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. Make sure you consider all your options, including a credit card, before taking out a payday loan.
Key Features of Swift Money payday loans at a glance
Terms available from 1 to 12 months
Loan amounts from £50 to £1000
High interest rates
Simple 5 minute application process
No set-up or arrangement fees. You will only have to make the repayments and interest charged by your lender.
Have access to over 20 payday lenders
If you are rejected by one lender, you’ll be be automatically passed on to another for it to consider.
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 Swift Money’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 tool 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
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:
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.
Go to Swift Money’s “Apply Now” page on its website and fill in the simple 5 minute application form.
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.
Your lender will send you your loan agreement. It’s important you read this carefully before signing.
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
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.
Very high interest.
Will result in multiple credit checks being done.
There may be other cheaper options open to you.
Frequently asked questions
The money will be paid directly into your bank account, so make sure you have your account details to hand before applying.
As a broker, Swift Money doesn’t have a say in what happens if you miss payments. It is very important that you talk directly to your lender if you think you might fall behind. Missed payments could result in charges, fines and litigation.
It’s worth looking into guarantor loans and credit-building credit cards before deciding on a payday loan. As long as you keep up-to-date with payments and don’t overspend on cards, you can get access to funds with much lower interest and could also use it to improve your credit rating for the future. These may however take a bit more time to acquire.
No, you are not under any obligation to accept any loan shown to you by Swift Money.
No, Swift Money has very high acceptance rates even for people with poor credit ratings, however this does mean that they come with very high interest, so only take one out if you have properly researched all the available options.
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.
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