Swift Money payday loans review

Swift Money is a growing payday loan broker offering fast short-term loans. But high interest means this service should be a last resort.

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Swift Money

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.

Compare Swift Money’s loans with other lenders

Table: promoted deals, sorted by total payable
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 tool below to get an idea of how much the loan that you have in mind might cost.

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.
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.
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.
Sunny Loan
£100 to £2,500
Representative example: Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 568% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.
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.
Auden Short Term Loan
£200 to £500
Representative example: Borrow £500 for 91 days at a rate of 178.85% p.a. (fixed). Representative 430.77% APR and total payable £652.33. You’d pay two monthly instalments of £217.45 and your third and final payment would be £217.43.
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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
QuidMarket Short Term Loan
Savvy.co.uk Personal Loan
Sunny Loan
The Money Platform Short Term Loan
Auden Short Term Loan

What is Swift Money

As a broker and not a direct lender, Swift Money will not provide financial services directly to customers, but will find lenders or providers for you instead. With over 20 UK payday loans providers linked to its service, Swift Money makes it simple for people in need of emergency cash. Swift Money gets you to fill in a simple application form, then it sends your application to various lenders to find you one willing to lend to you.

Whilst this may save you some time, as with all payday loans providers, Swift Money loans have very high interest.

Key Features of Swift Money payday loans at a glance

Product NameSwift Money Short Term Loan
Available amounts£50 to £3,500
New customer maximum£3,500
Loan terms1 month to 24 months
Soft search eligibility check
FCA registration number738569

How much does it cost?

This will depend on how much you want to borrow, your rate, and the length of your loan term. The longer you take to repay the loan, the more you’ll pay in interest.

Swift Money loans have a maximum APR of 1575%. You’ll also not be charged any upfront or ongoing fees when you take out a loan.

Example

Loan amount: £500
Loan term: 6 months (with monthly repayments)
Interest rate: 65% p.a.
Representative APR: 91%

Total cost: £660.27

Am I eligible for a Swift Money payday loan?

You should only apply for a Swift Money payday loan if you’re certain you can meet the repayment terms, and you meet the following criteria:

  • UK resident
  • Over 18
  • In receipt of a regular income
  • Have an an account with a valid debit card
  • Can meet the repayments. Missed payments incur a charge and could have severe consequences on your ability to obtain future credit

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.

It 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.

How do I apply?

If you’ve decided that a Swift Money payday loan is right for you, simply follow these steps to view what loans are available to you and get the cash you need.

  1. Go to Swift Money’s “Apply Now” page on its website and fill in the simple 5 minute application form.
  2. Have your application forwarded to over 20 payday loans providers, and if you’re accepted you’ll receive details of the lender Swift Money has found for you, and you will automatically be sent to the lender’s website.
  3. Your lender will send you your loan agreement. It’s important you read this carefully before signing.
  4. Most of Swift Money’s lenders have a same-day payout service, so you could have the funds in your account within a few hours. Make sure you look into your lender’s payout policy before signing however, as this is not always the case.

Is Swift Money safe to use?

Swift Money is authorised and regulated by the Financial Conduct Authority (FCA). If ever in doubt, you can search the FCA register to check whether a lender is authorised.

When will I receive my loan?

Applying to over 20 payday loans providers in one form does make the application pretty quick and simple, it should take only 5 minutes. After this, it should take only a couple of minutes for Swift Money to see if a loan match can be found for you.

From then however, it is up to your lender how long it takes for you to receive the money. Many of the loans Swift Money broker are paid out the same day as they try to only work with speedy lenders, but usually payouts take longer.

Swift Money pros and cons

Pros:

  • Application time. It can take less than a day to get a small loan.
  • No set-up or arrangement fees.
  • Poor credit doesn’t mean you’ll necessarily be declined.

Cons:

  • Very high interest.
  • Will result in multiple credit checks being done.
  • There may be other cheaper options open to you.

Bottom line

Swift Money offers quick loan funding and easy application, but also has the same risks and drawbacks as other payday lenders.

While Swift Money may give you a better rate than many other short-term or payday loan providers, you’re still likely to end up paying a lot in interest. A short-term loan like the ones offered by Swift Money should only be considered as a last resort, and can cause serious financial issues.

Alternatives to Swift Money

Alternatively here are some sites providing loans like Swift Money loans:

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.

Lending Stream Instalment Loan
Lending Stream
(Established 2008)
Instalment loans
Satsuma Short Term Loan
Satsuma
(Established 2013)
Instalment loans
Moneyboat Short Term Loan
Moneyboat
(Established 2011)
Instalment loans

Frequently asked questions

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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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