Quiddi Compare offers a simple way to obtain the best payday loans in the UK. We compare payday loans from around 20 competitive lenders, allowing you to borrow £50 to £2,500 and the choice to repay over 3,6 or 12 months.
Our application takes less than 5 minutes to complete and your details will be processed and matched with the most suitable lender for you. As an FCA authorised company trading for over 10 years, we have built up a reputable list of payday lenders who will treat your application with care.
You have peace of mind knowing that your application will be sent to a direct lender who will process your application on the same day and aim to transfer funds to your account within 1 hour. To get started, simply click on the button below to apply with Quiddi Compare.
When would you use payday loans?
Payday loans are commonly used for emergency purposes such as car repairs, broken boilers, medical bills and other home-related bills and expenses. This type of short-term finance offers an injection of cash, paid upfront in one lump sum into your bank account, allowing you to pay off your emergency expense and put your mind at ease.
Then as you continue to generate income through work, you can pay off your loan and the interest. The lenders we work with at Quiddi Compare offer flexibility, so no need to pay in full at the end of the month, instead you can repay over 3,6 or 12 months to suit your needs.
It is noted that payday loans can be an expensive form of borrowing and they should not be used as a long term financial solution. However, in the short term, they can offer an effective way to cover any pressing or urgent expenses.
What is the criteria for payday loans?
Whilst the criteria vary between payday lenders, the general requirements for applying include:
- Over 18 years of age
- UK resident
- In employment (part-time or full-time)
- Minimum monthly income of £500
- Valid UK debit account (to receive your funds)
- Valid mobile phone and email address
- Approval for those with bad credit, CCJs, IVAs and benefits depends on the lender
In addition to the minimum criteria, payday loan companies will also run a series of credit and affordability checks to assess your suitability for a loan. The credit checks are usually carried out using information from the three main credit reference agencies in the UK: Experian, Equifax and Call Credit. Using this data, the lender receives an overview of how well you have paid other forms of debt in the past and how much you have outstanding; and can make a judgement on this basis.
Affordability checks aim to match how much you have asked to borrow with how much you can afford to repay. This means looking at your income and monthly expenses and finding the right amount that you afford without falling into financial difficulty.
Although there is typically a minimum credit score and level of affordability required, Quiddi Compare also works with companies that offer payday loans for bad credit who will take a view on poor credit. This may be reflected by offering a lower loan amount or slightly higher interest rate.
How Quiddi Compare can help
Quiddi are pleased to offer an effective way to compare payday loans and get access to the finance you need. As a regulated lender that has operated in the industry for several years, we pride ourselves on having relationships with some of the best lenders in the UK.
Our application is hosted on a secure server (https) so your application and the information you provide will be held safely and securely. We do not charge any fees for using our service, instead taking a small commission from the lender if your application is successful.
Quiddi Compare offers payday loans with
- Instant decisions
- Same day funding
- No application fees
- Bad credit considered
- No guarantors required
The application is completely online and only takes a few minutes to fill in. We ask some very basic questions including your name, address, date of birth, employment details and bank details so the lender knows where to send the funds to.
You will typically need a valid email address and mobile phone because this is used to verify your loan application by the lender. Using a unique email link and PIN code sent to your phone by SMS, the lender is able to verify your application and details in case they need to contact you.
Customers can apply on desktop, mobile and tablet, 24 hours a day, 7 days-a-week and your application will always be processed by the next best available lender.
How do repayments work for payday loans?
The amount of interest charged on your loan is capped at 0.8% per day and this is the maximum that any payday lender can charge. This is equal to £24 per £100 borrowed and is designed so that no customer pays double what they have borrowed. There are some lenders that offer less than this, but due to the FCA's price cap, so you can be rest assured that the interest charged will never be higher than this.
The cost of a payday loan is measured by the annual percentage rate (APR). This makes it easy to compare against other financial products such as credit cards and personal loans. The cost of a payday loan is typically in thousands of percent of APR but do not forget that the loan term is usually much shorter and may only last a few weeks or months.
Repayments are collected automatically from the customer's debit account using a system known as continuous payment authority. This means that the lenders can set up recurring repayments to collect the amount owed to them automatically each month and therefore you do not have to worry about making a manual repayment over the phone or going to the bank, as this is all taken care of.
What to consider before applying for payday loans
How you are going to pay it back? To avoid going into debt, it is important to think about how you are going to repay your payday loan each month. Will you be using savings or your income? Do you have any other expenses coming up that will impact your repayment? It is important to have your repayments planned out to avoid further fees and any damage to your credit score.
How is my credit rating? Prior to applying, you may want to maximise your chances of approval by boosting your credit score. If you have not checked your credit score already, you can do so by using free trials from credit reference agencies or paying £2 for a one-off report. You may find some quick ways to improve your score including joining the electoral roll and closing some unused credit cards and accounts.
Alternatives Quiddi Compare acknowledges that payday loans can be a costly form of borrowing and there might be cheaper alternatives available. This includes borrowing from family members and friends or visiting your local credit union.