Payday Loans in the UK

Payday loans are payday advances. You can borrow up to £1,000 today if you agree to pay back the initial amount plus interest on your next payday. Online lenders, like Cashfloat, accept applications from people with a bad credit score and people who need cash in their bank account within 24 hours. You can apply for a payday loan online with Cashfloat today for an instant decision.

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Payday Loans Direct Lenders

If you are searching for quick payday loans to pay for unexpected bills, you need a direct lender. Most loan lenders work with a credit broker to exchange information between themselves and the borrower. Brokers come with a costly fee. Their involvement means that the loans process takes much longer than it needs to. When you approach a traditional lender, you can wait days and even weeks to receive an approval or rejection.

The best payday loans companies are direct. Direct lenders do not employ brokers. When you apply for direct payday loans, there is no middleman, so the process is a lot quicker. For example, when you apply at Cashfloat.co.uk, their process is so quick and simple that you will receive an agreement in principle as soon as you tell them your details.

How to Apply for Payday Loans Online

If you want to apply for payday loans online, Cashfloat is one of the best UK lenders available. Their simple online application process allows you to apply for a loan even with a poor credit rating while waiting for a bus or on your lunch break. And with a wide range of different loan amounts and durations, it has never been easier to find an agreement that suits your situation.

The application process is quick and simple. The Cashfloat team have created an easy-to-use loans calculator. This calculator will tell you how much you need to borrow and how much interest you can expect to pay. Even better, all you need to do is add in a few details to find out whether they will accept your application.

Cashfloat specialises in quick payday loans online. You can have up to £1,000 in your bank account in the next 24 hours if you follow these steps.

  1. Go to the website and click ‘Apply now’
  2. Add in your details
  3. Receive an instant approval or rejection

Payday Loans UK Frequently Asked Questions

What Is a Payday Loan?

A payday loan is an agreement between a lender and a borrower. As the name suggests, these types of unsecured loans help people all over the UK bridge the gap from one payday to the next. They are called payday loans because the loan repayment deadline is on or around the date of the borrower’s next paycheque.

They are short-term loans that typically last for a month. Some lenders like Cashfloat offer 3-month loans to make repayments more flexible and manageable.

Did you know? Payday loan customers can't pay more than double the amount they borrowed under new FCA rules

Who Can Apply for a Payday Loan?

All authorised lenders need to abide by the rules and regulations set out by the Financial Conduct Authority (FCA). Most responsible lenders have these basic criteria. You need to:

  • Be 18 years of age or older
  • Reside in the UK
  • Hold a UK bank account
  • Be in full-time employment

You must tick all of these boxes to apply for most UK pay-day loans. Lenders who are regulated by trusted financial authorities will not accept applications from people who are not in full-time employment. It is important that short term loan borrowers are in full-time employment because it represents a means of repayment. A responsible lender will not lend money to people who do not have a suitable and reliable means of repayment. Want to know if you can afford a payday loan? Try Cashfloat’s free payday loan affordability calculator.

How Do Payday Loans Work?

Like all the other types of loans offered, a payday loan is an agreement between a lender and a borrower. Whether or not your application is accepted depends on many factors, the most important being your affordability, which is why proof of a steady income is so important to lenders.

When you apply for a payday loan, you are making an agreement based on your next paycheque. Most payday agreements need to be repaid on or around your next payday.

Most online payday lenders will give you a breakdown of your monthly repayments before you apply, which will include how much interest you will pay and when you need to repay it. In this day and age, online payday loan applications only take a few minutes to fill out. Simply add in your details and receive an instant decision.

Are Payday Loans Regulated?

Payday loans companies are regulated by the FCA. They monitor the conduct of over 50,000 financial services firms and markets in the UK. Their rules and regulations ensure that loan companies are fair, transparent, and reliable. You should always check that the payday lender you apply with is listed on the financial services register.

The FCA regulate all the different types of loans on offer. When you choose an authorised direct lender like Cashfloat, you can rest assured that the terms of your agreement have been approved by a regulatory board.

Do Payday Loans Companies Check Credit Scores?

A bad credit history is one of the biggest problems that borrowers face. A few mistakes can cause your credit score to plummet. Most payday loan lenders will only approve loans if the borrower’s credit score meets a specific threshold. This leads to people looking for lenders who do not perform credit checks which can cause serious money problems and financial difficulty.

It is not recommended for payday lenders to not perform credit checks. The FCA stipulates that lenders should perform a credit check before approving a loan. Some lenders claim to offer no credit loans, but they will still perform a soft search check.

Lenders like Cashfloat, who specialise in bad credit payday loans, have a high acceptance rate for people with bad credit. Still, if you have a poor credit history, you should still check your credit report for errors as this is very common. You are entitled to a free credit report from credit reference agencies in the UK.

Quick fact: 42% of people who check their credit report discover an error

What Happens If Cashfloat Rejects My Application?

Being rejected for a loan can be disheartening, and you can read more about what to do if your payday loan application is declined here. But unlike other payday loan companies, Cashfloat approves loans for people who have lots of different backgrounds. If you need cash in your hand within the next 24 hours, then apply now for a loans for bad credit direct lender.

In the unlikely case that they reject your application, they can still help you navigate through the loans process. In this situation, they will act as a broker instead of a direct lender and transfer your application to other FCA approved lenders and try to find a company that will provide you with a payday loan or payday loan alternative.

If you want this extra support, simply tick the third box at the end of the application form.

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