4 Best Apps for Payday Loans in UK

Have you ever been in an emergency and needed some quick cash?

Advancement in technology has transformed many things—loan application included. The days of standing in long queues to apply for a loan are behind us. Nowadays, applying for a loan is as simple as taking out your phone, signing up on a loan website, filling out an online form and voila! You’re done!

However, the main challenge is finding a reliable online lender, especially if you have a poor credit rating. This post will take you through the four leading payday lenders in the UK. 

1. Viva Loans

Viva Loans is a broker platform that connects borrowers to lenders willing to give low-interest loans. The application process is entirely online, and it takes less than five minutes to fill out an application form. 

Unlike traditional banks, payday loans have flexible eligibility criteria. To qualify for a loan, you must meet the following minimum requirements:

• Be a resident of the UK
• Be 18 years or older
• Have a valid email, bank account and working mobile phone

However, the requirements generally differ depending on the creditor.

Viva Loans which is accessible at vivaloans.co.uk doesn’t charge any fees for using its services. The interest rates differ based on the lender, but the average rate is 49.9%. Lenders can raise the interest if you fail to repay on time. However, your loan repayment will never be double the loan amount you took out.

Pros

• Fast application and approval process
• Individuals with bad credit are eligible
• No Hidden fees

Cons

2. Cashasap Uk

This platform offers payday loans of up to £750. Cashasap requires borrowers to clear their debt with their next paycheque. Once your loan application goes through, expect to receive the funds on the same day. 

Cashasap allows customers to make early repayments without incurring any additional costs. If you can afford to make early repayments, do so since it’ll save money. 

Applying for payday loans is a simple process that usually takes less than five minutes. 

Before applying for loans on this platform, ensure you go through their repayment terms to ascertain that you can afford the loan. 

To qualify for a loan, you must: 

• Be a resident of the UK
• 18 years or older
• Have regular income
• Have a bank account

Pros

• You can make early repayments with no penalties
• Fast application and approval process

Cons

3. Money Boat

This platform offers transparent and straightforward payday loans. The application process is entirely online, allowing you to avoid paperwork that takes a lot of time. If you get approved for the loan, the funds will be available in your account within 15 minutes. 

Money boat is a flexible platform that allows you to borrow and choose the most convenient repayment terms for you. When applying for a loan, Money Boat requires you to provide proof of income, your bank statements, and contact details. 

The minimum requirements are:

• Be a permanent UK resident
• Be 18 years or older
• Have a regular income
• Own an account with an authentic debit card

Moneyboat performs a credit and affordability check to determine if you can qualify for a short-term loan. Once approved, you’ll receive the loan terms and conditions via email, which you can sign with an e-signature. 

This platform is safe and secure and values borrowers’ privacy. The systems are entirely encrypted, and the data is confidential. 

There are no added or hidden fees. Moneyboat has a daily interest rate of 0.7%, which is lower than most UK payday lenders. 

This is not a broker site—it’s a direct lender that deals with loan applications directly. 

Pros

• No hidden fees
• No penalties on early repayment
• Extension of the loan term
• Quick application and approval process

Cons

• Unemployed individuals are ineligible
• High-interest rates

4. Swift Money

Swift money is a broker site that offers financial services directly to clients. The platform connects borrowers with suitable lenders who provide payday loans. 

The application process is quick and straightforward—fill out a form with your details, then your application is sent to top lenders who are willing to give you the loan. You’ll get a response in a few minutes whether there’s a loan match for you or not.

After approval, you get your money after some hours, depending on the lender. Most lenders ion this platform wire funds into your account within the same day. 

Although Swift Money has high-interest rates of up to 1575% APR you won’t incur upfront or ongoing fees when you get a loan.   

Some of the eligibility criteria include:

• Be above 18 years
• Be a UK resident
• Have proof of regular income
• Have the capacity to meet repayments—missed payments attract penalties and prevent you from getting future credit.
• Own an account with an authentic debit card

Ensure that you understand the loan provider’s payout policy before signing any agreement. 

Pros

• Bad credit borrowers are eligible
• No establishment or arrangement fees 
• Quick and simple application and approval process
• Same day payout

Cons

• Several credit checks
• High-interest rates 

Wrap Up

Payday loans are for short-term financial needs only. Therefore, look for other alternatives if you want a long term solution. The list above outlines top broker sites and lenders who offer payday loans with same day payouts if you meet the set requirements.