There are a variety of short-term loans available, with payday loans often used by borrowers looking for quick access to relatively small amounts of money. If you are searching for the cheapest payday loans, there are many lenders which claim to offer the cheapest payday loan interest rates with the lowest APR.

With so many potential payday loans to choose from, it is important to compare the APR offered by lenders, if you are searching for the cheapest loan. The lower the interest charged, the less you will pay back for your loan, however, you should also compare any fees and charges associated with the loan. Although a lender may be offering a low-interest rate which makes a loan seem cheap, expensive fees may actually make the loan more expensive than other options.

You should also consider that a loan which seems cheap to one borrower may seem expensive to another, as the affordability of repayments will vary significantly between individual borrowers. It is also important to remember that the loan repayments must be affordable for you, as missed repayments are likely to result in extra charges and your credit score will be negatively impacted.

What is a cheap payday loan? 

Payday loans are usually offered with short repayment terms of less than one month, with the loan repaid in full on the borrowers next payday. These loans are designed to provide enough cash to tide you over until payday, making them especially popular when unexpected emergencies arise. Payday lenders understand that borrowers need access to cash urgently, so many offer quick application processes and are often able to release your cash on the same day.

If you are looking for a cheap payday loan, it is worth bearing in mind that this form of lending will feature higher APR rates, than traditional loans which are repaid in instalments. Although payday lenders cannot charge more than 0.8% interest each day, payday loans are more expensive than some other forms of borrowing due to their short term nature.

They are only designed to be short-term solutions to cash flow problems, rather than a long-term loan option. To avoid additional fees and large interest rates, it is important that payday loans are repaid on their due date. The lender will usually collect the repayment automatically on your next payday, as this reduces the risk of non-payment. There are some lenders which will allow you to repay the loan early, however, some will charge a fee for early settlement.

Where can I borrow a small amount of money?

Traditionally, those with a poor credit history often found it difficult to find a loan, leading to uncertainty about where to turn to in emergency cashflow situations. This demand led to a rise in the availability of loans for those with a poor credit record.

Unfortunately, there are lenders which advertise cheap payday loans with no credit check, which are designed to appeal to those in desperate situations, often with poor credit histories, however, they are likely to be operating illegally. Any lenders which can offer loans to people without completing a credit check are unlikely to be authorised by the Financial Conduct Authority (FCA).

All lenders that are authorised and regulated by The FCA, are required to complete a series of mandatory checks when processing loan applications. This includes completing a hard credit check and a thorough assessment of the affordability of the loan.

The increased availability of loans for those with poor credit has created more options for borrowers. Instead of opting for the first lender willing to approve your application, it is possible to compare the available options. This means borrowers can shop around for the cheapest interest rates, lowest fees, and most favourable terms.

How can I get money fast without a loan? 

A payday loan should only be taken out in emergency situations if cheaper forms of credit are not available. If you need access to cash quickly a payday loan could help, especially if poor credit history is limiting your borrowing options. However, payday loans are an expensive form of borrowing and should only be used as a short-term solution to an urgent situation. 

If a company claims to offer easy, cheap payday loans with no credit check, they will not be authorised and regulated by the Financial Conduct Authority. All regulated payday lenders can only charge a maximum of 0.8% interest per day, and you will never be required to repay more than double the amount which you originally borrowed.

In addition, these lenders cannot charge more than £15 for a missed loan payment. Applying for a loan from an unauthorised lender could lead to you borrowing more than you can afford to repay, which could cause you serious money problems when the interest charges and fees start to rise.

If you are concerned about your ability to find a loan due to poor credit history, there are a variety of alternative lenders which may consider your application. Although these lenders will complete a credit check, they may also take into account your current financial situation. In the past, those with a poor credit history may not have found a loan, however today there are a variety of lenders which may consider your application.

If you do not meet the eligibility criteria for a loan, there may be other options available. Is it possible to apply for an overdraft, credit card or to borrow from a close friend or family member? Although, you should always think carefully about whether you can comfortably afford to repay the money before you obtain any form of credit. If you are struggling to pay your bills, there are several organisations which can offer free financial advice. They may be able to help you create a financial plan to manage your budget and you may find that you no longer need a loan.

What are the best cheap payday loans? 

The best payday loans are those which cater to your specific short term money requirements, while also being affordable to your individual situation. Although a lender may be advertising cheap payday loans, you should always think carefully about the terms of the loan and any additional fees. A payday loan will typically charge a higher rate of interest than a short term instalment loan, as these lenders tend to specialise in providing loans to borrowers with a bad credit history. 

If you have a bad credit history, payday loans may not be the only option available to you. Aside from payday loans, your application may be considered by alternative lenders with high acceptance rates, if you can demonstrate that the loan repayments are affordable. Many lenders can process loans quickly and the terms may be more suitable for your specific requirements, with repayments spread over an extended period.

Do CashFlex offer cheap payday loans?

Here at CashFlex, we operate as a loan broker and our panel of lenders offer loans from as little as £100 up to a maximum of £5,000. We believe loans should be accessible, competitive and as flexible as possible, so our lenders offer loans with a variety of repayment terms. It is not possible to apply for pay day loans through our website, although our panel of lenders may consider offering short term loans to applicants with a poor credit history if the loan is affordable.

The repayment terms are designed to allow borrowers to arrange manageable monthly repayments. For example, if you choose to borrow a loan of less than £1,000, the repayments can be made across 3, 6 or 12 months. The longer the repayment term, the lower the payment required each month. However, it is worth bearing in mind that a longer loan term could increase the overall cost of the loan, as the amount of interest paid will increase.

By applying through our website, you will have access to up to 40 potential lenders. Simply complete our 2-minute online application form and we will send you details across to our panel of lenders. The lenders will assess your eligibility for a loan and complete a quick soft search of your credit file. As soon as a lender indicates that they are likely to consider your application, we will redirect you to their website.

The lender will complete a hard check of your credit file and will use this information to assess the affordability of the loan and the risk associated with lending to you. If you have a poor credit rating your application is likely to be considered high risk. In this situation, the lender may still approve your application but you may be charged a higher interest rate. Those with excellent credit ratings and a history of making payments on time are more likely to be offered the cheapest loans.

If approved, you will be provided with your loan quote which you will be able to sign online. Our lenders will then process your loan payment and the cash could be sent to your bank account in minutes*, although the availability of the funds will depend on your banks processing speeds.

Although our application process is designed to match you to competitive short term loans, you should always consider how the loan repayments will impact your finances. If you are struggling to manage your finances, a further loan could cause you serious money problems. There are several organisations which offer free and impartial financial 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 new 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

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 £5,000

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: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28. Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative.

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