Payday has come and gone, and you’ve already received a low bank balance alert; what are your options? You can borrow from close friends and family or consider taking out a 1 month loan.
These short term loans are designed to help you plug that gap between paydays, so there’s no need to panic when you run out of cash. You might have run out of cash because you had to pay an unexpected bill, or there was an emergency you couldn’t have foreseen. Whatever the reason, a one month loan is here to support you when you need it most.
But be warned, 1 month loans are pricey. Learn more about a 1 month loan below.
Remember: If you need free, impartial financial advice, you can visit Money Helper (formerly the Money Advice Service).
Yes, if you meet the below direct lender criteria, then you could qualify for a 1 month payday loan:
Yes, you can. There are many specialist 1 month loan (30 day) payday lenders in the UK who consider people who have a bad credit history. Having said that, they will still lend responsibly, and every lender’s criteria differ.
No, unfortunately, every lender will perform a credit check. But even if you do have bad credit, it doesn’t mean they won’t lend you money. Every UK lender lends to customers responsibly; they will credit check you and make sure you can afford the loan by ensuring you have a regular income and a stable financial situation.
We offer loans from £100 to £5000. However, the amount you will receive will be based on what you can afford and your financial circumstances. You should never lend more than you need. The more you borrow, the more interest you’ll pay back.
Once your application is processed and approved, you’ll usually see funds in your account within 24 hours.
The cost of a 1 month loan will vary depending on the lender. But the Financial Conduct Authority (FCA) implemented price cap rules for the payday loan industry. Now, no borrower will ever pay back more than double the loan amount.
The FCA stated: “For all high-cost short-term credit loans, interest and fees must not exceed 0.8% per day of the amount borrowed.”
Although there is a cap on interest rates and fees, a payday loan is still a costly loan option. You should only apply for a 1 month loan if you have absolutely no other financial options available to you.
Yes, these loans are designed to be repaid within a month (30 days) after taking out the loan. You can repay on your next payday, or some loan lenders will allow you to repay early. Don’t forget that defaulting on your monthly repayments can severely affect your credit score — meaning you’ll find it difficult to secure a loan in the future.
If you’re struggling to manage your debt, talk to Money Helper (formerly the Money Advice Service). They offer free, impartial money advice.
Apply with a direct lender, or use a credit broker like us to match you to a suitable lender, authorised and regulated by the Financial Conduct Authority. All you need to do is complete the online application form, and we’ll find the best lender for you — no leg work required on your part.
To get started, all we need to know is how much you’d like to borrow, how long you’d like it for and the reason for your loan. Your reason might include debt consolidation, car loans or home improvements.
Then, you can relax as we do all the hard work. Ready to get started? Apply now.
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Representative 97% APR (fixed)
Representative example: Borrow £1000 for 24 months at 24 equal instalments of £77.48. Total amount to repay £1,859.52. Interest £859.52. Annual interest rate 70% (fixed). APR rates range from 45.3% APR. to 1575% Max APR. Your APR rate will be based on your circumstances.
We are not a lender but a licensed credit broker in the UK