Payday Loan Lenders – What To Look Out For.

payday loan lenders

There are hundreds of payday loan lenders in the UK today which explains why it can be a daunting task trying to find a good lender. Furthermore, most UK payday loan lenders aren’t as good as they claim. Also, every single lender is different. It is, therefore, important to dig deeper before you choose a payday loan lender. So, what should you look for in a payday loan lender? 

1. Are they licensed/authorised/regulated by the FCA?

The payday loan lender you choose must be licensed. Otherwise, you risk landing yourself into problems. Before you borrow from any payday lender in the UK, ensure they are licensed and authorised/regulated by the FCA (Financial Conduct Authority). You can find such information quickly in the footer of the lender’s website (usually on the homepage). There should be information such as an FCA authorisation number, company registration information i.e. a business name, telephone number and address. Alternatively, you can check the FCA register ( to see if a lender authorised by the FCA. Licensed/authorised/regulated business entities are the best to deal with because they operate within certain legal bounds that ensure consumers are protected.

Swift Money is a fully licensed UK payday loans provider with FCA authorisation number: 738569. The company is registered in England and Wales. Swift Money’s headquarters is in Digital World Centre, 1 Lowry Plaza, The Quays, Salford, Manchester, Lancashire, M50 3UB. Telephone: 0800 567 7444.

2. What APR rate do they charge? 

After ascertaining that you are dealing with a fully licensed and regulated payday lender, you can proceed and find out how much they are charging. UK payday lenders state their interest rate charges as an APR (annual percentage rate) which can be confusing since payday loans are supposed to be repaid in a month. The most important thing to note is; you won’t pay the stated APR charge but a fraction of it depending on factors like the amount you borrow and how long you wish to stay with the loan. The best payday lenders tell you the total amount of money you are expected to pay before taking a loan so you shouldn’t worry too much about APR. However, a low APR is usually better.

SwiftMoney charges a lower APR when compared to UK payday loans industry leaders like Wonga, QuidQuick, Cash Lady, Sunny and many others.

3. Are there any additional/hidden charges

Some lenders have hidden charges such as faster payment charges which may not be disclosed outright, so it is important to do some investigations. The best payday loans lenders charge interest only. They don’t charge you for paying off your loan early. They also don’t charge other fees like loan processing or upfront fees before you agree to anything. There may be a late fee for late payment (usually £15) but such charges are clearly stated, and they can be avoided by paying off your loan on time. 

4. Does the lender offer an online loan application and management tools?

One of the things that make payday loans so attractive is their convenience. As a result, you also need to check if a lender offers online payday loan application, processing, and management. The best payday loan lenders have online account management systems which allow you to apply for loans, receive them and manage them easily online.

5. How secure is the lender’s website?

When dealing with online payday loan lenders, you need to assess the security of the lender’s website for obvious reasons i.e. to ensure your personal and financial information isn’t stolen. One of the best ways of knowing if the lender in question has a secure website is checking if there is a green name next to your address bar. The green name is an indication that the website’s identity has been verified thus the connection is secure. You should also look out for the URL address bar when entering personal information. You want to see the URL start with ”https” instead of ”http” as this is an indication that your information is protected from hackers. You shouldn’t deal with any lender whose website lacks these security features. 

Swift Money has a valid trusted server certificate and a secure TLS connection. The website uses a very secure protocol version & cipher suite that guarantees the highest levels of security. Furthermore, all resources on the site are served securely. Data Protection: ZA069965.

6. Reviews

You also need to look at what the payday lender’s past and present customers are saying. The best lenders are highly rated. Reviews are great for getting first-hand information about what it’s like dealing with a certain payday loans lender. Payday loan review sites are great for matching borrowers with the best payday loan companies depending on factors like amount, credit score, etc.

Swift Money has a 4.76 stars rating according to based on 37 merchant reviews

7. Does the lender have a disclaimer?

Responsible payday loan lenders like Swift Money make it clear to their customers that payday loans are not suitable for long-term borrowing or for individuals in financial difficulty. Avoid payday lenders that hide such facts because they aren’t operating in your best interests. You have the right to know how to get the best out of your payday loan or when a payday loan isn’t ideal for you. 


When you follow the above information to the letter, you should have a problem finding the best lender for you. Of course, there may be other important factors to consider when looking for the best payday loan lender i.e. loan approval rate and the presence of third parties/brokers. However, the above information is adequate to help you identify the best UK payday loan lender for you. 

Mark Scott

Is the Company Director of Swift Money Limited. He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.