JL Money short-term loans review

JL Money offers short-term loans of £200 to £500 to be repaid in up to 6 months. It has a high acceptance rate and will consider your application even if you have a poor credit rating.

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JL Money

JL Money began trading in 2004 as a broker under the name Jeremy Lawrence Ltd. Its aim was to offer short-term credit to those who were traditionally refused by mainstream banks. Now known simply as JL Money, it operates as a direct lender to the same customer base. This means that it will still consider you for a short-term loan if you have a poor credit rating, and even if you
have a County Court Judgement against your name.

JL Money is authorised and regulated by the Financial Conduct Authority.

Key features of a JL Money loan

  • Borrow £200 to £500. The amount you are offered will depend on your circumstances and ability to repay the loan.
  • Pay back in up to 6 months.Whether you are paid weekly, fortnightly, four-weekly or monthly, you can match the repayment dates to your paydays.
  • Fast payment. If you are approved, you can expect the money in your bank account within two hours.
  • Fixed, high interest rates. Although JL Money offers competitive interest rates for this type of loan, they are still much higher than those offered by mainstream financial institutions. So, realistically, this is an expensive way to borrow money.
  • Build your credit rating. If you repay your loan on time, it can improve your credit rating and help you get back on your feet financially.
  • Late payment charges. If you miss a repayment, JL Money will charge you a default fee of £10. Missing payments can also affect your credit rating and make it more difficult to obtain credit in the future.
  • Early repayment. You can repay your loan in full or in part at any time without being penalised. This is a good idea if you can afford to do it as it will save you money in interest.

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.

Table: promoted deals, sorted by total payable
How much money do you need to borrow?

How long do you need to borrow over?

Name Product Available Amounts Monthly repayment Total payable
£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.
£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.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 229.95% p.a. (fixed). Representative APR 720% and total payable: £707.01 in 6 monthly payments of £117.83.
£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.
£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.
£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.

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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.

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

Short-term or “payday” loans offer a fast solution when you get into unexpected difficulties with your finances, but they are a very expensive method of borrowing. Therefore, you should only consider this option 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 if you have serious debt problems.

Before you apply for a short-term loan, make sure you have considered all other options carefully. Can you avoid the expenditure that you’re planning? 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.

How does a JL Money loan work?

  1. Decide how much you need to borrow and how long for.
  2. Apply online by filling out the quick and easy form. You will need:
    • Your current passport or full UK photo driving licence.
    • Your last three months’ bank statements from your current account, clearly showing your address, account details and income.
    • The debit card for your bank account (which must have direct debit facility).
  3. JL Money aims to make a decision within 30 minutes of you submitting the form. If you apply outside the hours of 9:30am – 5:30pm on Monday to Friday, you will get an automated answer within an hour.

How do I pay back my loan?

Like most short-term loan providers, JL Money uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates. We’ve explained CPA below.

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 it gives the company being paid the ability to withdraw money from your account whenever it wishes, and to take payments of different amounts without consulting you. Most payday loan companies will use a CPA to collect your repayments; however you can cancel this at any point by either consulting with your provider or your bank.

What are the eligibility requirements?

You should only apply for a JL Money loan if you are certain you can meet the repayment terms. You must also:

  • Be at least 18 years old.
  • Be in full or part-time employment, self-employed, or retired with a pension.

JL Money will consider you if you have a CCJ against your name. However, it does not accept applications from those on Jobseeker’s Allowance, Income Support or sickness benefits.

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.

It 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.

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.

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