Launched in 2017, PDNET is a relative newcomer to the payday/short-term loans market. It’s owned by London-based Western Circle Ltd, which also operates the lending brands CashFloat, PeraLoans and Quick Loans Express.
PDNET states that its high acceptance rate and willingness to lend to people with a bad credit history sets it apart from its competitors. Borrowers will, however, need to show that they can afford to pay back the money over the term applied for. It’s also important to be upfront about any previous financial problems during the application process. PDNET offers an instant online decision on its loans.
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 PDNET loan:
Bad credit applications considered. PDNET will consider each application individually, taking into account the affordability of the loan applied for.
Borrow £200-£700. This increases to £2,000 for those who have already repaid a PDNET loan on time and in full.
Repay in up to 6 months. The loan terms available to you depend on the amount you wish to borrow (see table below), and are capped at six months.
Fixed, high interest rates. Your interest rate is fixed, which means it won’t change during the course of the loan, and you’ll know in advance exactly what your loan will cost you each month and overall. However, with interest rates fixed at the maximum allowed by the Financial Conduct Authority (FCA), this is realistically an expensive way to borrow money.
Missed repayment charges. If you miss a repayment, a late fee of £15 will be added to your account and interest will continue to accrue up to a maximum of 100% of the amount borrowed.
Early repayment. You can repay your loan in full or in part at any time and save money in interest.
Available loan amounts and terms
Loan terms available
How do PDNET’s loans hold up against the competition?
As well as comparing short-term loans with other types of credit, before you apply for a loan it’s a good idea to shop around and compare a range of lenders. You can use the table below to get an idea of how much the loan that you have in mind might cost.
How much money do you need to borrow?
How long do you need to borrow over?
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
Is high-cost, short-term borrowing a good idea?
Short-term or “payday” loans offer a quick fix when you get into unexpected difficulties with your finances, but they are a very expensive method of borrowing – so you should only consider this one as a last resort. Short-term loans are unlikely to solve your money problems in the long term, and aren’t suitable for regular use. Before you apply, make sure you’ve considered other options carefully. Is the expenditure you’re planning absolutely essential? If you are struggling to pay a bill, could you talk 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.
How does a PDNET loan work?
If you decide to take out a short-term loan with PDNET, this is the process that applications normally follow:
Use the sliders on PDNET’s site to choose how much you want to borrow, then select from the repayment terms available.
Fill out the simple application form with your personal, financial and contact details. This should take about 2-5 minutes.
PDNET states that it will issue a decision in less than 90 seconds, regardless of credit rating. You’ll then be asked to verify a few details online. You won’t need to speak to anyone on the phone, but you can call an advisor if you need help with your application.
If approved, funds are normally sent to your nominated account usually within 2 hours.
How do I pay back my loan?
Like most short-term loan providers, PDNET uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates.
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 it wants, and to take payments of different amounts without consulting you. Most payday loan companies will use CPAs to collect your repayments. However, you can cancel this at any point by either consulting with your provider or your bank.
What are the eligibility requirements?
You should only apply for a PDNET loan if you’re certain you can meet the repayment terms. You must also:
Be at least 18 years of age
Live in the UK
Have a UK bank account
Be in full-time employment
If PDNET does not approve you for a loan, it can perform a search for other lenders who may accept your application. If you would like to pursue this option, tick the box stating so before you submit your application. Always be sure that you know who you are borrowing from and what the terms and conditions are before you accept a loan. It’s a smart idea to check if a company is authorised and regulated by the Financial Conduct Authority (FCA).
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 should never have to pay more than twice the amount you borrowed.
Frequently asked questions
PDNET specialises in offering loans to people with a poor credit history. However, you will need to show that you can afford to pay the loan back over the term you have applied for. PDNET will take into account your income and outgoings. When applying for a loan, do not try to hide a bad credit problem. You are more likely to be accepted for a loan if you are open about your previous financial difficulties.
Yes, credit checks are carried out on all loan applications. This is done to ensure you can afford to pay back your loan. The lender will take into account other factors, such as your income and outgoings, so a decision can be made based on individual circumstances.
If you are experiencing problems paying back your loan, call PDNet as soon as possible – ideally before the due date for a repayment has passed. If you miss a repayment, an advisor will try to contact you on the phone numbers you provided in your application form to see if you can agree an affordable repayment plan. When a repayment date is missed, your credit record is likely to be damaged and a fee of £15 will be added to your loan. Interest will also continue to accumulate, up to a maximum of 100% of the amount borrowed. If repayments continue to be missed and agreement is not reached, PDNET may take legal action to recover the money.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.