Top online loans in the UK with fast approval | top 5 payday loans 2022

Worried about your funds? Take a look at the best payday loans in the UK for quick cash solutions today. We have reviewed the top payday loan services that offer instant, and reliable short-term loans for bad credit in 2022.

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Thursday, 31st March 2022, 11:12 am
Here Playtogga.com compare the top money-lending services that are both reputable and reliable, regardless of your credit rating

Your world can turn upside down when you expect it the least. It could be that huge electrical bill or an unexpected expense – which is where the best payday loans come in.

Believe it or not, with the best payday services in the UK you can get these loans in a few minutes and repay them after some weeks or months. You can even opt for some of these short-term loans with bad credit.

Here Playtogga.com compare the top money-lending services that are both reputable and reliable, regardless of your credit rating. They have also gone over the processes of actually getting a loan, the eligibility criteria and more to get you started.

Best UK Online Loans with Fast Approval - First Look

1. Best overall payday loan - BeeLoan

2. Ideal for quick payday loans - Lending Stream

3. Top hassle-free payday lenders - Tappily

4. Best payday loan convenient repayment - Fund Ourselves

5. Top payday loan for bad credit rating - QuidMarket

1. BeeLoan — Best OverallPros:

- Safe & easy-to-browse website

- Makes quick decisions

- Doesn't charge a single penny for fees

Cons:

- Varying interest rates and APR

If you want to connect to a reliable direct lender through a broker, BeeLoan.uk can make the entire process easier for you. It asks the users to fill out an online loan application that only requires three steps to be submitted.

This saves your time, prevents hassles, and provides you with cash as soon as possible.

Like every other broker, BeeLoan.uk charges lenders for advertising services provided via commissions.

Eligibility Requirements: 4.5/5

To be eligible for receiving a short-term loan from BeeLoan.uk, you've to be a UK citizen aged over 18 and must have a regular monthly income. Since Beeloan.uk processes transactions through bank accounts, you also have to hold a valid debit card with a bank account.

These are the basic criteria for almost all sorts of short-term online lenders in the UK. However, keep in mind that these requirements may vary from lender to lender.

Lending Amount: 5/5

BeeLoan.uk can help you borrow from £100 - £5,000 from its network of loan lenders. This gives BeeLoan.uk a cutting edge over other loan lenders on this list. However, keep in mind that not all lenders can provide large amounts.

The time required for the loan to process and transfer to your account also varies by different lenders and bank policies. Typically, once your loan gets approved, it transfers to your account the same day without any other charges.

Interest Rates and Fees: 4.5/5

The APR rates range from 49.9 per cent to 1333 per cent, with an annual interest rate of 292 per cent (fixed). The representative example goes this way: if you borrow £250 for a month, the interest will be charged £60, and your total repayable amount will become £310.

Repayment: 5/5

The repayment duration is a minimum of one month and a maximum of 36 months.

2. Lending Stream — Best Instant Payday Loan

Pros:

- Fast money transfer into your account

- Easy 40 second-application form

- Starting from as low as £50

- Direct loan provider

Cons:

- High-interest rates

Now, you can get a loan transferred into your account within a few minutes. But how?

With the help of loan providers like Lending Stream, you can make instant decisions for flexible loan amounts and receive them in your bank account quickly. However, this could mean that you might not receive the best rate.

Eligibility Requirements: 4.5/5

The basic eligibility requirements for short-term loans from direct lenders in the UK remain the same for Lending Stream as well.

In addition to that, the company also does status checks and satisfactory checks on creditworthiness and affordability. The online application form asks you to provide your personal information, income, and expenses details.

Lending Amount: 4/5

You can borrow from £50 to £1,500 through Lending Stream. Once your application gets approved, the money is streamed to your bank within 90 seconds.

Interest Rates and Fees: 4/5

The maximum APR rates range for Representatives is 1721 per cent. However, you may get a 12-month loan at Representative 325 per cent APR depending on your approved loan amount. The interest rate per annum is 292% (fixed).

For a Representative APR of 1333 per cent, if you borrow a six-month loan of £200 at a 292.0 per cent interest rate, the total amount will become £386.61 that you would have to repay in 6 equal payments of £64.44.

Similarly, for a Representative APR of 325 per cent, if you borrow a 12-month loan of £800 at a 153.30% interest rate, the total amount will become £1,563.2 that you would have to repay in 12 equal payments of £130.26.

Repayment: 4.5/5

Lending Stream allows customers to repay the amount early and avoid paying interest. This is why they don't have any standard repayment period. However, the general repayment duration ranges from six to 12 months.

3. Tappily — Best Hassle-free Loan

Pros:

- Automatically tops up the bank account credit

- Requires application form to be submitted once

- Fast & flexible credit anytime you need

- No application fees

- No late repayment fees

Cons:

- Repayment procedure isn't convenient

With Tappily, you don't have to apply or submit the application for new loans. Instead, you can borrow as much money as you want while avoiding the hassle of having to apply again.

This way, you don't have to borrow a single lump sum amount. Additionally, Tappily connects to your bank account and tops up your credit whenever you need it.

Eligibility Requirements: 4.5/5

To become eligible for Tappily, the basic requirements remain the same. You need to be a UK resident aged 18 or above, have a regular monthly income, and own a current bank account.

For the online application form, you have to provide your bank account sort code, number, debit card details, and e-Banking log-in credentials.

Lending Amount: 4/5

You can borrow any amount between £500-£2,500 with Tappily. The customers who get approved by the payday lender and set up their Tappily facility have to wait for only 15 minutes to get the loan amount in your account.

However, in some cases, the transaction may delay for up to two hours, depending on the concerned bank.

For new customers, the Tappily facility set up may require up to 24 hours, excluding the time required for the credit installment.

Interest Rates and Fees: 4.5/5

Tappily charges a Representative APR of 49.7% with a daily interest rate of 0.34 per cent up to 75 days (variable 124 per cent interest rate per annum).

Representative example: if you get a four-day loan of £150, the total interest would be £2.04 (daily interest of £0.51).

Repayment: 4/5

The repayment duration ranges from one month to 12 months. Tappily allows you to make repayment at any time; however, it can also automatically deduct the amount from your bank account.

The automatic feature makes it easier for some customers, but others find it pretty frustrating.

4. Fund Ourselves — Best UK Loan for Convenient Repayment

Pros:

- Convenient repayment terms

- No hidden charges or fees

- Provides same-day funding

Cons:

- Complicated repayment procedure

You may have come across many payday lenders that allow you to repay whenever you like without charging any late fee or penalty.

However, only the authentic and convenient lenders, like Fund Ourselves, charge interest on your loan duration. This means that you can save a significant amount of money by repaying early.

Eligibility Requirements: 4.5/5

Fund Ourselves also requires you to be a UK resident aged 18 or above with an authentic bank account and stable monthly income. If you check all these boxes, you will be required to submit a five-minute application.

Lending Amount: 4/5

You can borrow money between £100-£1,500, which is pretty much similar to the loan providers listed on this list.

Interest Rates and Fees: 4/5

Fund Ourselves charges a Representative 504.7 per cent APR and an annual interest rate of 211 per cent (fixed).

Representative example: if you borrow £200 for 122 days with an interest rate of 211 per cent p.a. (fixed), the total repayment amount will become £286.82 that you'll have to pay in four equal repayments of £71.71 each.

Repayment: 4/5

The repayment duration varies from four to six months.

5. QuidMarket — Best UK Loan for Bad Credit

Pros:

- No additional fees with direct lender loans

- More manageable than typical payday loans

- Doesn't require a guarantor or collateral

- No application or late repayment fees

Cons:

- Complex application requirements

When you have bad credit, it can be quite difficult to get the best payday loans in the UK from traditional lenders.

Still, with loan providers like QuidMarket, you've got some hope left. The company can lend you short-term loans even if you have a poor credit history for as much as £1,500, and that too – with no additional fees.

Eligibility Requirements: 3.5/5

QuidMarket's eligibility requirements are more complicated than the UK's standard short-term loans.

To be eligible, you have to be a UK resident aged 23 or above, own a mobile phone (the company sends a four-digit SMS code in your application procedure), have a UK bank account with a valid debit card, and have a monthly income of at least £1,300.

Lending Amount: 4/5

QuidMarket lets you borrow money from £300-£1,000. The terms of repayment and loan amounts vary as per the affordability checks made by the company.

Interest Rates and Fees: 4/5

You will be charged with Representative 1301 per cent APR with an annual interest rate of 292 per cent (fixed).

Representative example: if you take a 3-month loan of £300 at a Representative rate of 1301 per cent APR and an interest rate of 292 per cent (fixed), you would have to pay three monthly instalments of £151.46.

The total credit charge will be £1,454.37, and the total payable amount will be £454.37.

Repayment: 4.5/5

The total repayment duration is three to six months, depending on affordability checks. The payments are made via Debit Card through a Continuous Payment Authority (CPA).

How did we choose the best money lenders?

When it comes to choosing the best short-term loans, there is no "perfect choice" for everyone. We chose the best payday loans in the UK for bad credit by looking at a few factors, including:

Eligibility requirements

Most lenders usually mention eligibility requirements on their official websites so the loan borrower can determine whether they are eligible for the loan or not. Typically, the eligibility requirements include minimum credit scores, maximum debt-to-income ratios, and minimum income levels.

Interest rates and fees

The criteria of interest rates usually vary from lender to lender. So, the borrower has to find and compare the interest rates and fees of different lenders in order to decide which one is more convenient for them.

You can easily get quotes for prepayment penalties and application fees, along with the interest rate, from the lenders' websites.

Repayment terms

The typical repayment durations for short-term loans range from a few days to several months. The shorter your repayment duration is, the lesser you'll be paying in interest.

Type of lender

You can get short-term loans from brokers, which connect money borrowers with loan lenders, and direct lenders, which lend money on their own. Online direct lenders usually have the lowest rates.

Financial Conduct Authority (FCA) registration

The Financial Conduct Authority is a financial regulatory body operating in the UK without having any connection with the UK Government. So no matter what type of loan lender you choose, ensure it is registered with the FCA to avoid any legal issues in the future.

How to get started with bad credit rating payday loans

Step 1: Submit an online application

Visit the lenders' official website and apply for the application.

Step 2: Confirm your details and review the terms and conditions

If your application gets accepted, you will be required to confirm the details you provided while applying. Also, you have to review the repayment terms and conditions provided by the lender.

Step 3: Receive the loan

Once the lender verifies you, the funds will be deposited to your bank account as per the duration mentioned by the lender.

Q&As

Can I borrow short-term loans with bad credit?

Yes, you can. The best online payday lenders usually don't do a credit check; however, you have to fulfil the eligibility criteria at all costs.

Plus, you must be stable enough to pass the affordability checks made by the lenders. If you're eligible for the loan, you can then borrow a short-term loan from £50 to £5000 from the trusted websites we listed above.

Can I get a better payday loan with an improved credit score?

Of course, you can. The easiest way to get a more flexible and favourable APR and the lenders' approval is to improve your credit score.

You can increase your credit score by repaying the loans on time. This will reduce your debt-to-income ratio and present you as a responsible citizen with a decent credit score.

Do all payday loan lenders do a credit check?

It is possible to get a loan with no credit check. However, these options usually become a headache in the long run because of extremely high-interest rates and fees. Thus, it’s better to opt for lenders who provide loans for bad credits instead of going for no-credit-check loans.

Are there any risks for short-term payday loans for bad credit?

The most common risk that comes with short-term loans for bad credit is the amount you will be required to repay.

This amount is usually way higher than the actual amount you borrowed. With bad credit, the interest rates are quite high. This makes it challenging for many borrowers to pay back the loan with interest and get out of the debt.

However, if you play smartly and manage your finances well, short-term loans for bad credits won't harm you as much.

Who will review my application? Will I get accepted?

The application acceptance requirements and criteria usually vary from lender to lender. They are the ones who decide whether you'll get accepted or not.

This is why you need to check out the lender's acceptance criteria to determine if you should apply for the loan or not. If you don't do so, there is a higher probability that you may get rejected and harm your credit file.

How do I choose the best online payday loan for me?

Before choosing a payday loan, always ensure that you fulfil the eligibility requirements. After that, you need to watch out for the APR and interest rates. If you have bad credit, you can't borrow a loan with a higher APR and interest rate.

Moreover, you also have to choose the loan that you can repay easily within the required duration. Lastly, ensure that the lender is credible by checking whether it's registered with the Financial Conduct Authority (FCA).