Compare £300 short term loans

Need £300 to help cover an unexpected shortfall in cash? You might be considering a payday/short term loan. But before you apply, use this guide to learn more about short term loans and to compare rates between lenders.

Even if you’ve spent hours carefully budgeting, it’s not always possible to predict what costs are hiding around the corner. Whether your MOT has revealed an unexpected problem with your car or your oven has packed up, “Payday” or short term loans are one way to cover the unexpected, temporary shortfall in cash. However, “high-cost short-term credit” is an expensive method of borrowing. Before you take a “payday” loan out, make sure you’ve considered alternative options such as those listed at moneyadviceservice.org.uk

Because this type of loan is not designed as a long term solution, smaller credit amounts and shorter repayment periods (than traditional bank loans) are the norm. They also feature much higher rates of interest. However if your application is accepted it is possible to have your loan transferred to you within a day.

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

Table: promoted deals, sorted by total payable
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1 - 4 of 4
Name Product Available Amounts Monthly repayment Total payable Link
QuidMarket Short Term Loan
£300 to £1,500
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Representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1302.3% and total payable £454.38 in 3 instalments of £151.46.
The Money Platform Short Term Loan
£100 to £1,000
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Representative Example: Borrow £500 for 6 weeks with repayment method of One Payment. Total amount payable: £647. Representative 839.20% APR, interest rate 255.5% per annum.
Moneyboat Short Term Loan
£200 to £1,500
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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.
Lending Stream Instalment Loan
£50 to £1,500
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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.
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short term loans from

Drafty Line of Credit
QuidMarket Short Term Loan
The Money Platform Short Term Loan
Moneyboat Short Term Loan
Lending Stream Instalment Loan

What you need to know about a £300 short term loan

Payday/short term loans are fast and expensive. They’re designed to cover unexpected, essential costs – perhaps repairing a broken laptop or calling out a plumber.

If you do decide to take out a short term/payday loan you must ensure that you can meet the repayment terms, and you should look to pay off your loan as soon as you can afford to. Missing repayments will not only result in fees but will damage your credit rating.

Key features of a £300 short term loan

  • High interest rates. Interest rates on £300 short term loans are significantly higher than most other forms of credit. Currently rates are legally capped at 0.8% a day – so if you took out £300 for 4 weeks that’s a whopping £67.20 in interest.
  • Short repayment periods. Payday/short term loans are typically used to help you through the next few weeks or months. However, it is often possible to borrow for longer. Doing so will reduce your monthly repayments but will increase how much you pay overall.
  • Quick access to funds. If you’re accepted for a £300 short term loan, some lenders will aim to transfer funds into your account within a few minutes or hours.
  • Early repayment. In most cases it is possible to repay part, or all of your loan early., and in doing so, save money on interest.
  • Paid back by CPA. Short term/payday loans are normally paid back automatically using a Continuous Payment Authority (CPA), but it is sometimes possible to make repayments by direct debit or by manual bank transfer instead.

What is a Continuous Payment Authority (CPA)?

A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.

CPA differs from direct debit 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 CPA to collect your repayments, however you can cancel this at any point by either consulting with your provider or your bank.

Benefits and drawbacks of a £300 short term loan

  • Quick turnaround time.
    Eager to attract customers, competition between lenders has driven down transfer times for borrowers. Today some lenders can give you a decision on your loan and have your money transferred into your account within minutes.
  • Lower threshold for approval.
    Generally speaking, short term/payday loan providers are more open to approving loans to those with less than perfect credit than banks, albeit for loans of smaller amounts and over shorter terms. Some lenders even specialise in providing loans to those with poor credit by focusing primarily on affordability rather than credit score.
  • High interest rates.
    Generally speaking, £300 short term/payday loans come with higher interest rates than most other forms of credit. Interest is currently capped at an eye watering 0.8% per day, with many lenders pricing their loans at, or close to this rate.
  • Disreputable lenders.
    Not every lender you’ll find online will be reputable. Before taking out a £300 short term loan, always do your homework and check that the lender is approved by the Financial Conduct Authority (FCA).

Eligibility requirements

To be illegible for a short term loan you’ll normally need to meet the following criteria:

  • Be aged 18 or over.
  • Be a UK resident.
  • Hold a bank account.
  • Have an email address and mobile number.
  • Have a regular income.

Meeting these requirements does not guarantee you will be able to take out a £300 loan – only that your application will be considered.

Bottom line

Payday/short term loans are an expensive method of borrowing and should only be considered as a last resort. They may not solve your money problems, and aren’t a good idea for borrowing over longer periods.

Before you apply for a payday or short term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan?

Read more about alternatives to payday loans at moneyadviceservice.org.uk.

Frequently Asked Questions

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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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