Best Payday Loans | Direct Lenders Compared

Compare Payday Loans

About

The UK’s once booming payday sector hit a brick wall in January 2015 when a daily 0.8% price cap was introduced by the FCA. Other regulations were introduced on default charges as well as a 100% cap on charges against the amount borrowed. As a result, many closures went ahead including of note PaydayUK who were at one time a market leader. Some firms rather than close up followed the money trail of instalments where they could keep customers on more profitable longer contracts. Profits from monthly borrowing may now be squeezed, but there is still no subprime niche with greater consumer interest than this one. “Payday Loans” in itself is searched for 246,000+ times monthly via Google.

This is the central keyword, but there are many other bulky search terms searched thousands of times. You just don’t get this level of interest with other subprime forms on products be that doorstep, guarantor, logbook etc. Moving along to today’s comparison, the idea has been to list each and every active lender sorted by Alexa rankings to show you who most people are using in 2018. Each listing also shows the available amounts & terms, opening hours and the monthly £100 cost. Once approved you can expect funds to be transferred within 2 hours. There may be a decline or when flagged you may need to upload your bank statement or have a workplace verification call.

Sample Listing:
Brand (Launch Year) | Alexa UK Ranking
– Available Amounts (Reloan Cap) | Available Terms (Reloan Cap) | Cost Per £100
– Opening Hours
*Notes

Alexa Sorted Payday Loans Direct Lenders Only List 2018

1) Wonga (2007) | #6298

Wonga Loans

– £50-£600 (£2000) | 1-35d, 3m or 6m | £24

– Mon/Sat (7am-8pm), Sun (8am-5pm)

*Non.

2) QuickQuid (2007) | #8830

QuickQuid Loans

– £50-£1000 (£1500) | 1-3m | £22.80/£24

– Mon/Fri (8am-9pm), Sat/Sun (10am-6.30pm)

*£22.80 for new customers with promo discount.

3) SafetyNet Credit (2014) | #12,428

SafetyNet Credit Loans

– £100-£500 | 1d-12m+ | £24

– Mon/Fri (8am-7pm), Sat (9am-5pm)

*24/7 pre-approved when reloaning. Draw from £20.

4) WageDayAdvance (2004) | #14,561

WageDayAdvance Loans

– £80-£500 (£1000) | 1-6m | £24

– Mon/Fri (8am-8pm), Sat (9am-5pm), Sun (10am-4pm)

*Non.

5) 247Moneybox (2009) | #22,767

247Moneybox Loans

– £80-£200 (£800) | 1m | £24

– Mon/Fri (8.30am-6pm)

*Saturday & Sunday payouts on reloans.

6) CashFloat (2014) | #31,577

CashFloat Loans

– £200-£500 (£1100) | 1-4m | £48 (/£200)

– Mon/Fri (9am-5.30pm)

*£100 unavailable.

7) PiggyBank (2012) | #34,897

PiggyBank Loans

– £100-£1000 (£1500) | 7-35 days, 2-5m | £24

– Mon/Thu (8am-6pm), Fri (8am-4.30pm), Sat (9am-1pm)

*Non.

8) Ferratum Money (2010) | #37,088

Ferratum Money Loans

– £50-£700 (£1000) | 1-4m | £24

– Mon/Tue (8am-7pm), Wed (8am-5pm), Thu (8am-7pm), Fri (8am-5pm), Sat (8am-12pm)

*Sunday payouts on reloans.

9) Smart-Pig (2012) | #37,385

Smart-Pig Loans

– £50-£350 | 1-180d | £24

– Mon/Fri (9am-7pm), Sat/Sun (10am-6pm)

*For students only.

10) Drafty (2016) | #44,426

Drafty Loans

– £50-£3000 (£5000) | 1d-12m+ | £5.40

– Mon/Sun (7am-10pm)

*24/7 pre-approved when reloaning. Draw from £20 (after initial £50).

11) WageMe (2012) | #95,892

WageMe Loans

– £50-£350 (£1000) | 1m | £24

– Mon/Fri (9am-5pm)

*Non.

12) Peachy (2011) | #96,942

Peachy Loans

– £100-£1000 | 1-12m | £24

– Mon/Fri (8am-8pm), Sat/Sun (10am-6pm)

*Non.

13) NextCredit (2012) | #97,090

NextCredit Loans

– £100-£1000 | 1-12m | £24

– Mon/Fri (8am-8pm), Sat (9am-1pm)

*Non.

Alexa Global Rankings (No Local Ranks)

14) Cash Asap (2012) | #1,591,968

Cash Asap Loans

– £100-£300 (£750) | 1-35d, 3m | £23.84

– Mon/Fri (8am-9pm), Sat (8am-7pm), Sun (9am-7pm)

*Non.

15) Swift Sterling (2010) | #2,113,870

Swift Sterling Loans

– £200-£1000 (£1500) | 1-5m | £24

– Mon/Sat (7.30am-11.30pm), Sun (2pm-10.30pm)

*Non.

16) Fernovo (2017) | #2,160,099

Fernovo Loans

– £100-£1000 | 1-6m | £15

– Mon/Fri (9am-6pm)

*Saturday & Sunday payouts on reloans.

17) QuidMarket (2011) | #2,630,951

QuidMarket Loans

– £300-£600 (£200-£1000) | 3-6m (1-6m) | £48 (/£200)

– Mon/Fri (8am-6pm), Sat (9am-4pm)

*£100 unavailable. Would need to be an existing customer.

18) Quick Loan Shop (2012) | #3,032,064

Quick Loan Shop Loans

– £100-£2000 | 1m, 3-12m | £24

– Mon/Fri (unknown)

*Non.

19) Payday Loans Net (2017) | #3,544,660

Payday Loans Net Loans

– £200-£700 (£2000) | 1-6m | £48 (/£200)

– Mon/Fri (8am-5pm)

*£100 unavailable.

20) Fast Loan UK (2010) | #3,628,569

Fast Loan UK Loans

– £50-£600 (£2000) | 7-60d, 1-8m | £24

– Mon/Fri (9am-5pm)

*Non.

21) The Money Platform (2016) | #3,718,050

The Money Platform Loans

– £250-£1000 | 1-3m | £147 (/£750)

– Mon/Fri (unknown)

*£100 unavailable. Must be 20+. Peer-2-peer.

22) Wee Loans (2013) | #4,185,027

Wee Loans

– £100-£500 | 1m | £24

– Mon/Fri (unknown)

*Non.

23) Quick Loans Express (2013) | #4,253,925

Quick Loans Express Loans

– £200-£500 (£1100) | 1-4m | £48 (/£200)

– Mon/Fri (8am-5pm)

*£100 unavailable.

24) Tappily (2017) | #4,573,491

Tappily Loans

– £100-£2500 | 1d-12m+ | £10.20

– Mon/Fri (8am-7pm), Sat (9am-5pm)

*24/7 pre-approved when reloaning. Draw from £20.

25) WeLendUs (2015) | #4,809,146

WeLendUs Loans

– £50-£500 | 21-30d, 2m or 3m | £21.07

– Mon/Fri (9am-5pm)

*Non.

26) Auden (2014/2017) | #7,013,925

Auden Loans

– £200-£400 (£1000) | 7-30d, 2-12m | £38.40 (/£200)

– Mon/Fri (9.30am-5pm)

*£100 unavailable. Rebranded from Uberima.

27) CreditStar (2011) | #7,383,826

CreditStar Loans

– £100-£300 (£700) | 1-6m | £24

– Mon/Sun (9am-8pm).

*Non.

28) Miss Payday (2013) | #7,818,479

Miss Payday Loans

– £100-£500 | 1m | £24

– Mon/Fri (unknown)

*Non.

29) 100Pounds (2012) | #9,527,749

100Pounds Loans

– £100 (£300) | 10d (30d) | £24

– Mon/Fri (9am-6pm)

*Monthly term only available on 3rd loan.

30) Sunshine Credit (2016) | #11,186,880

Sunshine Credit Loans

– £100-£500 | 1m | £12

– Mon/Fri (unknown)

*Non.

No Alexa Global Ranking

31) Pera Loans (2014)

Pera Loans

– £200-£500 (£1100) | 1-3m | £48 (/£200)

– Mon/Fri (8am-5pm)

*£100 unavailable. Must be 23+.

Notes:
– Alexa.com rankings were taken in June 2018.
– Complete borrowing sum ranges are displayed. Some lenders enable you to pick any amount for any term choice, whilst others have set restrictions. You would typically get approved for up to £300 as a newcomer.
– Not included today: Kabayan Finance don’t meet the legal requirement on pricing. In-Sync Credit Services has recently pulled their short term loan. Credio and MPP Money aren’t taking applications with a closure looking likely for the pair.

Alexa Site Rankings

There are 31 active payday lenders, but just 13 of these achieved a local ranking. Wonga has sat ahead of the pack as the dominant force for many years now. QuickQuid has been their nearest competitor although for a short while they were overtaken by SafetyNet. WageDayAdvance is the only other major heavyweight payday lender, but outside of these it is very sporadic for positional changes. Newer brands like Fernovo and Tappily have struggled to make up much ground. There was a lot of business up for grabs when PDUK/Express each closed, but it appears that the top firms have benefited from this, as well as those targeting instalments.

Cheapest Payday Loans for Bad Credit 2018 (+Fair)…

1) Drafty: £5.40
2) Tappily: £10.20
3) SunshineCredit: £12 (BC)
4) Fernovo: £15 (BC)
5) Auden: £19.20 (BC)

Drafty and Tappily are the pick of the litter for those with fairer scores. Without this, Sunshine Credit is the cheapest solution and this is notably at half the price of the legal cap. Sunshine’s site is very underdeveloped though, not even using encryption. Fernovo’s in contrast is more sophisticated, as is Auden’s. For reference, with Auden the minimum borrowing sum is £200 and so you’d need to pay £38.40 there. There are a few companies outside of those listed that charge less than the required cap including WeLendUs (£21.07), QuickQuid +promo (£22.80) and Cash Asap (£23.84). In most cases you’ll however need to pay £24 per £100 borrowed over 30 days.

Largest Facebook Communities

1) Wonga: 365,190+
2) Ferratum: 161,020+
3) 247Moneybox: 85,420+
4) Smart-Pig: 31,230+
5) Peachy: 29,100+

No Late Fee Payday Loans

Auden, Drafty, Fernovo, QuidMarket, SafetyNetCredit, Tappily and WeLendUs.

Payouts Across Weekends

The best payday loans lenders understand that weekends are important trading days. Those that open on Sunday include Cash Asap, CreditStar, Drafty, Peachy, QuickQuid, Smart Pig, Swift Sterling, WageDayAdvance and Wonga. The benefit with using these is that there is a chance of a same day payout even for first time applicants whereby support teams can check over details (if required). Some providers close on specific days, but you can still get money paid out Sunday with 247Moneybox, Fernovo and Ferratum. You’ll need to wait until Monday if a request is flagged up. In contrast, 24/7 instant payday loans are available from Drafty, SafetyNet and Tappily since they offer a line of credit (pre-approved funding). Wonga can automate lending decisions, but a request might be declined.

The Best Payday Loan Alternatives?

The most suited same day alternative would be an instalment loan. Spreading the balance out over several months should help your money management and the interest rates are lower over extended periods. If you can be patient then a subprime credit card would be a great way to repair and spend whenever you need to. Lenders like this are more willing to chance CCJs, defaults etc. The various doorstep loan companies also promote high acceptance rates, but this process is slow, you tend to get started on £100 and must repay agents weekly. If you have been declined for a payday loan and can’t get funded elsewhere then no credit check buy-back loans are advisable. Here you secure against your goods (laptop, smartphone etc).

The Best Payday Loan Reviews 2018

Feefo.com…
1) WageDayAdvance: 87% (5*) & 10% (4*) (11,130+)
2) Smart-Pig: 83% (5*) & 13% (4*) (440+)

Reviews.co.uk…
1) FastLoanUK: 100% (40+)
2) CashFloat: 96% (360+)

Trustpilot.com…
1) SafetyNet: 93% (7440+)
2) Drafty: 92% (2690+)

Last Update: June 4th, 2018.