myKredit short-term loans review

If you have an unexpected expense to meet between paydays, myKredit offers "payday" or short-term loans of up to £400 (or £1,000 for returning customers). You can spread repayment across either 2, 3 or 4 monthly instalments.

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myKredit

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.

Launched in 2015, myKredit is a direct lender, authorised and regulated by the Financial Conduct Authority.

myKredit offers short-term credit to people who’ve hit unexpected cashflow problems and can’t get a loan from a mainstream lender. You can apply online without having to speak to an adviser and myKredit will give you an instant, automated decision. It is able to fund its loans 24 hours a day, 7 days a week.

Key features of a myKredit loan:

You can repay your loan in one lump sum or spread the cost over up to four monthly instalments. Repaying your loan over a longer period makes each repayment more manageable but pushes up the overall cost of borrowing.

Product NameMyKredit Short Term Loan
Available amounts£100 to £1,000
New customer maximum£400
Loan terms2 months to 4 months
Maximum APR2,430%
Soft search eligibility check
Employer contacted during application
Instant decision in most cases
Funding speedMyKredit says that decisions are instant, and funds are transferred in 30 minutes.
Repayment period optionsMonthly
Default repayment methodContinuous payment authority
Repay early at any point
Parent companyGlobal Kapital Finance Limited
FCA registration number724234

How do myKredit loans compare?

Table: promoted deals, sorted by total payable

Before you take out a short-term loan you should compare your options – after all, short-term lenders aren’t in short supply. If you’ve used the myKredit site to get a quote and want to see if you’re getting a reasonable 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

How does a myKredit loan work?

If you opt to take out a myKredit loan, this is the process you can typically expect your loan to follow:

  1. Once you’ve selected how much you want to borrow and for how long, you’ll be prompted to fill out the online application form, providing your contact details and financial information. As part of this process myKredit will send a PIN number to your mobile, which you’ll then need to input before you can proceed. You may also be asked to provide your internet banking login details.
  2. myKredit will make an instant decision based on a fully-automated assessment. myKredit will verify your salary with your bank using “Connect-Sure” technology. Connect-Sure does not store or share your details, and they expire immediately after your income has been verified with your bank. myKredit will not contact your employer.
  3. If your application is approved, myKredit will give you a credit agreement that you should read through carefully. If you’re happy to continue, you can click “I accept” to digitally sign the agreement.
  4. Funds are then “drawn down” to your bank account – usually within 30 minutes.

How do I pay back my loan?

Like most short-term loan providers, myKredit uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates. You can choose to repay your loan early in part or in full at any time, without being charged a fee.

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. You can cancel this at any point by either contacting your provider or your bank. If you do cancel it, you’ll need to ensure that you make your loan payments on time by another method.

What are the eligibility requirements?

You should only apply for a myKredit loan if you are certain you can meet the repayment terms. You’ll also need to meet the following criteria:

ResidencyUK resident
Minimum age18
Additional eligibility notesYou must have a UK bank account and debit card.
You must own a mobile phone.

I want to modify my loan

myKredit will not charge you for repaying your loan early, or for overpaying. Because interest is based on your outstanding balance each day, if you can afford to repay some or all of your loan ahead of time, your loan will end up costing you less.

myKredit does not allow borrowers extend a loan, or to apply for a new one until the existing loan has been repaid in full.

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
Phone number0203 813 8485

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

Short-term or “payday” loans from companies like myKredit offer a quick solution if you get into unexpected difficulties with your finances. It’s a particularly expensive method of borrowing though, so you should only consider it 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 to pay off existing debt. Consider alternatives first.

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. The FCA also 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

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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