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Representative APR 91%.
Representative Example: Borrow £500 for 6 months. Interest: £160.27 - Interest rate: 65% per annum (fixed). Representative APR: 91% - Total amount payable: £660.27. Rates between 9.3% APR and maximum 1721% APR - your no-obligation quote and APR will be based on your personal circumstances.

Warning: Late repayment can cause you serious money problems. For help, go to
Please note: Swift Money® are not a lender and offer a credit matching service.

What are Payday Loans?

Payday loans are small, short-term unsecured loans offered to individuals in need of emergency cash. As their name suggests, the loans are supposed to be paid during the next payday. Typical payday loans have a term of 30 days; however, some lenders like Swift Money offer flexible terms to anyone in need.

Payday loan amounts range from £50 to £1,000 although lenders are free to lend more. The loans are designed to cater for one-off or unexpected expenses before the next payday. In case you are wondering when it’s advisable to take a payday loan, here are some expenses you can offset with a payday loan.

Uses of a payday loan

Payday loans are meant for emergency expenses like;

• Hospital bills
• Funeral expenses
• Rent arrears
• Car repairs
• Home repairs
• Unexpected travel costs
• Smartphone damage
• Home appliances repairs etc.

Precautions when taking payday loans

Like any other types of loans, payday loans can be harmful when they are misused. Here are some of the things you should avoid when you take payday loans;

1. Don’t borrow to fund luxuries or existing debt: You should never take a payday loan or any other loan to fund luxuries. Loans should be taken to cater for pressing needs not wants. You should also avoid taking payday loans to pay out existing loans/debt.

2. Don’t borrow payday loans for long-term purposes: Short-term loans such as payday loans can be very expensive when taken for long-term use.

3. Don’t borrow regularly: Payday loans are ideal when they are taken sparingly. Furthermore, emergency expenses are rare so, you shouldn’t take payday loans frequently.

4. Don’t miss your repayment: Payday loans attract unnecessary costs/fees/fines if they aren’t paid on time. You also risk damaging your credit score if you don’t repay your loan on time.

Payday loan alternatives: Payday loans vs. other loans

You can get emergency cash from other sources. Here is a detailed discussion on those alternatives and why most people prefer payday loans today.

Personal loans: Pros and cons

You can take a personal loan to cater for emergency cash needs. Personal loans are ideal alternatives when you want more than £1,000 or a longer repayment term such as 6 months or more. However, personal loans have their shortfalls. For instance, they are harder to access. Personal loans have stricter qualification criteria compared to payday loans. Unlike payday loans, you can’t get a personal loan if you have bad credit and if you’re lucky, you will pay a high-interest rate. You may also be required to get someone to cosign against your loan.

Personal loans also have a longer waiting period. You can get a payday loan within minutes. You have to wait for days to get your personal loan approved. For this reason, they are not ideal for emergency expenses. You also need security to take a personal loan. You just need your current pay slip or proof of income to secure a payday loan in the UK.

Borrowing from friends and family: Pros and cons

Instead of turning to short-term loans, you can get cash for emergencies from your friends or family members. This option is favorable because it’s usually interest-free, i.e., you repay what you borrow. The repayment period can also be flexible. However, you need to be comfortable discussing your personal issues to explore this option. You also risk straining your most important relationships if you don’t pay on time. Furthermore, this option is ideal when you are borrowing small loan amounts only. If you need a sizable loan immediately, you may not be able to get the money from friends and family.

Taking a payroll advance: Pros and cons

You can take a payroll advance over a payday loan. However, payroll advances aren’t available to everyone. Some employers don’t offer this option. Furthermore, a payroll advance ties you to your current employer until you pay back the loan. For instance, you can’t change jobs before you settle your payroll advance. It can also set a bad precedent if you make it a habit. In some professions such as finance, you are expected to have unmatched personal finance habits. Taking an advance repeatedly in such a case may impact negatively on your career progression.

Borrowing from your retirement account: Pros and cons

You can also turn to your retirement account when faced with emergency expenses. It is, however, important to note that most retirement accounts are designed to discourage borrowing. First and foremost, it is difficult accessing retirement account funds. The processes are lengthy and tedious. This option is also more expensive compared to options like payday loans. There are hefty charges for making sudden withdrawals. You also stand to pay hefty penalties if you don’t meet your repayment obligations. If you don’t know the terms and conditions attached to your retirement account, avoid borrowing by all means.

Credit cards: Pros and cons

You can turn to your credit card when you have an emergency expense. This option is suitable when you have a great credit card plan already. If you don’t, consider other short-term loan options. It takes a few days to get a new credit card. When you have emergencies like car repairs, you don’t have time to spare. Furthermore, most credit cards are expensive and tend to have fixed plans. If you choose a good payday loan provider like Swift Money®, you can be able to negotiate terms to match your needs. The same can’t be said about credit card providers. You stand to face hefty fees/fines if you miss credit card payments or overspend.

How do payday loans work: Applying for a payday loan?

Like any other loans, you have to apply for a payday loan to get one. Here are the main steps in the application process.

Step 1: Filling in the application:
A typical payday loan application form asks for personal information such as your; full names, address, telephone, email, bank account and employment details. You will also need to select the loan amount you want as well as read and accept the terms and conditions. The application process should be fast and simple if you choose a reputable lender like Swift Money®. We have one of the best online loan application platforms in the industry. Typical applications can be done within seconds.

Step 2: Application assessment:
Once you fill in the application and submit, the lender will assess the application. This step is important for verifying the information you have submitted. If there are errors and/or omissions at this stage, your application will either be declined or returned for you to make the necessary amendments. The best payday lenders in the UK assess payday loan applications in seconds.

It’s worth noting that assessments may involve background checks to ascertain your employment status. Swift Money® offers bad credit payday loans in the UK, so you are free to apply for our loans even if you have a bad credit score. We don’t decline applications based on credit scores.

Step 3: Application approval:
Once applications pass step 2, they are approved. Swift Money disburses funds in 10 minutes or less after accepting applications. We are delighted to have a 97% payday loan approval rate, one of the highest in the UK. If you choose Swift Money, chances are you will qualify for the payday loan you want. We also offer a variety of payment options. Try us Today!

Step 4: Repayment:
You should abide by the repayment obligations attached to your loan. If you do this, you shouldn’t incur any additional costs. Most payday loans are repayable in 30 days. Swift Money® offer flexible terms if you wish to borrow and repay in three or more months.

Qualifying for a payday loan in the UK: Minimum Requirements

You must be 18 years and above to qualify for a short term loan in the UK. You should also reside in the UK, have a UK bank account and be employed or have proof of income.

Increasing your chances of qualifying for a payday loan

1. Fill your application properly:
Your loan application can be rejected because of typos among other small errors like omissions. Your application can also be rejected if you submit the wrong employer information. Such errors can amount to fraud, so you need to be honest and careful when filling in your loan application. Filling in your application properly will save you time and legal problems. When you have emergency cash needs, you don’t want to waste time or create other problems for yourself.

2. Make sure you choose a loan amount you can afford:
As part of the loan application assessment process, lenders usually assess the ability of a borrower to repay his/her loan. The loan amount you choose should factor in your income and recurrent monthly expenses. You can use a loan affordability calculator to find out how much money you can borrow comfortably. There is a high chance your loan application will be rejected if you choose a loan amount you can’t afford to repay comfortably. You must factor in all expenses including existing debt.

3. Choose a reputable payday loan lender:
Swift Money® has a 97% loan approval rate. We also come highly recommended since 2011. When you choose a lender like us, you automatically increase your chances of qualifying for a payday loan regardless of your credit score or financial situation.

Choosing a payday loan provider in the UK:

a. FCA Approval: Before you apply for a payday loan in the UK, you must make sure you are dealing with a lender who is FCA approved. FCA-approved lenders have met all the relevant legal requirements and professional standards of offering financial services in the UK. FCA-approved lenders are licensed and reputable. SwiftMoney FCA-authorisation no. is 738569. Given the increase in payday loan complaints/fraud cases, you should avoid illegal lenders by all means.

b. Loan approval rate: You should also pay attention to the loan approval rate of the lender you want to deal with. Reputable lenders don’t have to reject many applications because they have great application processes. Our application process is fast, fair and easy.

c. Affordability: You should also choose an affordable lender. Just recently, the FCA put a cap on payday loan charges to make them affordable. Most lenders have set the FCA’s cap as their rates/fees. The best lenders are more affordable.

d. Privacy: Considering you must submit your personal information to access payday loans and we’ve had many data breach cases in the past, the payday loan lender you choose must maintain the highest data protection standards.

e. Direct lender vs. Broker: You can borrow payday loans in the UK from brokers or direct lenders. Although most people think direct lenders are better than brokers, this isn’t entirely the case. Most direct lenders don’t offer unmatched customer experiences given the large number of applications they have to deal with. Brokers are better in this regard. Direct lenders are big lending companies.

Brokers also have access to more than one lender which means you have more options when you choose a broker like SwiftMoney. Brokers submit applications to multiple direct lenders which increases their chances of finding you the perfect lender. They receive a small commission from their lending partners for giving them business. In fact, borrowers tend to pay less for their loans when they go through payday loan brokers. When you have emergency expenses, you don’t have the time to compare different lenders. This is where brokers come in handy.

Why should you choose a Swift Money payday loan?

1. They are easy to get: With our loan application approval rate at 97%, anyone can get a payday loan from SwiftMoney provided you complete our application honestly and accurately. We have approved over 500,000+ payday loans since 2011. Bad credit payday loans are available.

2. No hidden costs/fees: We are 100% transparent. All our clients know the total cost of their loans before they apply.

3. We are fast: Get a loan in 10 minutes or less after your loan application is approved. Our online application process is also fast.

4. Flexible repayments: Swift Money offers flexible terms to match the needs of any borrower. Talk to us if you face any repayment problems.

5. 24/7 payday loans: We offer instant payday loans seven days a week. Check our operation hours here!

6. Online application/assessment/approval and disbursement: We do everything online! We offer fast cash loans because we have invested heavily in technology. Access our services anywhere provided you have a computing device and internet access!

For more info. on payday loans in the UK, feel free to call SwiftMoney on 0800 567 7444 or email us: Our payday loans are the best alternative for anyone in need of £50 - £1000 or more in minutes to pay for emergency expenses.

FCA Register

Swift Money Ltd are authorized and regulated by the Financial Conduct Authority (FCA)
Authorization can be checked on the FCA register at:
FCA Firm reference Number: 738569

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