Fast Cash Or Not Fast Cash

Let's cut to the chase this is a company that's happy to lend you small amounts of money fast. It's a quick solution to a short term financial crisis. You get an instant decision when you apply on line.

When you're accepted the funds can be transferred the same day. This doesn't apply to all UK banks, in some cases it can take between 24 to 48 hours to show as cleard funds.

If unexpected expenses come up before your pay day, this could be a solution. When you take a payday loan it is automatically repayed direct from your bank on your next pay day. You need to ensure you have sufficient funds available. You can borrow between £80 and £750.

Payday UK is licensed under the Consumer Credit Act of 1974.

Pro's and Con's

You get an instant decision, and the funds can be transferred the same day.

The money is automatically transferred direct from your bank account to repay the loan on your next pay day.

You can borrow the money for any purpose.

The Downside

The down side is that you pay a huge amount of interest. For every £100 borrowed you are charged £25. So when you borrow £200 you pay back £250 on your next pay day. A whopping APR of 1355%, this is not to be taken lightly.

For this type of short term financial crisis it is far better to use a credit card, see our credit cards section for more details.

If this is your only option check our loan guide to work out how much to borrow.

Summary

In summary this is a unique and easy way to get fast cash instantly, but there's a price to pay for convenience, in the right circumstances the price might be worth paying. But only if you have to.