There are hundreds of payday loan lenders in the UK, however, very few standout. We’re going to attempt ranking the best lenders based on factors such as Rep APR, borrowing limits, early repayment, FCA approval among other factors.
1. Swift Money (APR: 1255.66%)
Swift Money tops the list of top payday loan companies in the UK based on many factors the most notable being APR (1255.66%) which is one of the lowest (if not the lowest) in the industry. Swift Money also boasts of having one of the best approval rates (97.5%), best payday loan approval time (have money in your account in a record 10 minutes), unmatched borrowing flexibility (borrow from as little as £50 to £1,000+), 24/7 access (apply for a payday loan anytime), efficient services (over 400,000 loan applications processed since 2011) and no restrictions.
Swift Money also has one of the most secure payday loan websites in the UK (Data protection: ZA069965, Valid certificate, Secure TLS connection and guaranteed resources security). Swift Money is also fully authorised and regulated by the FCA (Registration number: 738569). Swift Money Ltd. Is a fully registered company England and Wales. The company clearly stands out in all aspects.
2. Mr Lender (APR: 1,248.5%)
Mr Lender is a UK payday loan lender market leader in regards to reviews. The company has over 15,000 5-star customer reviews. The company is currently the best short term loan provider in the UK according to the 2016 Consumer Credit Awards. Reviews aside, Mr Lender offers flexible borrowing limits (£200 to £1000 as well as flexible repayment terms (repay your short term loan for up to 6 months). Other notable advantages include; the company doesn’t charge any upfront or no late fees. The company is also authorised and regulated by the FCA (Reference no: 673310).
3. Lending Stream (APR: 1272.0%)
Lending stream stands out for having good limits (borrow up to £1500), flexible payments (up to 6 months), great reviews (Lending Stream has 4.8 stars rating out of 5 based on 5,460 reviews). Lending Stream’s customers praise the lender for having fast, efficient and affordable loans. The company also stands out for its impressive processing speeds. Lending Stream understands that people need short term loans as fast as possible which is why funds are deposited in customers’ bank accounts in approximately 15 minutes after applications have been approved. Lending Stream LLC is also a fully licensed company with FCA authorisation (Registration number: 689378). The company also takes security and privacy very seriously (Data protection registration: No; Z2752028).
4. Quickquid (APR: 1294.1%)
Quickquid is one of the most trusted online lenders in the UK. The company has served over 1 million British citizens to date helping them take care of unexpected expenses comfortably. The company has a maximum credit limit of £1,000 for new clients and £1,500 for existing clients. Most loans are processed within 30 minutes. The company is fully authorised and regulated by the FCA (Registration number: 673738). Quickquid also observes the highest levels of data security according to the Data Protection Act of 1998. The firm has an APR of 1294.1%.
5. Wageday Advance (APR: 1294.1%)
Wageday Advance is an FCA-authorised payday loan lender (Reference no: 672831) renowned for offering flexible short term loans ranging from £80 to £1,000 and featuring repayments suitable to borrowers (up to 6 months) with no default charges and no early repayment charges. Wageday Advance payday loans are approved and dispersed fast (within an hour of application) and the company has a team of dedicated customer support staff ready to assist you in any way. Wageday Advance also takes data protection very seriously (Reg No: Z1687106).
6. Sunny (APR: 1,299.0%)
Sunny stand out mostly because of lending flexibility. Clients can borrow from £100 to £2,500 even more (for existing clients). The company offers some of the most flexible lending limits in the industry. Sunny loans are also fast (processed within 15 minutes) and borrowers enjoy flexible repayments, no application, admin and late fees. Borrowers also have the freedom to repay their loan early without being charged anything. Sunny loans also have excellent reviews (9/10 after 1,307 reviews on Trustpilot). Sunny loans also come with resources to help clients financially i.e. money management guides. The company operates under Elevate Credit International Limited, a company which is fully registered (Company no: 05041905).
7. Wonga (APR: 1,509%)
Wonga is UK’s largest payday loan lender by market share (the company controls 30% of UK’s payday loan industry. The company, however, charges one of the highest APRs. New customers also have lower borrowing limits £50 to £400 however, existing customers can borrow up to £1,000. Wonga payday loans stand out in many other aspects i.e. fast approval (approximately 5 minutes), automated services and no transfer fees. Wonga is also fully authorised by the FCA (FCA Registration number: 671454 under trading name WDFC UK Ltd).
The lender is definitely one of the best although there are better alternatives in this list like Swift Money which has longer loan durations i.e. up to 6 months instead of Wonga’s 34-day loan duration limit. Swift Money also offers installment payments. Wonga doesn’t.
8. Safety Net Credit (Variable APR)
Safety Net Credit makes it to this list for being one of the few UK payday loan companies that offers payday loans with no minimum/maximum repayment terms. This makes Safety Net Credit’s short term loans unmatched in terms of repayment flexibility. Furthermore, the company has great online loan management tools that allow customers to apply for loans seamlessly and monitor their accounts, access their credit worthiness and so much more at any given time. Safety Net Credit also has flexible borrowing limits ranging £100 – £500 and increase with time-based on factors like a customer’s affordability, income, credit history, etc. The company is also authorised and regulated by the FCA (Reference no: 715525). Due to the companies repayment terms, the APR ranges but stays within limits set by the FCA.
9. Ferratum (Variable APR)
Ferratum also qualifies as one of the top UK payday loan companies. The company has a global presence (provides short term loans in 22 countries globally) and one of the fastest online application platforms. Customers can complete applications in a record 2 minutes. The company also has flexible borrowing limits for all its short term loans (i.e. £50 to £1000 for new customers, high limits for existing customers). Customers can also repay their loans in 1 to 6 months with no early repayment penalties. Ferratum is fully authorised and regulated by the FCA (Reference no: 672537).