Response Funding was formerly a direct lender, but is now a broker, authorised and regulated by the Financial Conduct Authority. Previously known as “Fancy a Payday”, it was overhauled in 2016 to better reflect its commitment to responsible lending and fast loan funding times – once approved, you can expect the money in your bank account on the same day.
Response Funding does not offer the same flexibility as many of its competitors, with loans for first-time customers set at £50 to £500, and only one repayment option – three monthly instalments. On the plus side, it does consider applications from people with a poor credit history, additionally stating that if you pay back your loan in full on time this could help to rebuild your credit score – giving you more options in the future.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.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.
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.
Like most short-term loan providers, Response Funding uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates.
CPA’s 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 CPA’s to collect your repayments. You can cancel this at any point by either consulting with your provider or your bank, but you’ll need to ensure that you make your loan repayments on time by other means.
You should only apply for a Response Funding loan if you are certain you can meet the repayment terms. You must also:
Short-term loans offer a quick solution when 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 for people with serious debt problems.
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 moneyadviceservice.org.uk.
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 double the amount borrowed.
Response Funding certainly isn’t the only provider of “high-cost, short-term credit” around. We’ve put together a list of lenders offering similar services.
| Name | Established | Loan types | ||
|---|---|---|---|---|
 |
Response Funding Short Term Loan | 2010 | Instalment loans | More info |
|
Lending Stream Instalment Loan | 2008 | Instalment loans | Go to site |
|
Moneyboat Short Term Loan | 2011 | Instalment loans | Go to site |
|
QuidMarket Short Term Loan | 2011 | Instalment Loans | Go to site |
 |
Mr Lender Short Term Loan | 2009 | Instalment loans | More info |
 |
Conduit Short Term Loan | 2012 | Instalment loans | Check eligibility |
Want to avoid taking out a short term loan altogether? Read our guide
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