Cheapest Short Term Loans UK | Scored Over 7 Days


We differentiate Short Term Loans to Payday Loans here by the repayment terms provided. In most cases, a fixed monthly repayment has been replaced with the ability to pick out any such day within the month. There would likely be a starting point at several days and this would likely head up as far as 30. A company may have a fixed repayment below the month (commonly seen with text loan lenders). Since this also falls within, they too are considered as a short term lender by us. Those companies that allow you to freely choose the payment date can deliver great savings since you are billed for the selected periods only.

Not everyone may of course require cash for the full month, especially those who are paid weekly. At the same time, someone paid monthly may just require some funds until their payday arrives in several days time. Flexibility is more cost effective, but how does this really translate to market value? With the cheapest short term loans UK, the top deals are available from those that charge less than 1% daily (competitive monthly-only lenders tend to also charge below this). Many competing lenders within the discussed sector charge 1% daily interest, but it is the additional cost of a fast transfer (usually £5 or £6) that makes the key difference.

To be competitive, the Faster Payments Service transfer either needs to be free as standard or free once a promo code has been applied. To compare those within this sector we score any such lender on a 7 day £100 loan. If this selection is not available then we simply calculate their overall daily rate and then rank them against the others. You will find some insights below on the UK’s current top performers. It is worth raising the point that outside of pricing, you should also be looking at other distinguishable service features. This could perhaps include the choice of a much wider range of repayments or perhaps weekend funding.

Cheapest Short Term Loans UK (/£100):

A) Vivus currently offers the top deal in this sector through their 0% APR 7 day loan. It is important to highlight though that their subsequent loan charge over this 7 day term is £15.90 that is expensive. As a return user, it makes much more sense to use them over the full month where you would pay £25/£100 that creates much better value.

B) Just to update that the Ancora brands have took the 2nd and 3rd rankings now that they have lowered their service charges. This includes VarioLoans at £4.55 (0.650%) and WagedayXpress at £5.25 (0.750%). What’s great about each of these is that you can even use them over instalment periods that also works out very cheap.

C) The next two lenders each score less than 1% daily. This includes Reddies Direct at £6.52 (0.931%) and Sunny at £6.76 (0.966%). The difference between these prices isn’t too significant. Out of the pair, Sunny would be the better choice if you are looking for a more feature equipped service. I say this as they for instance allow you to choose up to 5 months as your repayment and they are open 7/7 days. You may have seen their TV ads that have been running extensively recently. There is no doubt that they are one of the major players in 2014 and they have attained impressive high rankings through Google as well. One thing of note is that they are fairly strict.

We have recently added Cash ASAP who charge £6.90 (0.986%) that makes them just a little cheaper than the following companies. ClearAccount, Peachy and Square Money all arrived next, matched at 1% daily (£7/£100). Wonga are also in this 1% bracket now that they have added their Promo Savings again. It is worth noting that with Peachy you also need their promo code to be used (We Covered This Here). The good news is that Peachy’s code works for all customers (new and old). Wonga is of course still the king of this sector and of the wider subprime industry. They are the market leader (on the global stage), they are open 24/7 and they can provide instant decisions without any underwriting.

MyJar is also worth a mention who just followed outside of this pack. They have fixed 18 day terms, but their daily rate would work out at 1.111%. I mention this lender as they are one of the few providers that delivers 24/7 instant loans (auto-approvals are granted once funds are repaid). Most of the companies that charged above 1% were those that added on transfer fees and so their total costs tend to float around £12/£100. If flexibility and price is important to you then any of the referenced companies above come highly recommended. You may also wish to compare instalment products since you can receive some excellent low rates on that side.