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Every individual person has unique requirements when it comes to payday loans, so a great loan for you may not be the best fit for someone else. The best loan is the one which most closely matches your specific requirements, so you are able to borrow the cash you need with the ideal terms for you.

What is a payday loan?

A payday loan is designed to provide the borrower with a small amount of cash, usually to cover an unexpected cost or cash flow issue before payday. These types of loans need to be repaid quickly, with the repayment usually set to the borrowers next payday. Many payday lenders offer online applications to help borrowers apply for the cash they need quickly and easily, which makes them popular with those facing an unexpected financial issue.

Traditionally banks and building societies often require a strong financial history and a good credit score, which can make these traditional loans unattainable for many borrowers. However, payday loans offer an alternative form of lending, making them popular with those who have a bad credit history.

All payday lenders which are authorised and regulated by the Financial Conduct Authority (FCA) will complete a hard credit check as part of their affordability checks. However, some lenders may be willing to consider applications from those with a bad credit history, if they meet the eligibility criteria and the loan repayment is affordable.

Which payday loan is best? 

There is no specific provider which offers the best payday loans, as the best loan will be the one which is most suited to your specific requirements. There are many payday lenders which claim to offer a low-interest rate and high acceptance rates for those with a poor credit history, which can make it difficult to find the best option for you. To find the best deal for your payday loan you should take some time to compare a variety of lenders, which you think may offer a suitable loan. 

There are many factors to consider when deciding who provides the best payday loans, such as the interest rate, acceptance rates, fees for missed payments, processing speeds and even potential fees for repaying the loan early. These factors can all impact which loan is the right option for you, so if you are unsure you should always check with a potential lender.

Although this may seem like a waste of time when you are in urgent need of a loan, spending a little time comparing lenders before making an application could reduce your cost of borrowing. Most lenders will provide information such as eligibility criteria, interest rates and late payment fees on their websites, so comparing lenders can be a quick process.

Alternatively, a loan broker can help you find a lender which matches your specific requirements, without having to visit multiple websites. When you complete an application form on a brokers website they will use these details to match you to lenders on their panel, which they think are most likely to consider your application. These potential lenders then complete a soft search of your credit file and if a lender decides that there is a chance your application could be approved; you will be directed to this lender’s website to complete your application.

What payday loans are legit? 

Before you submit your payday loan application, you should always check whether the lender is legitimate. Although your financial situation may be difficult, you shouldn’t settle for borrowing from a lender which isn’t offering a legitimate service. A legitimate lender will be authorised and regulated by the Financial Conduct Authority and will need to abide by their strict regulations.

Although payday lenders tend to have a higher acceptance rate than traditional providers, they do still have to follow the rules set by the FCA. Generally, payday lenders are more likely to consider applications from those with a bad credit history, however, they can only approve loans if the borrower passes eligibility and affordability checks.

Legitimate payday lenders are also required to place a cap on the daily interest charged of 0.8%, with borrowers never charged more than double the original loan amount. In addition, if the lender charges a fee for missed payments, this cannot be more than £15.

Can people with bad credit get a payday loan?

If you have been turned down for a loan in the past due to a poor credit score, a payday lender may still consider your application. There are many companies which specialise in payday loans for those with poor credit, which makes it possible to compare options, rather than settling for a loan which isn’t the best deal available.

In general, all short term loans will have basic eligibility requirements which must be met for your application to be considered. For example, you will need to be at least 18 years old, a UK resident with a UK bank account and you will also need to have a regular income. In addition, although it may be possible to find loans specifically offered to those with a bad credit history, a reputable lender will only consider lending if the repayments are affordable.

Although payday lenders will consider applications from those with a poor credit history, it is important to borrow responsibly. Payday loans are ideal for use in times of emergencies and should only be used as a short term form of borrowing. If your finances are stretched and you are struggling to manage your budget, there are organisations which can offer free advice, such as The Money Advice Service, Step Change and the National Debtline. 

Are payday loans still available?

Yes, payday loans are still available, however, the FCA has introduced a variety of industry-wide regulations over the last few years. Before 2015, payday loans were relatively unregulated, which led to some lenders charging high-interest rates, fees and in some cases lending irresponsibly.

The introduction of new regulations has led to some lenders leaving the market, however, there are still loans available from firms which are willing to follow these regulations. The changes to the industry have meant that reputable lenders are forced to operate responsibly and transparently, which will make it easier to find the best payday loans for your situation.

How do I apply for a payday loan? 

Many lenders understand the urgent circumstances which borrowers face, so most applications can be completed online and will be processed quickly, regardless of whether you opt for a direct lender payday loan or apply through a broker. In many situations, if your application is approved, the cash could be sent to your bank account within minutes.

Do CashFlex offer payday loans?

Here at CashFlex we operate as a loan broker and our panel includes a variety of traditional and alternative lenders. It is not possible to apply for a payday loan through our website, but we can match you to lenders which provide loans tailored to your requirements. Through our lenders it is possible to borrow from £100 up to a maximum of £5,000, with repayment terms starting at 3 months. However, the terms available will depend on the amount you borrow, for example loans of more than £2,000 are offered with loan terms of 12, 18, 24 or 36 months.

As an independent broker we do not have an allegiance to a specific lender, instead the information you provide will be sent across to up to 40 lenders. These lenders will complete a soft search of your credit file and as soon a lender indicates that your loan application may be considered, we redirect you to their website.

At this stage you will be able to view the specific loan terms and decide whether the loan is the best option for you. The lender will ask you to finalise your application and a hard check of your credit file will be completed, as part of the lenders affordability and responsible lending checks. If you are approved, it will be possible to sign your loan agreement online and the cash you could be sent to your bank account within minutes*, although the availability of the funds will depend on the processing speeds of your bank.

Although it may be possible to find a loan which offers the terms you are looking for, you should always consider the impact on your future finances. Being unable to make a loan repayment could cause you serious money problems, as the interest charged will increase and you may be charged fees for missed payments. The lender may also report any missed payments to the credit reference agencies, which could reduce your credit score and hinder your ability to obtain credit in the future.


If you are struggling to manage debt payments or are finding it difficult to budget each month, there are organisations which offer free and impartial advice, including The Money Advice Service, Step Change, PayPlan, National Debtline, the Debt Advice Foundation and Citizens Advice.

Try our FastCheck tool with no impact to your credit score

Our tool allows you to calculate your chance of being accepted for a loan.

You are age 18 and a UK resident

You have a regular income from employment

You have a valid UK bank account with an active debt card

Why choose us

Sometimes, the unexpected happens that means you need money fast. Here at Cashflex we offer a user friendly process to help you find same day loans in a responsible and affordable way.

How much can I borrow?

The exact amount you can borrow depends on your personal circumstances and can differ by lender. You can apply for a loan between £100 and £10,000

What are the repayment terms?

This is dependent on the amount that you wish to borrow. The repayment terms can be: 3 months, 6 months and 12 months to name a few, ranging right up to 36 months.

Can I apply for a loan with bad credit?

Yes. If you are unsure you can use our FastCheck tool to find out your loan eligibility.

Can I repay in instalments?


What will I need to get a short term loan?
Can I get a short term loan?

Over 18

You'll need proof that you are over 18.

Bank Account

Hold a valid UK bank account.


Have evidence of a regular income and UK residency.

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Representative example: Amount of credit: £1000 for 12 months at £134.94 per month. Total amount repayable of £1,619.26 Interest: £619.26. Interest rate: 99.9% p.a. (fixed). Representative 99.9% APR.

We’re a fully regulated and authorised credit broker and not a lender.