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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Launched in 2015, myKredit (a trading name of Global Kapital Finance Ltd.) 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.

warning icon Warning: late repayment can cause you serious money problems. For help, go to

warning icon 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.

Key features of a myKredit loan:

  • Borrow up to £400. myKredit loans for first-time customers are capped at £400 but if you make your repayments on time you could be eligible for a loan of up to £1,000. It’s not a cheap way to borrow, however, so when it comes to borrowing over longer periods, or sustained borrowing, myKredit’s not the answer.
  • Choose your repayment schedule. 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 the loan.
  • High interest rates. With fixed, high interest rates, this is an expensive way to borrow money.
  • Missed repayment charges. myKredit will charge a £10 fee if you don’t make a payment on time. If you fail to make a repayment, myKredit may refer you to a credit reference bureau, which will harm your credit rating and make it difficult for you to access credit in future.
  • Early repayment. 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.

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 money do you need to borrow?

How long do you need to borrow over?

Name Product Available Amounts Monthly repayment Total payable
£50 to £800
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.
£300 to £800
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.
£50 to £1,000
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£300 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.
£250 to £1,000
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.

Compare up to 4 providers

Important information: 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
Peachy Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan
The Money Platform Short Term 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 must also:

  • Be aged 18 or over
  • Be a UK resident
  • Own a mobile phone
  • Be able to provide bank and debit card details

Additional borrowing options

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

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

Short-term or “payday” loans offer a quick solution if 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 to pay off existing 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

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

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We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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