday and Sunday.

Your best bet could be to apply for a short term loan at an in-store lender in your area, where you might be able to pick up the cash that day. Still others offer short term loans on a prepaid debit card. If you already have one that’s eligible to use, you could get your funds faster than with a bank account transfer. All of these scenarios ride on the particular lender’s terms and conditions, so check with them first to see when they’ll be able to get you your funds before agreeing to the loan.

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:

  • Loan amounts and durations. Does the lender you’re considering offer the loan amount and term that you require? Don’t forget that new customers are unlikely to get approved for a lender’s maximum available loan. The duration of a loan will normally be determined by the affordability of the individual repayments – in other words, you might want to spread repayment over three months to keep each instalment manageable. Just don’t forget that borrowing for longer generally costs more.
  • 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 will not reject you simply based on your credit score, they will require that you are employed and have a steady income. All those factors plus the amount you want to borrow will be used to decide on your eligibility for the loan.
  • Interest rates. Interest rates for payday loans can be eye-wateringly high, and are often expressed as a daily fee – for example up to 0.8% per day (that’s £1 per day for every £125 that you borrow).
  • 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 many will charge up to £15 for a late repayment. There are plenty of other good reasons not to miss a payment however – not least the damage to your credit score.
  • Total payable. Perhaps the single most important factor to consider, this is the total amount the loan will cost you (provided you don’t miss any repayments). The amount 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 for them.
  • Early repayment. 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.

When you’re considering any loan, it’s a good idea to work out the total amount you’re going to need to repay. Lenders should be upfront about this figure, and in many cases it’s a more useful figure than the interest rate. A lower rate might not benefit you if the loan term is longer than you need. If there are no penalties for repaying the loan early, and you think you might be able to, then a better rate could outweigh a shorter term.

Pros and cons of 24/7 payday loans

  • Easy application. Whether you go to a storefront lender that’s open 24/7 or apply online, it will generally take you less than 10 minutes to apply for a short term loan.
  • Quick turnaround. Depending on how you apply, you can sometimes get your money in less than an hour with a storefront lender, or else in one business day if applying online.
  • Short repayment terms. Short term loans generally have terms where you need to pay back the loan within two weeks, or by your next paycheck — and can come with hefty APRs.
  • Disreputable lenders. Some lenders are known to skirt financial regulations. Check to make sure yours is legitimate and isn’t a scam before applying.

Bottom line

Short term loans can be costly in the long run. If you have to rollover a remaining amount because you can’t pay it off, it can lead to further fees and charges and potentially damage your creditworthiness. Be sure to plan a budget for repayment before taking out the loan and compare your short term loan options to make sure you’re getting the most affordable terms.

Frequently asked questions

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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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