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Representative 79.5% APR (variable). Representative example: Amount of credit: £1000 for 12 months at £116.52 per month. Total amount repayable is £1392.63 Interest charged is £392.63, interest rate 79.5% pa (variable). Rates from 11.8% APR to Maximum 1721% APR - your Free, No obligation quote and APR will be based on your personal circumstances, and Finance is subject to availability and status. Authorised and regulated by the Financial Conduct Authority. We are a credit broker and not a lender.

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Payday Loans from Direct Lenders in the UK

Written by Alice, Editor · Reviewed by Stephen, Compliance

A payday loan is a short-term loan, usually £100 to £1,000, that you repay on your next payday or over a few months. CashPanda is a credit broker, not a lender: you fill in one form and we search our panel of FCA-authorised direct lenders for one that may accept you. If a lender approves you, your loan agreement is with that lender, and the money is often paid the same day.

How payday loans from direct lenders work

A direct lender is the company that actually lends the money, sets the rate and collects your repayments. You can apply to lenders one at a time, or use a broker like CashPanda to reach several lenders with one application.

Apply once. Tell us how much you need, for how long, and a few details about your income and outgoings. It takes about two minutes.
We match you. Your application goes to lenders on our panel whose criteria fit what you’ve told us. Most use a soft search first, which other lenders can’t see.
Check the offer. If a lender can help, you’ll see its offer, including the APR, the repayments and the total cost. You don’t have to accept it.
Get the money. If you sign, the lender completes its checks, which may include a hard credit search, and pays the money into your bank account. Many pay within hours on a working day.

Our service is free to use. Lenders may pay us a commission when a loan is arranged.

What a payday loan costs

Since January 2015 the FCA has capped the cost of payday loans and other high-cost short-term credit:

Interest and fees can’t be more than 0.8% of the amount borrowed per day.
If you pay late, default fees are capped at £15.
You’ll never repay more in interest and charges than the amount you borrowed. Borrow £300, and the most you can be charged in total is £300.

For example, borrowing £300 for 30 days at the full 0.8% daily rate would cost £72 in interest, so you’d repay £372. Many lenders charge less than the cap, and longer loans spread the cost over several months.

Representative example: borrowing £1,000 over 12 months at £116.52 a month, you would repay £1,392.63 in total, including £392.63 interest. Interest rate 79.5% a year (variable). Representative 79.5% APR (variable).

Five checks before you apply

Can you repay on time without borrowing again? Add the repayment to next month’s budget. If it leaves you short, choose a longer term or a smaller amount.
Is the lender FCA-authorised? Every lender on our panel is, and you can check any firm on the FCA Register.
Is anyone asking for an upfront fee? A genuine lender or broker never asks you to pay before you get a loan. If anyone does, walk away.
What’s the total amount repayable? Compare loans by this figure, not just the monthly payment.
Can you repay early? You have the right to settle early, and you’ll pay less interest.

Can I get a payday loan with bad credit?

Often, yes. Lenders on our panel look at your current income and what you can afford, not only your credit score. A past default or CCJ doesn’t automatically rule you out, but no lender can guarantee approval, because every one must check that you can afford the repayments. Our bad credit loans guide has more detail.

Alternatives worth checking first

An arranged overdraft or a 0% card, if you already have one.
A loan from a local credit union, where interest is capped at 42.6% APR.
A salary advance from your employer.
If you claim Universal Credit, an interest-free budgeting advance from the DWP.

Warning: late repayment can cause you serious money problems. For free, confidential help, go to MoneyHelper.

Frequently Asked Questions

Is CashPanda a direct lender?

No. CashPanda is a credit broker. We pass your application to FCA-authorised direct lenders, and the lender you’re matched with makes the decision and pays out the loan.

How much can I borrow?

You can request from £100 to £10,000 over 3 to 36 months. Payday-style loans are usually £100 to £1,000.

How quickly will I get the money?

If you’re approved and sign during working hours, many lenders pay within a few hours. Some pay the next working day.

Will applying hurt my credit score?

Lenders on our panel usually start with a soft search, which doesn’t affect your score. If you accept an offer, the lender will normally run a hard search, which does show on your file.

What happens if I can’t repay on time?

Contact your lender straight away. They must treat you fairly and may agree a payment plan. Late fees are capped at £15, and charges can never exceed the amount you borrowed.