Everything you need to know about our short-term loans.

To apply through Swift Money you must meet these minimum criteria:

• Be aged 18 or over
• Be a UK resident
• Have a UK bank account and debit card
• Have a regular source of income. this can be employment, pension or eligible benefits
• Provide valid contact details (email, phone, home address)

Meeting the basic criteria does not guarantee approval. Each lender on our panel makes its own decision based on your individual financial circumstances, credit history and affordability.

Some lenders on our panel will consider applications from customers whose income includes eligible benefits, provided the income is regular, sufficient and demonstrably the applicant's own. However, many lenders prefer employment or pension income and approval is never guaranteed.

If you rely on benefits and are struggling financially, please speak to a free debt advice service such as StepChange, National Debtline or MoneyHelper before borrowing. They may be able to access hardship grants or budgeting support that doesn't leave you with debt to repay.

Yes, many lenders on our panel consider applications from people with adverse credit. Lenders look at affordability and your current ability to repay alongside your credit history, so a poor credit score alone doesn't mean automatic rejection.

That said, approval is never guaranteed. Lenders must follow FCA affordability rules, so they'll look at your income, outgoings and existing commitments carefully. If you have current problem debts, a short-term loan is unlikely to be suitable. Speaking to a free debt advice service first is a better option.

For more detail on what's available, see our bad credit loan guide.

No. The lenders on Swift Money's panel don't require a guarantor. Your own financial circumstances, such as income, outgoings and affordability are what's assessed, not someone else's agreement to cover you.

Guarantor loans are a separate product where a friend or family member agrees to repay if you can't. If that's what you're looking for, we're not the right broker, but we'd always suggest considering whether it's fair to put that obligation on someone else first.

Your housing situation doesn't disqualify you. Tenants, homeowners and those living with family can all apply. What lenders care about is verifying your identity and address and that your income and outgoings support the repayments.

However, how long you've lived at your current address may be factored into a lender's decision, as stability is one of the things they assess.

Yes. Self-employed applicants are welcome. You'll need to demonstrate a regular, verifiable income. This might involve providing bank statements or other evidence of earnings. Some lenders may ask for recent tax returns if your income is irregular.

If your income varies significantly month to month, it's worth borrowing only against a conservative estimate of what you'll earn in the repayment period.

No, the initial eligibility check with Swift Money uses a soft search, which is not visible to other lenders and does not affect your credit score. It leaves no mark on your credit file.

Only if you proceed with a specific lender's offer will they perform a hard search, which is visible to other lenders and can temporarily reduce your score slightly. You'll always know before any hard search happens.

A soft search (also called a soft credit check) is an informal look at your credit file that doesn't affect your score. It's used to check eligibility and is invisible to other lenders. You can run unlimited soft searches without any impact.

A hard search is a formal credit check recorded on your file, visible to other lenders for up to 12 months. Multiple hard searches in quick succession can hurt your score because they suggest to lenders that you're repeatedly applying for credit.

You can see your own soft and hard searches for free through agencies like Experian, Equifax, TransUnion, or via checkmyfile (all three).

No. Any FCA-authorised lender must conduct creditworthiness and affordability checks before lending. This is a legal requirement to protect consumers. A lender claiming to offer credit with no checks whatsoever is either misleading you or operating illegally.

What some lenders mean by "no credit check" is that they rely on Open Banking or bank statement analysis rather than a full credit file search. This is different from skipping checks entirely.

Phrases like "guaranteed approval" and "no refusal payday loans" are also not legitimate, approval always depends on the affordability assessment.

Repaying any credit commitment on time and in full contributes positively to your credit history. However, some mainstream lenders (for mortgages and prime personal loans) view evidence of payday borrowing as a negative signal regardless of whether it was repaid on time, because it can suggest financial stress.

If your goal is specifically to build or rebuild credit, products like credit-builder credit cards or a credit-builder account are usually better tools than short-term loans.

Missed and late payments are reported to credit reference agencies and will stay on your credit file for six years. This can significantly hurt your ability to get credit in the future, including mortgages, car finance and mainstream loans.

If you're struggling to repay, contact your lender immediately, don't wait. Lenders must treat customers in financial difficulty fairly (it's an FCA rule called Treating Customers Fairly) and can often offer repayment holidays or restructured plans. Ignoring the problem makes it worse.

Repayment is usually collected automatically on the dates agreed in your credit agreement. Most lenders use one of two methods:

• Continuous Payment Authority (CPA). The lender takes the agreed amount directly from your debit card on the due date
• Direct Debit. The lender requests the payment from your bank account under the Direct Debit Guarantee

Some lenders also offer the option to pay manually by bank transfer or debit card through their online portal. Your exact repayment method will be set out in your loan agreement before you sign.

A CPA gives the lender permission to take payment directly from your debit card on the agreed date, without needing to request each payment manually. It's the most common repayment method for short-term loans.

Under FCA rules, a CPA can only be used twice to collect a missed payment after that, the lender must contact you directly to arrange payment another way. You have the right to cancel a CPA at any time by contacting both the lender and your bank.

For more detail, see MoneyHelper's guide on CPAs and payday loans.

Yes. Under UK consumer credit law you have the right to repay your loan early at any time, in part or in full. You'll only pay interest for the days you actually had the money. Early repayment saves you money.

Most lenders don't charge an early repayment fee on short-term loans. Request a settlement figure from your lender before paying off early so you pay exactly the right amount.

Yes. You have a 14-day right to withdraw from your credit agreement without giving a reason, starting from the day after the agreement is made. If you withdraw you'll still need to repay the principal plus any interest accrued for the days you had the money, but you won't pay any fees or charges for withdrawing.

To withdraw, contact your lender in writing (email or letter). This right is set out in the Consumer Credit Regulations 2010.

Contact your lender immediately. FCA rules require lenders to treat customers in financial difficulty fairly and to consider reasonable alternatives such as rescheduled payments, payment holidays or affordable repayment plans.

If you miss a payment without contact, you can expect:

• A late/default fee (capped at £15 under FCA rules)
• Additional interest on the outstanding balance
• The missed payment being recorded on your credit file
• Further contact attempts by the lender

Don't take out a new loan to pay off an existing one, this is how the debt spiral starts. Free, confidential help is available from StepChange, National Debtline, or Citizens Advice.

FCA rules cap rollovers at a maximum of two times. Rolling over extends the loan term in exchange for additional interest and fees, it can significantly increase the total cost. Lenders are not required to agree to a rollover; it's at their discretion.

Rollovers should be a last resort. If you're in difficulty, asking for a restructured repayment plan (where the remaining balance is spread over several affordable monthly payments at existing interest rates) is usually a better option than rolling over.

You have the legal right to cancel a CPA at any time. To do it properly:

• Contact the lender in writing and tell them you're cancelling the CPA. National Debtline has a free letter template.
• Contact your bank and tell them to stop allowing the CPA. Your bank is legally required to stop the payments.
• Arrange an alternative way to repay your loan. Cancelling the CPA doesn't cancel the debt and missing payments will still damage your credit file.

Do this at least one working day before the next scheduled payment, otherwise the bank may not be able to stop it in time.

Before borrowing short-term, consider cheaper options:

• Credit unions - member-owned, not-for-profit lenders offering small loans at capped rates. Find one at findyourcreditunion.co.uk.
• Authorised overdraft - usually cheaper than a payday loan for short, small shortfalls. Check your bank's rate first.
• 0% purchase or balance-transfer credit cards - if you have good enough credit to qualify
• Government budgeting loans - interest-free loans for people on certain benefits. Apply via gov.uk.
• Friends or family - potentially cheapest, but put the arrangement in writing to avoid disputes
• Speak to the person you owe - bill companies, landlords and councils often offer payment plans for people in temporary difficulty

If you rely on short-term loans regularly, something deeper may be wrong with your budget and short-term credit is making it worse, not fixing it.

Free, confidential, independent debt advice is available from several UK charities and services:

• StepChange Debt Charity - comprehensive online and phone advice, free debt management plans
• National Debtline - 0808 808 4000, online chat and letter templates
• Citizens Advice - local face-to-face advice and online guidance
• MoneyHelper - government-backed money guidance
• Christians Against Poverty (CAP) - free debt help regardless of faith or background
• Turn2us - help finding grants and welfare entitlements

None of these services will charge you, pressure you or give you a worse outcome than trying to sort things out alone.

A debt spiral is when you keep borrowing to repay existing borrowing. The total amount you owe grows each cycle, even if you haven't spent any new money. It's a serious but very recoverable situation.

• Stop borrowing immediately, even if it means temporary pain elsewhere
• Call a debt charity, StepChange, National Debtline or Citizens Advice. They'll help you understand your options, from informal arrangements to formal solutions like Debt Relief Orders or IVAs.
• Don't ignore letters or calls, creditors are required to work with you under FCA rules if you engage, but they have other options if you don't
• Look at free services like Breathing Space — a government scheme giving you up to 60 days of legal protection from creditors while you get advice

Asking for help isn't failure, it's what the system is designed for and most people who use debt advice services end up in a much better financial position than they would otherwise.

No. Short-term loans are designed for genuine, one-off short-term needs, an unexpected bill, an emergency car repair or a boiler breaking down. They're not suitable for:

• Regular recurring expenses (rent, bills, food)
• Paying off other debts
• Discretionary spending (holidays, luxuries)
• Anyone already struggling with debt or unstable income

If you're in any doubt, don't borrow. Speak to a free advice service first, they'll help you weigh up whether a loan genuinely helps your situation or makes it worse.

Excellent free resources for budgeting, saving and building credit include:

• MoneyHelper - government-backed money guidance across all topics
• MoneySavingExpert - Martin Lewis's free consumer guidance site
• Which? Money - consumer reviews and independent comparisons
• FCA Consumer pages - your rights and how to protect yourself from scams

Swift Money also publishes free guides on related topics. See our pages on payday loans, short-term loans and bad credit loans.