A payday loan is a short-term loan that provides you with funds until your next payday. You borrow the money you need now and repay with interest on your next payday when your money is in your bank account.
Finding the right payday loan lender is not hard. There are many to choose from in the UK and you can easily apply online on their websites.
Out of the hundreds we've found online, there are five that we've found to have the best services and all-round easy to understand charging structures and terms. You'll find these five lenders in many online reviews, and many of them show that they provide excellent service.
There are two ways you can apply with any of these lenders; and that's going directly to their website and filling in the form or you can apply through a broker who sends your application to all the best payday loan lenders in the UK.
So this is our guide of the 5 best payday loan lenders in the UK:
PaydayUK is one of the longest running lenders with some of the best features too. Many online reviews show that they have competent staff and if you have a query, you can phone them and speak to someone in minutes.
They have a quick money deposit service, and this is within 60 minutes of approval. Their minimum requirements are similar to other lenders and are:Be at least 18 years of age Have a bank account with a debit card Be a UK resident Be employed and earn at least £750 per month
And they lend up to £750, but you're unlikely to receive that amount on your first loan. You can of course ask them to increase the loan amount on subsequent applications, subject to a good borrowing record.
2. Quick Quid
Quick Quid is a favourite lender with many borrowers because of their low costs. They regularly offer discount codes which help you to save on your borrowing costs. And they provide up to £1000 for new customers; which is higher than what other lenders provide.
Existing customers can borrow up to £1500 and the money is deposited within an hour. And many online reviews show that Quick Quid is fast at depositing funds.
3. Payday Express
Payday Express is one of the best payday loan lenders. And they have an information-packed website with all the details you'll need to manage your payday loan. The FAQ section on their site has an answer to every question you may have; and it provides information on payday loans that you may not have been aware of. However, Payday Express carry out a credit check and this will appear on your credit file.
Wonga is one of the new payday loan lenders in the UK. It was established in 2007 and has quickly built a reputation for providing excellent customer service. Their website is one of the most helpful and includes a very useful loan slider that helps you easily find out what you'll repay on your loan. Their service charges are also different from other lenders. They charge 1% per day and this could be cheaper than the standard 25% charge in the industry.
5. Mr Lender
Mr Lender is another new payday loan lender in the industry. They have many of the features you'll find in other top lenders. But their charges are slightly higher and that's because they charge a £5 administration fee. They also carry out credit checks like Payday Express.
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