Auden short-term loans

Auden aims to offer an ethical take on the traditional "payday" loan, with flexible loans of £200 to £1,000 repayable in up to 12 months.

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Auden

Auden is a “for-profit social enterprise” that uses advanced technology to undercut more established lenders in the high-cost, short-term loan market. It claims to be a new type of short-term lender, taking its social responsibilities seriously and permitting borrowers more flexibility than is normal with short-term loans.

But what does all that mean in reality? Well, it doesn’t charge some of the penalties that are normal for many traditional payday lenders, it caps both rates and the maximum amount you can end up paying for your loan at a slightly lower point than the legal requirement and it offers a degree of flexibility in its loans.

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.

How do Auden’s loans compare against other lenders’?

Table: promoted deals, sorted by total payable

If you’ve used the calculator on Auden’s site to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:

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.
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.
Savvy.co.uk Personal Loan
£300 to £3,000
Representative example: Borrow £1,000 for 12 months at a rate of 152.33% p.a. (fixed). Representative 352.7% APR and total payable £1,999.92 in 12 monthly payments of £166.66.
Sunny Loan
£100 to £2,500
Representative example: 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.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Moneyboat Short Term Loan
Satsuma Short Term Loan
Savvy.co.uk Personal Loan
Sunny Loan

Key features of an Auden loan

Product NameAuden Short Term Loan
Available Amounts£200 to £1,000
New customer maximum£400
Loan terms1 week to 12 months
Maximum APR890.5%
Soft search eligibility check
Funding speedAuden says that in most cases the loan will be streamed to your bank within 15 minutes of approval. The money is normally in your account soon after but at times this can take between 1-2 hours.
Repayment period optionsMonthly
Weekly
Default repayment methodContinuous payment authority
Repay early at any point
FCA registration number674148
More Info

How does an Auden loan work?

  1. Use the sliders on the homepage to choose how much you would like to borrow, how long for, and what repayment dates would suit you best.
  2. Click the “Apply now” button to complete the simple application with your personal and financial details. This usually takes about 10-15 minutes.
  3. With your consent, Auden will perform an identity and credit check on you. It will also take into account your personal financial situation before making a decision on your loan.
  4. Once approved, you should receive the money within 15 minutes, however Auden does not pay out over weekends.

How do I pay back my loan?

Like most short-term loan providers, Auden uses a Continuous Payment Authority (CPA) to collect your repayments. As part of the application process, Auden will take details of your debit card and carry out a zero-authorisation check. It does this to verify that the debit card belongs to you and was issued by your bank.

On each loan repayment date, Auden will use these details to collect payment from your current account using your debit card. Your repayment will be debited between 10am and 12pm on your chosen dates.

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. CPAs differ from direct debits 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 CPAs to collect your repayments, however you can cancel this at any point by either contacting your provider or your bank.

What are the eligibility requirements?

You should only apply for an Auden loan if you are certain you can meet the repayment terms. You must also:

ResidencyUK resident
Minimum age18
Additional eligibility notesYou must have a bank account.
You must have a debit card which passes a zero-authorisation check.
You must have a mobile phone and email address.

Changing you loan: Additional borrowing options and early repayment

Option to change repayment date
Repay early at any point
Repaying early can reduce overall interest
Interest is only applied to days where funds are outstanding
Multiple loans allowed at the same time
Option to extend loan term
Phone number0330 134 8000
More Info

Did you know?

In 2015 the Financial Conduct Authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.

They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

Is high-cost, short-term borrowing a good idea?

Short-term loans from lenders like Auden offer a quick solution when you get into difficulty with your finances, but they are a very expensive method of borrowing. Therefore, you should only consider this as a last resort. Short-term loans are unlikely to solve your money problems in the long term, and are not suitable for borrowing over longer periods, or for people who are in serious debt.

Before you apply for a short-term loan, make sure you have considered all other options carefully. 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 are struggling to pay a bill, then try talking 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.

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