Nextcredit short-term loans review

Nextcredit offers flexible loans of £100 to £1,000 to be repaid over 2 weeks to 12 months.

Updated

Nextcredit

Based in Gloucestershire, Nextcredit is an online lender providing short-term instalment loans. As well as the more traditional “payday” loan service (where a small sum is borrowed and then paid back in one lump sum on the borrower’s next payday) it also gives borrowers the opportunity to spread the cost of borrowing over a number of months. Spreading the cost can be useful, as it generally means smaller monthly repayments, but as you might imagine, it makes for a more expensive loan overall.

Although it is primarily a direct lender, Nextcredit states it may sometimes offer credit broking services, for example, when it is unable to fulfil a customer’s lending requirements.

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 Nextcredit’s loans compare against other lenders’?

Table: promoted deals, sorted by total payable

If you’ve used the Nextcredit 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.
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.
The Money Platform Short Term Loan
£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.
QuidMarket Short Term Loan
£300 to £1,500
Representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1,301% and total payable: £454.37 in 3 instalments of £151.46.
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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
Savvy.co.uk Personal Loan
The Money Platform Short Term Loan
QuidMarket Short Term Loan

Nextcredit loans at a glance

  • Borrow between £100 and £1,000 for 2 weeks to 12 months. Consider carefully how much you need and over what period of time. Nextcredit will assess your financial circumstances to ascertain whether the loan you have applied for is affordable.
  • High, fixed interest rates. With interest charged at the maximum allowed by the Financial Conduct Authority (FCA) every day for the duration of your loan, this is realistically an expensive way to borrow money.
  • Simple online application. Fill in the online form with your personal, financial and employment details and Nextcredit will give you an initial decision within minutes. You may be required to send supporting documents such as recent payslips or bank statements.
  • Quick money transfer. If you apply before 4pm on a weekday, you can expect the money to be in your bank account within 15 minutes of approval.
  • Late fees. Nextcredit may charge you if you do not repay your loan on time or if you miss a payment. Missing payments can have severe consequences including legal proceedings, and could make obtaining credit in the future more difficult.
  • Repay early at anytime. Login to your online account or phone Nextcredit to overpay or clear your loan early. Doing so can save you money in interest.

How does a Nextcredit loan work?

  1. Decide how much you want to borrow and the amount of time you can afford to pay it back in.
  2. Apply online using the simple application form which will ask for your personal, financial and employment details.
  3. Nextcredit will perform an identity and credit check on you to assess whether you can afford to pay back the loan.
  4. An initial decision will be made, and you will be provided with a loan agreement.
  5. Read the legal documents carefully and confirm you are happy to proceed.
  6. The money will appear in your bank account, usually within 15 minutes of approval.
  7. Repay the loan on the agreed instalment dates. Make sure you have enough money in your account as it will be automatically taken using the debit card you provided in your application form.

How do I pay back my loan?

Like most short-term loan providers, Nextcredit uses a Continuous Payment Authority to collect your repayments.

What is a Continuous Payment Authority (CPA)?

With a CPA you give a company permission to withdraw money from your account on a regular basis.

CPA’s differ from a direct debit 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 a CPA to collect your repayments, however you can cancel this at any point by either consulting with the lender or your bank.

What are the eligibility requirements?

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

  • Be 18 or over
  • Be a UK citizen
  • Be in permanent employment or self-employed
  • Have a UK bank account and debit card

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 are a quick solution to an immediate expense, but realistically, however, they are a very expensive method of borrowing. Therefore, you should only consider this type of loan 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 experiencing serious debt problems.

Before you apply for a short-term or “payday” 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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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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