Payday Loans UK

As the name suggests, traditional payday loans required payment on your next payday, but this isn’t always suitable. Today, payday loans provide more flexibility similar to a short term loan, and at Fast Loan, you can choose repayments up to 12 months, and loan amounts up to £2,000. They are ideal for emergency expenses rather than long-term borrowing, so depending on your needs, you’ll need to consider this. Payday loans can also be more suitable for those with low credit scores, where this is a sustainable option, but as they are a form of high-cost short-term credit, you’ll need to carefully consider if this is the right option.

Our payday loans give you the option to spread repayment over weekly, fortnightly, or monthly instalments. You can choose to pay on your next payday if you want to, but to help make repayments more manageable, you can choose up to 8 months as a new customer with repayments, or up to 12 months if you are a returning customer, subject to credit and affordability checks.

As with any form of borrowing, payday loans have an interest charge included. This will be clear when selecting your loan amount and repayments, so that there are no surprises. Generally, choosing a shorter repayment period will mean paying less interest, which is why they are suitable for short-term use. You can adjust the repayment period and see what the charges will be before continuing, giving you full transparency. Payday loans today are more heavily regulated than in the past, with the FCA introducing a price cap in 2015. This ensures you will never pay more than double the amount you borrowed.

All payday lenders in the UK are regulated by the FCA, which is why it is important to only use authorised lenders. Fast Loan UK are FCA-approved, and our reference number is 673907. We work to responsible lending guidelines and ensure any approved loan is sustainable for you and your finances. You can check the FCA register to search for online lenders if you are ever unsure.

Yes, we will perform a soft check to assess your suitability for a payday loan, which won’t show on your credit file. Only once we have assessed this we will perform a hard check of your credit file, which will show up, and this will be part of our affordability requirements. You’ll need to agree to credit checks as part of our eligibility.

We cannot guarantee approval of a loan before credit and affordability checks are completed. This means whether you are someone with a good credit rating and have never been declined before, or have a history of bad credit, we will still need to determine your suitability first. This ensures our payday loans remain fair to all customers.

We do not charge any hidden fees with payday loans, and we also do not charge any admin or processing fees or late payment charges. This ensures you have transparency on all aspects of your loan before proceeding. If you have any questions, please speak to your Customer Care Manager.

We can help provide payday loans up to a maximum of £800 if you are a new customer. Returning customers can choose up to £2,000, as long as your first loan with us is repaid in full. All applications are subject to credit and affordability checks first.