Lenders Compared: Site Traffic Rankings & More (Data Updated for Jan 2018)

Best Payday Loans for Bad Credit | Compare Payday Loan Lenders

Best Payday Loans for Bad Credit. Compare Payday Loan Lenders
Best Payday Loans for Bad Credit Online…

Sample Listing:
Brand & Launch Year | Alexa Rank (UK, Global, No Rank)
– Opening Hours (NS = Not Shared)
– Terms (Repayment Options) | Sums (+Reloan Cap in Brackets)
– The Charge of a 30 Day £100 Loan
*Any Supporting Notes.

List of Payday Loan Lenders 2018 Ranked by Web Traffic

1) Wonga (2007) | #8080
Wonga Loans
– Mon/Sat (7am-8pm), Sun (8am-5pm)
– 1d-6m | £50-£400 (£1000)
– £24
*£2000 max for instalments.

2) QuickQuid (2007) | #8529
QuickQuid Loans
– Mon/Fri (8am-9pm), Sat/Sun (10am-6.30pm)
– 1m-3m | £50-£1000 (£1500)
– £22.80-£24
*New customer promo code factored.

3) SafetyNet Credit (2014) | #13,385
SafetyNet Credit Loans
– Mon/Fri (8am-7pm), Sat (9am-5pm)
– 1d-12m+ | £100-£500
– £24
*24/7 reloaning. From limit can draw £20+.

4) Smart Pig (2012) | #19,227
Smart Pig Loans
– Mon/Fri (9am-7pm), Sat/Sun (10am-6pm)
– 1d-180d | £50-£350
– £24
*Students only.

5) WageDayAdvance (2004) | #22,659
WageDayAdvance Loans
– Mon/Fri (8am-8pm), Sat (9am-5pm), Sun (10am-4pm)
– 1m-6m | £80-£500 (£1000)
– £24
*Non.

6) PiggyBank (2012) | #26,971
PiggyBank Loans
– Mon/Thu (8am-6pm), Fri (8am-4.30pm), Sat (9am-1pm)
– 7d-5m | £100-£400
– £24
*£1000 (new) and £1500 (return) max for instalments.

7) 247Moneybox (2009) | #35,018
247Moneybox Loans
– Mon/Fri (8.30am-6pm)
– 1m | £80-£200 (£800)
– £24
*7/7 payouts possible when reloaning.

8) Ferratum (2010) | #41,562
Ferratum Loans
– Mon/Tue (8am-7pm), Wed (8am-5pm), Thu (8am-7pm), Fri (8am-5pm), Sat (8am-12pm).
– 1m-4m | £50-£700 (£1000)
– £24
*7/7 payouts possible when reloaning.

9) CashFloat (2014) | #46,862
CashFloat Loans
– Mon/Fri (9am-5.30pm)
– 1m-4m | £200-£500 (£1100)
– *£48 (£200)
*Hypothetical = £24. £300 max for 1m.

10) Peachy (2011) | #50,388
Peachy Loans
– Mon/Fri (8am-8pm), Sat/Sun (10am-6pm)
– 1m-12m | £100-£1000
– £24
*Non.

11) Drafty (2016) | #55,235
Drafty Loans
– Mon/Sun (7am-10pm)
– 1d-12m+ | £50-£3000 (£5000)
– £5.40
*24/7 reloaning. After initial £50 draw can request £20+.

12) Swift Sterling (2010) | #72,764
Swift Sterling Loans
– Mon/Sat (7.30am-11.30pm)
– 1m-5m | £100-£750 (£1500)
– £24
*Non.

13) Quid Market (2011) | #89,414
Quid Market Loans
– Mon/Fri (8am-6pm), Sat (9am-4pm)
– 1m-6m | £300-£600 (£1000)
– £24
*Hypothetical = £48. 1 & 2 month terms on reloans only. Reloan sums also start from £200.

14) WageMe (2012) | #100,236
WageMe Loans
– Mon/Sat (9am-5pm)
– 1m | £50-£400 (£1000)
– £24
*Non.

No Alexa UK Ranking (Sorted by Global Rank)

15) The Quick Loan Shop (2012) | #1,854,040
The Quick Loan Shop Loans
– Mon/Fri (NS)
– 1m-12m | £100-£2000
– £24
*Non.

16) Cash Asap (2012) | #1,913,255
Cash Asap Loans
– Mon/Fri (8am-9pm), Sat (8am-7pm), Sun (9am-7pm)
– 1d-3m | £100-£300 (£750)
– £23.84
*Non.

17) Fernovo (2017) | #2,260,687
Fernovo Loans
– Mon/Fri (9am-6pm)
– 1m-6m | £100-£400
– £15
*£1000 max for instalments.

18) Miss Payday (2013) | #2,680,592
Miss Payday Loans
– Mon/Fri (NS)
– 1m | £100-£500
– £24
*Non.

19) Creditstar (2011) | #2,990,581
Creditstar Loans
– Mon/Sun (9am-8pm)
– 5d-1m | £100-£300 (£700)
– £24
*Non.

20) Nextcredit (2012) | #3,201,869
Nextcredit Loans
– Mon/Fri (8am-8pm), Sat (9am-1pm)
– 1m-12m | £100-£1000
– £24
*Non.

21) Wee Loans (2013) | #4,045,439
Wee Loans
– Mon/Fri (NS)
– 1m | £100-£500
– £24
*Non.

22) Credio (2014) | #4,651,744
Credio Loans
– Mon/Fri (NS)
– 1m-4m | £50-£200
– £22.25
*Non.

23) In-Sync Credit Services (2017) | #4,945,917
In-Sync Credit Services Loans
– Mon/Thu (8.30am-6pm), Fri (8.30am-5pm), Sat (9am-1pm)
– 1m-12m | £150-£350 (£1000)
– *£28.88 (£200/28d)
*Hypothetical = £14.44. Weekly repaid shown. Monthly is £48.67 (£200). This example is assumed to be over 31 days to meet the cap.

24) Auden (2014/2017) | #5,725,523
Auden Loans
– Mon/Fri (9.30am-5.30pm)
– 7d-12m | £200-£400 (£1000)
– £38.40 (£200)
*Hypothetical = £19.20. Rebranded from Uberima.

25) Sunshine Credit (2016) | #6,240,225
Sunshine Credit Loans
– Mon/Fri (NS)
– 1m | £100-£500
– £12
*Non.

26) Fast Loan UK (2010) | #6,463,237
Fast Loan UK Loans
– Mon/Sun (9am-5pm)
– 1m-12m | £50-£600 (£2000)
– £24
*New users capped at 8m.

27) Quick Loans Express (2015) | #10,573,466
Quick Loans Express Loans
– Mon/Fri (8am-5pm)
– 1m-4m | £200-£500 (£1100)
– *£48 (£200)
*Hypothetical = £24. £300 max for 1m.

28) Payday Loans Net (2017) | #13,541,746
Payday Loans Net Loans
– Mon/Fri (8am-5pm)
– 1m-6m | £200-£700 (£2000)
– *£48 (£200)
*Hypothetical = £24. £300 max for 1m.

29) Pounds Till Payday (2006) | #13,719,799
Pounds Till Payday Loans
– Mon/Sat (7.30am-11.30pm)
– 1m-5m | £100-£750 (£1500)
– £24
*Non.

30) 100Pounds (2012) | #14,541,176
100Pounds Loans
– Mon/Fri (9am-6pm)
– 10d-1m | £100 (£300)
– £24
*New users are restricted to 10 days.

31) Tappily (2017) | #16,611,876
Tappily Loans
– Mon/Fri (8am-7pm), Sat (9am-5pm)
– 1d-12m+ | £100-£2500
– £10.20
*24/7 reloaning. From limit can draw £20+.

No Global Rank (Sorted Alphabetically)

32-33) PeraLoans (2014)
Pera Loans
– Mon/Fri (9am-5.30pm)
– 1m-3m | £200-£500 (£1100)
– *£48 (£200)
*Hypothetical = £24. £300 max for 1m.

32-33) MPP Money (2013)
MPP Money Loans
– Mon/Fri (9am-5.30pm)
– 15d-90d | £100-£500
– £21
*Not currently taking applications.

Not Listed:
*Kabayan Finance: Kabayan’s monthly pricing sits above the legal cap.
*Recent closures since our past update include Monkey Dosh, Payday Express, PaydayUK and Pixie Loans.

Notes:
*Alexa rankings are displayed to demonstrate market share.
*Discounts from promo codes are available with select providers. We have referenced these above when active coupons have been confirmed.
*Hypothetical examples are shown to demonstrate how much £100 would cost. This is most commonly seen when £200 is the minimum sum.
*The traffic data was last updated on January 5th, 2018.



Cheapest Payday Loans (Charge + Daily Rate to 3DP)

Bad Credit 1 Month Loans (£100 Cost)
1) Sunshine Credit (£12 | 0.400%)
2) Fernovo (£15 | 0.500%)
3) In-Sync Credit Services (£15.47 | 0.516%)
4) Auden (£19.20 | 0.640%)
5) MPP Money (£21 | 0.700%)

Top Good Credit Option
1) Drafty (£5.40 | 0.180%)

About

Payday lending is a multi-billion pound industry in the UK. The British brand Wonga has been the biggest success story, although there has been a significant share of business flowing through American-owned firms such as PaydayUK (now closed) and QuickQuid. It was the United States where the industry began through store lending. The Money Shop adopted the trend in 1999 whilst the first online lenders arrived in 2003, sparking over a decade of dominance in subprime lending. The FCA replaced the OFT as the financial regulator in April 2014. The FCA quickly became ruthless, with the price cap ruling in early 2015 essentially putting an end to the golden era of payday loans.

British banks have always been overly strict with lending on overdrafts and loans that only increased after the financial crisis hit the industry. The payday firms stepped in, happy to help those in need of a cash boost in a hassle-free way. Around £200 is typically sent out to customers on first applications and with trust earned comes much higher sums. Qualified funds are sent quickly to help cover the customer over the month until their next pay date arrives. With select firms like Wonga you are free to choose the repayment date of your choice that is handy for a short loan of just a couple of days.

Pros and Cons

(+) The demonising of legal loan sharking may have been relevant some years back, but the level of regulation now in place has really cleaned up the industry. The capping has for instance made this type of lending more affordable than banking through agreed overdrafts. If you were to for instance be accepted for £100 with Halifax or Santander then over the period of 30 days you’d pay £30 (£1 per day). In contrast, a payday loan would cost no more than £24. Some providers even head lower. So the market value is fair and funding with some of the more tech-driven providers is available at the click of a mouse 24/7.

(-) There are still valid concerns that monthly borrowing can lead to financial problems in that the borrowed sum plus interest must be repaid in one lump sum. An instalment loan lender would spread the balance out over X number of months that really helps to make contracts extra manageable. You do pay more interest overall when you spread the cost, but the actual daily interest rate drops the longer that you opt to borrow over. For those that would prefer to just borrow monthly, then we’d simply advise that you apply with the more reputable firms who others are flocking to (demonstrated by the Alexa rank sorting in this comparison).

The Best Payday Loan Alternatives?

BuyBack Loan: Made popular by Cash Converters and Cash Generator whereby you pawn your electricals such as laptops and mobile phones for a month. The main issue with this type of service is that they aren’t legally contracted and so you’ll tend to find that they are very expensive. A 30% charge would be typical that would even need to be paid if you took back your goods after a few days. There are no credit checks here and so this is an option for anyone with goods to hand. A pawnbroker loan would be less popular since electricals aren’t often accepted, but rather antiques and jewellery. This is also for longer term borrowing.

Instalment Loan: As was touched on above, spreading the cost over 3 to 6 months is a good way to stay on top of your finances. It would of course be important to request the same level of cash as you would have done so monthly. Some may be tempted by larger sums, but this is where the debt can get problematic.

Last Updated: January 5th, 2018.