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.
| Name | Established | Loan types | ||
|---|---|---|---|---|
 |
Fund Ourselves (Welendus) Short Term Loan | 2016 | Peer-to-peer instalment loans | More info |
 |
Creditspring | 2018 | Instalment loans through a membership scheme | More info |
 |
Lending Stream | 2008 | Instalment loans | Go to site |
 |
Drafty | 2015 | Line of credit | Go to site |
 |
Polar Credit | 2019 | Line of credit | More info |
 |
SteadyPay | 2017 | Instalment loans through a membership scheme | More info |
Creditspring (read review) is a direct lender (not a broker), which offers instalment loans through a membership scheme of up to £1,000 over longer terms of up to 12 months. That's £500 less than Fund Ourselves but with a higher representative APR of 54.6%. With credit membership schemes, you pay a weekly or monthly subscription fee and can then receive low-interest or no-interest loans when needed. You'll need to have been a member for a specified amount of time (often two weeks) before you can borrow money. As with Fund Ourselves, you can repay early at any point.
Creditspring representative example: Total amount of credit £1,000 repayable over 13 months. 12 monthly membership payments of £12. Rate of interest 0% p.a. (fixed). Representative 54.6% APR. The first repayment for each advance is £83.35, due 45 days after drawing, followed by 5 monthly repayments of £83.33. Total amount payable £1,144.
Next up, Lending Stream (visit site) is also a direct lender, which offers instalment loans of up to £1,500 over terms of up to 6 months. That's the same maximum as Fund Ourselves but with a higher representative APR of 1,333%. With instalment loans, you borrow for an agreed amount of time at a fixed interest rate, and pay back a set amount each month until the loan is cleared. You'll know in advance exactly how much your loan will cost and when it'll be cleared. You can repay early at any point.
Lending Stream 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.
Drafty (visit site) is another direct lender, which offers an ongoing line of credit and could let you borrow up to £3,000. That's £1,500 more than Fund Ourselves but with a higher representative APR of 96.2%. A line of credit is a bit like an overdraft or credit card – you get a personalised credit limit and can borrow as much as you like whenever you like within that limit – so it's always available and, once set-up, is fast and convenient.
Drafty Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
Polar Credit (read review) is a direct lender which offers an ongoing line of credit and could let you borrow up to £2,000. That's £500 more than Fund Ourselves but with a higher representative APR of 68.7%.
Polar Credit Representative Example: Amount of credit: £1,200, interest rate: 49.9% pa (variable) and 1.65% transaction fee. Representative 68.7% APR (variable)
Finally, SteadyPay (read review) is our last direct lender, which offers instalment loans through a membership scheme of up to £1,000. That's £500 less than Fund Ourselves but with a higher representative APR of 91.26%. You can repay early at any point.
SteadyPay representative example: Total amount of credit of £300. Subscription £90 over 120 days. Representative APR 91.26% and total payable: £390.
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