If you need cash fast payday loans to cover an unexpected bill or other financial emergency, LoanPig can quickly help you resolve your situation. With a fast application process providing you with the flexibility to choose the amount and repayment term you need up to £1500, our instant payday loans online can be paid back in one repayment or spread over 12 months.
If your situation is a short term issue and you have the affordability, we can show you the lenders able to help you today. Ready to start your application? Click apply now for payday loans in the UK and once approved you could have the funds to use the same day.
What Are Payday Loans?
The term “Payday Loan” comes from back when customers would write a pre-dated cheque for the end of the month to cover the debt, which meant they could get an advance on their wages. The term payday meant that the money borrowed would be paid back in one payment. Now however, the term payday is being used to offer a number of small, instalment or short term loan periods from 1 – 12 months.
Payday loans and Short Term Loans are a type of emergency cash loan where you borrow a small sum of money over a short period of time. Payday loans online are a form of unsecured borrowing, meaning none of your personal property will be tied into the agreement. They are designed for those emergency moments where you may need quick cash to tide you over until your next payday and you don’t have any other means to pay, such as using savings or available credit.
The representative APR % on payday loans in the UK can be high, but because it’s calculated over a year rather than the actual term you take the loan out for, it isn’t always clear. You can see our representative example above to see that the interest you pay over a shorter term differs from the total APR. Remember through LoanPig, the maximum loan amount and interest you’ll ever pay back, for example, on a £100 loan is £200 – you’ll never pay back more than 100% of the value of your loan in interest.
Do LoanPig Offer the Best Payday Loans?
Yes, at LoanPig, we are in a great position to help customers when they need it most. The fixed APR on instant payday loans from LoanPig can be as low as 199% for a new customer (subject to status) and as low as 149% for our existing loan customers, but can be 292% dependant on your credit history. Thanks to the flexibility of our loans, many of our customers find the best payday loans through us for their circumstances.
Below, we’ve pulled together a comparison for you to show you how much you could save if you took a loan out with us directly. (please note: if we cannot lend to you then the APR rates will be set by the lenders on our panel which may be up to 292%)
Payday Loans Online through LoanPig
With our instant payday loans, you can borrow up to £1500 using your mobile phone, tablet, or computer, from the comfort of your home or anywhere with an internet connection. Our quick online application form takes just a few minutes to complete, and you’ll get an instant decision (in most cases). As LoanPig is a direct lender of payday loans in the UK and a broker, you are in the best place to get the loan you need, even if you have bad credit. Let us help you, like the thousands we have helped before, find the amount and terms you can afford and get approved today.
Frequently Asked Questions
Is LoanPig a Regulated payday loans direct lender?
You can have complete peace of mind when you take out a loan with us because we are authorised and regulated by the Financial Conduct Authority. Our registration number is 736632. The FCA has very strict guidelines in place, which we fully adhere to. Our lending arm is The Money Hive
Can I get a Payday Loan with bad credit?
Payday Loans are available to anyone, the criteria varies from lender to lender but generally anyone who needs a loan quickly, whether they have bad credit, are on benefits, a student or are self employed. Our part manual loan application process means that we will personally go through your application and consider elements of your credit score and history that other lenders won't.
How quickly are the Payday Loan funds made available to me?
If you are accepted by us or one of our lenders for a Payday Loan, then you should receive the money into your bank account within a couple of hours (on average).
We are Direct Payday Loan Lenders
LoanPig is fully authorised by the Financial Conduct Authority (FCA) as short term payday loan lenders, and we are both a direct lender and broker. This means when using us to find the best payday loans online, you can trust your application will be treated fairly and all terms and conditions will be transparent so there are no hidden surprises. There are many rules that FCA authorised payday loan companies must follow when offering short term payday loans. Here are 3 of those rules:
LoanPig charges a maximum interest of 0.8% per day
We only charge a one-time late penalty fee of £15
We ensure that customer will never pay more than double the amount they borrowed
When choosing from payday loan companies, ensure that they are authorised and regulated by the FCA. LoanPig’s FCA registration number is 736632.
How Much Would You Like?
Same Day Payday Loans Direct
As we are an FCA Regulated direct loan lender and broker, this gives you a higher chance of approval for the same day payday loans you need as you’ll have more choice. If we cannot lend to you ourselves, one of our panel of payday loan lenders will be in a great position to help if you have the affordability.
We will present your details to them and 3rd party financial services, giving you a better chance of finding short term payday loans you can afford. We are one of a few payday loan companies that can also help connect you with other payday loan lenders, meaning we have a much bigger selection of financial products for you to choose from.
Payday Loans Online When You Have Bad Credit
LoanPig offers access to affordable short term payday loans for everyone in an emergency
One of the main reasons you might be looking at short term payday loans in the UK is because you have a history of bad credit, with no conventional high street lender an option. This means that your credit score is lower than average or lower than the high street lenders are prepared to approve.
To have bad credit, you may have missed a payment in the past or defaulted on a loan entirely, for example, all of which influence your current credit score. No matter your reason for wanting to apply for instant payday loans, if you have a bad credit score and need a short term solution, a payday loan could be the solution for you. As responsible payday loan lenders, we follow FCA guidelines and carry out credit checks as part of your loan application. You can find more details on our Loans for bad credit and how you can still get the financial help you need with a low credit rating.
Why Choose Short Term Payday Loans In The UK?
Payday loans have been designed to help those that find themselves in a short-term monetary emergency that needs to be dealt with as soon as possible. When you don’t have available savings or someone to help you, same day payday loans can be the solution you need.
Although not all payday loans in the UK are payable by your next payday, you do only have a short period of time to repay the loan; six months to a year at the very most. You should never take out a payday loan if you have long-term financial difficulties as this can make your situation worse. Instead, same day payday loans are ideal for unexpected bills, paying for a broken down car or other household issues.
If you have a regular income and you’re in between salary dates, payday loan companies can help you with an affordable loan to resolve the issue and avoid missing payments on your essential outgoings.
Applying For a Loan With LoanPig
We know that if you have found yourself in an emergency financial position, you will want the problem rectified as quickly as possible. This is why at LoanPig we have committed ourselves to make sure the process of applying for instant payday loans is quick and easy.
In order to start an application for payday loans online, we will require the following information from you. You must:
– be a current UK resident
– be at least 18-years-old
– have an active bank account and valid debit card
– either be in permanent employment or receiving some form of disability/living allowance or a pension
Once we have proof of the above, we will process your application as quickly as possible to provide a decision. Our application process includes a full credit check in which we will review your personal and financial information as well as your credit score. We will review your application based on your ability to pay and determine whether the payday loan you have applied for is suitable for you. If all goes well, we’ll give you a decision in minutes and transfer the agreed funds into your bank account the same day where possible. If after 3 pm or on a weekend, this will be the next working day.
Payday Loans Comparison With LoanPig
|Borrowing Options||Payday Loans||Credit Card||Arranged Overdraft|
|Suitable for||Small loans, unexpected bills usually borrowed for 1 – 12 months||Use a credit card for pretty much anything||Unexpected bills or everyday expenses|
|Amount you could borrow||Depends on the lender but it typically ranges from £50 to £1,500||The limit depends on your bank||Depends on the type of account you have|
|Eligibility||a high percentage chance of success even for customers with Bad credit||Customers with historical bad credit will struggle to get credit here||Customers with historical bad credit will struggle to get credit here|
|When you’ll receive it||Within a couple hours or the next working day||The card should arrive within 7 to 14 days||Usually, as soon as your application is approved|
|Repayment options||You’ll need to repay your loan in fixed monthly instalments||You can pay in regular monthly payments or whenever you want, but watch out for the interest piling up is you just pay the minimum||Repay in your own time, but you’ll be charged a daily fee|
Payday Loans FAQs
Is LoanPig Regulated?
You can have complete peace of mind when you apply for payday loans online with us as we are authorised and regulated by the Financial Conduct Authority (FCA). Our registration number is 736632. The FCA has very strict guidelines in place, which we fully adhere to as responsible lenders.
Can Anyone Apply for the Loans?
Payday Loans are available to anyone over the age of 18, with the criteria varying from lender to lender. Generally, anyone who needs a loan quickly is eligible, whether they have bad credit, are on benefits, are a student or are self-employed. As long as you can meet our lending criteria detailed above, we can look to help you.
How Quickly Will Payday Loans Online Pay Out?
If you are accepted by us or one of our lenders for instant payday loans, then you should receive the money into your bank account the same day, sometimes within a couple of hours (on average). If your application is made and approved after 3 pm during working days or at a weekend or bank holiday, the funds will transfer to your bank account the next working day.
How Do Payday Loans Differ To Other Loan Types?
Payday loans differ from other borrowing because they are designed for short-term, financial emergencies. Payday loans in the UK enable you to borrow up to £1,500, with the longest repayment period being 12 months.
You don’t need to go through a lengthy application process of applying for a bank loan, and the repayment terms available can be shorter than traditional loans. The best payday loans will give you access to fast cash so you can deal with any immediate financial troubles, paying back the loan from your upcoming wages.
Are Instant Loans Right For Me?
FCA regulated payday loan lenders are there to help you resolve an emergency situation if you can’t do so through over means. They provide essential funding for situations that arise unexpectedly and can be a theoretical lifesaver for some who use them properly. One of the first things you should do before applying for payday loans is think about whether or not you actually need it. Those who need to pay for something considered time-sensitive could benefit greatly from taking one out, as long as you can afford to repay it.