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Nextcredit short-term loans review

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

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 icon Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

warning icon Please note: High cost short term credit is unsuitable to support 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’?

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
£50 to £800
Representative example: Borrow £200 for 6 months at a rate of 186.15% p.a. (fixed). Representative 476% APR and total payable £313.19 in 6 monthly payments of £52.32.
£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.
£150 to £5,000
Representative Example: Borrow £350 for 6 months at a rate of 220% p.a. (fixed). Representative 651.4% APR and total payable £605.55 in 6 monthly payments of £100.93.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 259.33% p.a. (fixed). Representative APR 947% and total payable: £750.78 in 6 monthly payments of £125.13.
£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 £350 for 8 months. Annual rate: 204% (fixed), representative APR 575%, total repayment: £572.80 in 8 monthly payments of £71.60.
£50 to £200
Representative example: Borrow £80 for 29 days at a rate of 292% p.a. (fixed). Representative APR 1281.8% and total payable: £98.56, in 1 payment of £98.56.

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
On Stride Personal Loan
Peachy Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan
247Moneybox Payday 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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*Disclaimer: The offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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