SwiftSterling.co.uk is part of the Essex-based MMP Financial Ltd group, which also owns short-term loans provider PoundsTillPayday.co.uk. You can apply for a loan with SwiftSterling.co.uk entirely online, and have the money in your bank account within an hour. It is worth bearing in mind that SwiftSterling.co.uk charges interest on your loan at the maximum amount allowed by the Financial Conduct Authority, every day. Before you take out a loan, make sure you have compared lenders to ensure you are getting the best possible deal for your circumstances.
SwiftSterling.co.uk is authorised and regulated by the Financial Conduct Authority.
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.
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:
| 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 |
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.
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.
You should only apply for a SwiftSterling.co.uk loan if you are certain you can meet the repayment terms. You must also:
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| 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. |
| Repay early at any point | |
|---|---|
| Repaying early can reduce overall interest | |
| Interest is only applied to days where funds are outstanding |
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.
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.
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