We know customers want to access funds quickly and conveniently when they need them most, with many looking at direct payday lenders who offer quick finance. Whilst many payday loans online require you to repay by your next salary date in full, here at Fast Loan UK, we offer a slightly different approach to the traditional payday lenders. If you’re looking for short term finance between £50 and £2,000, we have flexible repayment options that allow our customers to pay back in one go if they want to, or over a slightly longer period repaying weekly or even monthly. Interested? Then click apply now and we can provide a quick decision on a payday loan alternative that provides exactly what you’re looking for but with added convenience.
What Are Direct Payday Loans?
Direct payday loans are designed to be a short-term finance option that, as the name suggests, is then paid back in full on the applicants next salary date. These can be ideal for those that find themselves short on funds in between pay dates and have an essential expense that needs to be paid before their next one. However, as they are a form of high cost short term loan, the interest amount can be high especially if the loan is not paid back on time, meaning those that struggled to repay could face high interest charges. Regulations within the payday industry from the Financial Conduct Authority (FCA) have been put in place to ensure the practices of some direct payday lenders who profit from these high-interest charges and fees are not excessive.
Here at Fast Loan UK, we setup 9 years ago with the aim to give customers a trusted choice within the short term loan market. With the culture of doing the right thing for our customers and providing transparent, ethically, and socially responsible short term lending, we offer a convenient alternative to traditional direct payday lenders. As one of the first UK lenders to be given full authorisation by the FCA to operate in the UK, we have strived towards putting our customer’s needs first, keeping to our mission and values.
As a trusted payday loans online alternative, at Fast Loan UK we provide same day funding once approved; in many cases within just 5 minutes of digitally signing your agreement with us. Every customer is assigned a personal Customer Care Manager who will be able to help with the application and any queries you may have. With this personal approach, we are in a position to fully assess your ability to pay and go beyond a system-generated decision, as we understand everyone is different and may not have a perfect credit rating. It all starts by clicking apply now and we can get started on finding a quick solution to payday loans for you.
How Do I Apply for Alternative Payday Loans Today?
Convenience is key for those looking for direct payday loans online, and at Fast Loan UK, we have designed our application process to be fast and efficient so you can benefit from our alternative payday lender option as quickly as possible. All applicants will need to meet the following eligibility requirements before starting an application:
- You are aged 18 years or over
- Be a Current UK Resident
- Be in Full or Part-Time Employment, including Self-Employed
- Receive a Regular Income
- Be able to Provide Bank Account and Debit Card details.
If you can meet the above criteria, we are more than happy to help, just click apply now and we can start to assess your application for alternative payday loans. As part of your application, we will require additional information, such as your income and expenditure and 3 years of addresses, to form our decision, starting with filling out our easy to use application form.
You will need to determine the amount you wish to borrow, the frequency of repayment and how many repayments you want to make. We can then provide a quick decision in principle based on this information, then a Customer Care Manager will be assigned to you to confirm a few details. This process should take no longer than 5 minutes and they will call you for a quick chat around your affordability. Sometimes, if we have the information we need from the Credit Reference Agencies (CRA) we use, we may not need to call you. Then once this is all provided, we will send you a digital loan agreement to sign. As soon as we have this back from you, we can transfer the agreed funds into your bank account within just 15 minutes. Click Apply Now to start your application for a quick agreement on direct payday loans in principle.
Payday Loans Online FAQs
Will a payday loan need to be paid on my next salary date?
Having full flexibility for repayments helps to make a payday loan as affordable as possible for you. That’s why at Fast Loan UK we can provide terms up to 8 months depending on the value of your loan. If you want to repay a loan after 1 month or on your next salary date, you can choose to do so, but this isn’t a requirement of our loans. You are free to choose up to 8 months as a new customer, with up to 12 months available for returning customers. You can use our loan calculator to see how much this will cost each month and make an informed decision that works for you.
Can I apply for a payday loan using my smartphone?
Yes, you can access our website from your smartphone or tablet, meaning extra convenience for you to apply from wherever you are. So, navigate to our website from your smartphone today and start your application for a payday loan in minutes. You’ll even be able to electronically sign your loan agreement once approved to receive the cash fast.
Does a payday loan cost a lot more?
As with any type of loan, you should ensure a payday loan is right for your situation and that you can afford the repayments required. As an FCA authorised direct lender, we work to responsible lending guidelines set out by the industry regulator. As payday loans are a form of high-cost-short-term credit, they can cost you more interest the longer you hold onto the loan. That’s why they are not ideal for long-term borrowing and should only be used for emergency circumstances, choosing the shortest loan term you can afford. The FCA price cap introduced in 2015 ensures your payday loan will not exceed 0.8% per day of the amount owed in interest and fees, that all default fees are capped at £15, and you will never pay back more than 100% of the value of the loan in fees and interest.
What regulation is there for payday loans?
The payday loan industry is regulated by the Financial Conduct Authority (FCA). The price cap introduced ensures that consumers are protected and are not charged excessively for borrowing in the short term. If you are comparing lenders, you should always ensure you choose FCA approved lenders that follow responsible lending guidelines. This means lenders on the FCA register like us are fully licenced in the UK to lend and will work in the best interests of their customers. If you are ever unsure, look for a lender’s authorisation number which will be published on their website, and search the FCA register to ensure this matches - our reference number is 673907.
What is the best payday lender?
If you are searching for the best payday lender, this is subjective and will depend on your circumstances. All lenders will provide similar options when looking to borrow, so the best will be the one that closely matches your needs. If you are looking for same day funds and flexible repayments from a trusted, FCA approved lender, at Fast Loan UK we can help. It’s always best to compare your loan options before proceeding, ensure you are as informed as possible before applying.
Will you as a direct lender perform a credit check?
Yes, it’s important for us to perform credit and affordability checks as part of our lending criteria. All lenders are required to perform credit checks who are approved by the FCA. If you are concerned about having a poor credit score, we may still be able to help you if we can see the loan is affordable. As part of our commitment to responsible lending, we always carry out the necessary checks before agreeing to any loan.
Will my bad credit rating get worse with a payday loan?
In general, if you are declined for credit this can impact your credit rating. However, this is why many lenders use pre-approval that is performed through a soft search of your credit file. This helps to identify which candidates can meet eligibility requirements quickly and help only those suitable proceed with an application. A soft search does not appear on your credit file, so will not affect your credit rating. However, once a hard search is completed after pre-approval, this will show on your file. No lender can guarantee approval even after pre-approval processes, so you should consider this before applying. A payday loan in particular will not cause your rating to worsen, as long as you maintain the repayments agreed and always pay on time.
Am I guaranteed to be accepted for a payday loan?
No lender can guarantee a loan until all checks have been completed. We work differently from many lenders as we won’t decline you just for having a low credit score. Instead, we’ll assess your affordability and as long as you are not currently bankrupt, we may still be able to help. You should ensure before applying that you can afford the loan as this will help reduce the chances of being declined.
Do you charge additional fees?
We do not charge any hidden fees at Fast Loan UK, so you will have full transparency on the costs of your loan. You will only be charged interest for the days that you borrow, and any default fees are capped at £15. We also do not charge for late payment, nor any application or processing fees. You can use our loan calculator to see approximately the cost of the loan you want before proceeding.
I need a payday loan quickly, can you help me?
Yes, we always work as fast as possible to provide those who need money in an emergency get the cash they need. It only takes a few minutes to complete our application form online, and if successful, you could have the funds the same day to use. This can be in as little as 15 minutes from when you sign your agreement. The clue is in the name! So, apply now at Fast Loan UK and start your application today for a loan in minutes if approved.