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.
SwiftSterling.co.uk is authorised and regulated by the Financial Conduct Authority.
How do the loans from SwiftSterling.co.uk compare?
If you’ve used the SwiftSterling.co.uk loan calculator 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:
We compare payday/short-term loans from
What's in this review?
- How do the loans from SwiftSterling.co.uk compare?
- Key features of a SwiftSterling.co.uk loan
- How does a SwiftSterling.co.uk loan work?
- How do I pay back my loan?
- What are the eligibility requirements?
- Early repayment options
- Is high-cost, short-term borrowing a good idea?
- Frequently asked questions
Key features of a SwiftSterling.co.uk loan
|Product Name||SwiftSterling.co.uk Short Term Loan|
|Available Amounts||£100 to £1,500|
|New customer maximum||£750|
|Loan terms||1 month to 5 months|
|Repayment period options||Monthly|
|Default repayment method||Continuous payment authority|
|Repay early at any point|
|FCA registration number||718863|
How does a SwiftSterling.co.uk loan work?
- Use the sliders on the website to choose the amount of loan you need and the number of repayments you wish to make.
- Complete the online application form. SwiftSterling.co.uk will then contact a credit reference agency to determine your eligibility for the loan you have chosen. You may be required to provide some additional information at this stage.
- Once you are approved, you will be given a personal online account where you can manage your loan. This is where you can accept the loan offer, make additional payments, see your balance and apply for a further loan if you wish. You can also message an advisor from here.
- Once you have signed your loan agreement, your money will be paid into your account usually within an hour. However, this may vary depending on your bank.
How do I pay back my loan?
Like most short-term loan providers, SwiftSterling.co.uk 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 contacting your provider or your bank.
What are the eligibility requirements?
You should only apply for a SwiftSterling.co.uk loan if you are certain you can meet the repayment terms. You must also:
|Min. income||monthly income of at least £667|
|Additional eligibility notes||You must be regularly employed.|
You must receive your pay directly into your bank account.
Early repayment options
|Repay early at any point|
|Repaying early can reduce overall interest|
|Interest is only applied to days where funds are outstanding|
Is high-cost, short-term borrowing a good idea?
Short-term or “payday” loans from lenders like SwiftSterling.co.uk offer a quick fix when you hit a financial emergency, 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. They are not suitable for borrowing over longer periods or for people who have 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 a necessity? If you can put off a purchase even for a few months 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.
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 also 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.
Frequently asked questions