Cheapest Payday Lenders

Warning: late repayment can cause you serious financial issues. Get help on moneyadviceservice.org.uk.

You would like to know which direct UK lender is the cheapest on the market?
I tried to find the answer for you. Even though it is not that easy to directly compare all of them as some only propose 3 months loans and minimum amounts can also vary, I have calculated the cost of borrowing £200 over 30 days and the daily interest rate.

In the table and the graphs below are the results of my calculations.
Please also consult the other sections of the site since this is only a cost comparison but depending on the term of the loan, this rankings could vary.

Chart Comparing the Cheapest Direct Payday Lenders


Compare Cheap Pay Day Lenders UK

Loan Type Repay per £200
over 30 days
Daily Interest
Rate (%)
Review Apply Now
SATSUMA
satsuma-loans
Monthly Payments £229.40 0.49% Read Review
Representative example: £400 loan repayable over 6 months. 6 monthly payments of £126.40. Rate of interest 179% p.a. fixed. Representative 991% APR. Total amount payable is £758.40.
LENDING STREAM
lendingstream-logo
Monthly Payments £224.48 0.51% Read Review
Representative Example: Representative APR is 483%, if you borrow £200 over 6 months at 186.15% p.a. (fixed) your first repayment will be £20.40 followed by £70.60, £62.85, £60.81, £51.83 and £45.71 the following months. You will repay £312.20 in total, there are no additional fees. This rate is available to new customers applying through this channel.
WIZZCASH
Monthly Payments £248 0.80% Read Review
Representative Example: Total Amount of Credit: £300. Duration of the Agreement: 90 days. Total Amount Repayable: £454.26 to be re-paid in 3 equal instalments of £151.42 on your next 3 pay days. Interest is Fixed at a rate of 292% per year – 0.8% interest per day. Representative 1265% APR.
247MONEYBOX
247moneybox-logo
Payday Lender £248 0.80% Read Review
Representative example: Total amount of credit £80, duration of the agreement 29 days, rate of interest 292% per annum (fixed), total amount payable (in one repayment) £98.56. Representative 1281.8% APR.
PIGGY BANK
Payday Lender £248 0.80% Read Review
Representative Example: Amount of credit £250.00 for 30 days. Total amount payable £319.45. Interest rate 300% (fixed). Interest £62.50. Payout Fee £6.95. Representative APR 1355%
WAGEME
wageme-logo
Payday Lender £248 0.80% Read Review
Representative Example: Loan Amount: £100 for 35 days, Interest: £28, Interest rate: 292%pa (fixed), One total repayment of: £128 Representative 1,212.3% APR.
SAFETYNET CREDIT
Safetynetcredit
Payday Lender £248 0.80% Read Review
Representative Example: Amount of credit: £500. Interest rate: 0.8% per day for up to 40 days (292% per annum (variable)). Representative 68.7% APR (variable).
CARE FINANCE
 
Installment Loan £248 0.80% Read Review
Representative Example: Example: £100 loan over 3 Months (85 days). Annual rate of interest 292% fixed. Cost of credit £57. Total payable over 3 payments: £157. Representative Rate 1288.79 %APR.
THL DIRECT
 
Installment Loan £248 0.80% Read Review
Representative Example: Amount borrowed: £200. Loan length: 3 Months (85 days). Annual rate of interest: 292% fixed. Cost of credit: £118. Total payable over 3 payments: £318. APR: 1714.74 %.
WAGEDAYADVANCE
Payday Lender £248 0.80% Read Review
Representative Example: Borrow £200 for 28 days. Total Repayable £244.80. Total charge for credit £44.80 comprising interest only. Interest rate 292% per annum(fixed). Representative APR 1294.1%
RESPONSE FUNDING   Installment Loan £248 0.80% Read Review
Representative Example: Representative Rate 1304.41% APR. Representative Example: £200 loan taken out over 3 Months (82 days). Annual rate of interest 292% fixed. Cost of credit £111.36. Total payable over 3 payments: £311.36.
Cheapest Payday Lenders Daily % Apply Now
SATSUMA
satsuma-loans
Read Review
0.49%
LENDING STREAM
lendingstream-logo
Read Review
0.51%
WIZZCASH

Read Review
0.80%
247MONEYBOX
247moneybox-logo
Read Review
0.80%
PIGGY BANK

Read Review
0.80%
RESPONSE FUNDING
Read Review
0.80%
SAFETYNET CREDIT
Safetynetcredit
Read Review
0.80%
CARE FINANCE
 
Read Review
0.80%
WAGEME
wageme
Read Review
0.80%
THL DIRECT

Read Review
0.80%
WAGEDAYADVANCE

Read Review
0.80%

Warning: the word 'cheap' is used to mean 'the least expensive'. Payday loans are always expensive and should only be a short term solution. If you are in financial trouble, seek help from your local Citizens Advice Bureau or StepChange.

Graph comparing the Cheapest UK lenders by daily interest rate