Compare Payday Loans: Bad Credit Direct Lenders

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Compare Payday Loans
About: History

UK payday lenders began to spring up online in the year 2003. Subprime short term lending soon became big business and continual growth lasted for a good decade. A major battle for dominance had played out between 2 American groups. This included Cash America who controlled QuickQuid plus Pounds to Pocket (that merged with On Stride). Then there was DFC Global (was Dollar Financial) who had acquired Payday Express, PaydayUK and The Money Shop. British-based Wonga went on to become the industry powerhouse, but there was a storm brewing ahead when the FCA replaced the OFT as the financial regulator in 2014. The FCA would unleash industry capping in early 2015 with further rulings that pushed many firms over the edge.

They were also trigger-happy with heavy fines that only giant banks can typically manage to soak up. There had been an estimated 200 firms operating, but most of which have closed and others that survived made the switch to provide instalment products where greater profits can be sourced. The most high profile closures were PaydayUK and Wonga. Wonga’s downfall seemed inevitable when their 2015 report highlighted an after tax loss of £76.5 million. In contrast, this was a brand that at their height had surpassed 1 million customers and had been issuing approx 10,137 loans daily. They even had their logo printed on the shirt of 3 football clubs at one time (Blackpool, Hearts and Newcastle). Just to add that several major closures occurred in late 2019 noting QuickQuid and PiggyBank who had previously took the top 2 ranking spots. 247Moneybox and Swift Sterling are also now defunct.

About: Niche

Banks and mainstream lenders are judgemental and aim to minimise the risk of potential default. Those with bad credit and even those with less than perfect scores don’t usually make the grade. This is why there has been a huge market for specialised subprime companies to fill the demand. A low cost solution is credit unions, but they usually require appointments, membership sign-ups and payouts (when successful) are slow. Payday firms in contrast can send rapid same day cash with no faxing or required document requests in most cases. Payouts may even extend across weekends. These products used to be very expensive, generally due to expensive transfer fees. The FCA’s cap has at least corrected this.

Interest and all associated fees can now not surpass 0.8% daily. This translates as £24 for £100 over a full month of 30 days. This is even cheaper than some banking overdraft products. It is usually the case that money borrowed will need to be repaid on the next pay date. Select providers do offer greater flexibility though where you can choose the specific day within the month or there may be X number of months offered where you can spread the cost further and devise more affordable repayments. First time borrowers are typically capped at around £300 with larger sums up to £1000 typically reserved for existing customers who have earned trust.

Compare Payday Loans: Bad Credit Direct Lenders (Alexa Ranked)

Top Ranked

Brand + Alexa Rank
1) SafetyNet | #97,639

SafetyNet Loans

/£100 Price (1m)
£24

Borrow (Existing)
£100 to £500 (£1000)
Choices
Line of credit (when paid) (Flex)
Opening Hours
Mon/Fri (8am-7pm), Sat (9am-5pm)
Notes
7/7 reloan payouts
Brand + Alexa Rank
2) Drafty | #503,324

Drafty Loans

/£100 Price (1m)
£5.40

Borrow (Existing)
£50 to £3000 (£5000)
Choices
Line of credit (no fixed date) (Flex)
Opening Hours
Mon/Fri (9am-6pm), Sat (9am-1pm)
Notes
7/7 reloan payouts. Good score required
Brand + Alexa Rank
3) Tappily | #621,058

Tappily Loans

/£100 Price (1m)
£10.20

Borrow
£100 to £2500
Choices
Line of credit (when paid) (Flex)
Opening Hours
Mon/Fri (8am-7pm), Sat (9am-5pm)
Notes
7/7 reloan payouts. Good score required
Brand + Alexa Rank
4) CashFloat | #652,336

CashFloat Loans

/£200 Price (1m) | £100 Unavailable
£48

Borrow (Existing)
£200 to £500 (£1100)
Choices
1m to 4m
Opening Hours
Mon/Fri (9am-5.30pm)
Notes

Brand + Alexa Rank
5) Fast Loan UK | #1,269,674

Fast Loan UK Loans

/£100 Price (1m)
£24

Borrow (Existing)
£50 to £600 (£2000)
Choices
7d to 8m (Flex)
Opening Hours
Mon/Fri (9am-5pm)
Notes

Brand + Alexa Rank
6) Cash Asap | #2,364,821

Cash Asap Loans

/£200 Price (1m) | £100 Unavailable
£47.67

Borrow (Existing)
£150 to £400 (£750)
Choices
1m to 6m
Opening Hours
Mon/Fri (9am-5pm)
Notes

Brand + Alexa Rank
7) Polar Credit | #2,924,887

Polar Credit Loans

/£100 Price (1m)
£6.60

Borrow
£200 to £2000
Choices
Line of credit (no fixed date) (Flex)
Opening Hours
Mon/Fri (9am-5pm), Sat (11am-5pm), Sun (11.30am-4.30pm)
Notes
7/7 payouts (all). Good score required
Brand + Alexa Rank
8) Smart-Pig | #3,494,672

Smart-Pig Loans

/£100 Price (1m)
£24

Borrow
£50 to £350
Choices
1d to 6m (Flex)
Opening Hours
Mon/Fri (9am-7pm), Sat/Sun (10am-6pm)
Notes
7/7 payouts (all). Students only
Brand + Alexa Rank
9) Kabayan Finance | #5,366,322

Kabayan Finance Loans

/£300 Price (1m) | £100 Unavailable
£42

Borrow
£300 to £2000
Choices
1m to 12m
Opening Hours
Mon/Fri (9am-5pm), Sat (10am-2pm)
Notes
Required age (21+)
Brand + Alexa Rank
10) The Money Platform (Peer-2-Peer) | #5,438,348

The Money Platform Loans

/£750 Price (4w) | £100 Unavailable
£147 (variable)

Borrow
£250 to £1000
Choices
4w to 12w
Opening Hours
Not disclosed
Notes
Required age (20+) & good score
Brand + Alexa Rank
11) Quick Loan Shop | #7,299,405

Quick Loan Shop Loans

/£100 Price (1m)
£24

Borrow
£100 to £2000
Choices
1m to 12m
Opening Hours
Not disclosed
Notes

Brand + Alexa Rank
12) Wee Loans | #7,299,903

Wee Loans

/£100 Price (1m)
£24

Borrow
£100 to £500
Choices
1m
Opening Hours
Not disclosed
Notes

Unranked (Alphabetically Sorted)

Brand
13-19) Chloe Brooke Loans

Chloe Brooke Loans

/£200 Price (1m) | £100 Unavailable
£30

Borrow (Existing)
£200 to £1000 (£2000)
Choices
1m to 6m
Opening Hours
Mon/Fri (8.30am-6.30pm), Sat (10am-4pm)
Notes
£500 max for this monthly term
Brand
13-19) Conduit

Conduit Loans

/£200 Price (1m) | £100 Unavailable

Borrow
£200 to £1500
Choices
4w to 52w
Opening Hours
Mon/Fri (10am-2pm)
Notes
No example provided. Pause on lending (covid)
Brand
13-19) Creditstar

CreditStar Loans

/£100 Price (1m)
£24

Borrow (Existing)
£100 to £600 (£700)
Choices
1m to 6m
Opening Hours
Mon/Fri (9am-5pm)
Notes

Brand
13-19) Fernovo

Fernovo Loans

/£100 Price (1m)
£24

Borrow
£100 to £1000
Choices
1m to 6m
Opening Hours
Mon/Fri (8.30am-5.30pm)
Notes
7/7 payouts (all) due to 7/7 underwriting
Brand
13-19) Ferratum Money

Ferratum Money Loans

/£100 Price (1m)
£24

Borrow (Existing)
£50 to £700 (£1000)
Choices
1m to 4m
Opening Hours
Mon/Fri (8am-5pm)
Notes
7/7 reloan payouts. Pause on lending (covid)
Brand
13-19) Pera Loans

Pera Loans

/£200 Price (1m) | £100 Unavailable
£48

Borrow (Existing)
£200 to £500 (£1100)
Choices
1m to 3m
Opening Hours
Mon/Fri (8am-5pm)
Notes
Required age (23+)
Brand
13-19) Sunshine Credit

Sunshine Credit Loans

/£100 Price (1m)
£12

Borrow
£100 to £500
Choices
1m
Opening Hours
Not disclosed
Notes

END OF LISTINGS

Notes…

Alexa.com: Comparison listings are sorted by global traffic rankings. Those unranked are sorted alphabetically.

Amounts: Borrowing amounts displayed are complete ranges (across every term available).

Closures: Credio, In-Sync Credit Services, MPP Money, NextCredit, Pixie Loans, Pounds Till Payday, WageDayAdvance & Wonga. More recent: 100Pounds, 247Moneybox, Peachy, PiggyBank, Quick Loans Express, QuickQuid & Swift Sterling.

Examples: £100 costs have been sampled. On occasion £200 could only be selected as this was the starting borrowing amount. With The Money Platform, they only allowed £750 on a monthly term.

Flex: This was marked above for flexible short term loans like Wonga where you can freely pick the repayment day. We specifically marked lenders who enable options between 7 and 30 days. 7 days is the standard starting point. Any line of credit service allows you to pick 1 day onwards. SafetyNet and Tappily (same group) require repayments up to when you’re paid, but you can then instantly reloan.

Cheapest Payday Loan Prices 2021 (30 Days /£100)

Best Prime Deal

1) Drafty: £5.40

Subprime

1) Sunshine Credit: £12

2) Kabayan Finance: £42 /£300 [£14]

3) Chloe Brooke Loans: £30 /£200 [£15]

4) Cash Asap: £47.67 /£200 [£23.84]

5) Various firms then charge £24

Top Reviews 2021

Feefo.com

No listings

Reviews.co.uk (Percentage + Rounded Counts)

1) CashFloat: 97% (650+)

2) Fast Loan UK: 96% (100+)

3) Drafty: 94% (740+)

Trustpilot.com (Percentage + Rounded Counts)

1) Smart-Pig: 96% (1680+)

2) Fernovo: 94% (860+)

3) SafetyNet: 92% (15,860+)

Recommended

Drafty Loans

Prime: Drafty

With the freedom to pick any lender on the page with good credit you’d of course be looking for the best possible deal. You’ll find this with Drafty who charge just £5.40. Drafty’s support team operates 7 days a week and so new applicants should be approved quickly. Once a customer is fully approved, they’ll of course have access to their qualified limit 24/7. A further perk is that a flexible line of credit you can choose a nice short short term repayment date of your choice. The borrowing sums are very high at £3000 (new) and £5000 (future). Finally, this lender has excellent feedback on the Reviews.co.uk and Trustpilot portals.

SafetyNet Loans

Subprime: SafetyNet

SafetyNet (now the market leader) would be our personal top pick of the bunch. This is a good fit for those seeking payday loans like Wonga (major recent closure). Alike them, you can borrow for just a few days and their tech enables 24/7 payouts (once approved). One important point is that automatic repayments are collected up to when you’re paid and so for longer borrowing you’ll need to login and re-request funds. They also offer overdraft protection that you can freely switch off. You must grant banking access (this is read-only access). They have great customer feedback on Trustpilot and have picked up a major industry award. Their sister-brand Tappily is progressing well, but is facing major competition from LOC rival (Drafty).

Last Update: April 16th, 2021