You can compare our loans to other short term lenders.

Payday Loans

Looking for a payday loan direct lender? Lending Stream offers something better i.e., short term loans. We offer instant decision loans of up to £1,500 and send the cash to your bank in 90 seconds (if approved).

How much do you need?

£
£ 50
£ 1500

Cost of Credit:

Duration

6 months

Amount Borrowed

£550.00

Total Interest

£

Monthly repayable

£

Representative 1333% APR

Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.

Payday loans? The Lending Stream answer

Fast

Cash sent to your bank in less than 90 seconds, once approved.

Convenient

24/7 simple & online application. Instant decision. Direct lender since 2008.

Affordable

Repay over 6 months. Pay off early with no extra fees and save on interest.

Trusted

Rated Excellent on Trustpilot. 99% Recommend us on Reviews.co.uk

Representative 1333% APR

Warning: Late repayment can cause you serious money
problems. For help go to moneyhelper.org.uk.

Lending Stream is FCA Authorised

At Lending Stream, we've been proudly helping customers in the UK since 2008. In fact, we’ve helped over 1 million brits with their financial needs by lending over 4 million loans. We’re an FCA authorised and regulated direct lender, with authorisation number 689378. Responsible lending is our biggest priority, and we want to make sure our customers` experience is great.

To achieve this, we believe transparency is key. We want you to fully understand the costs, fees, and repayment plans associated with our loans. At Lending Stream, we follow the rules set by the Financial Conduct Authority (FCA). This means charges, like interest rates and fees, are clear and upfront. No hidden costs, no surprises - everything is clear and easy to understand.

Is Lending Stream a payday loan direct lender?

No, Lending Stream is not a payday loan direct lender. Lending Stream is a short term loan provider based in the UK. Our representative APR is 1333%. So, if you were to borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. In total, you would repay £386.61.

Our short term repayments can also be categorised as “instalment loans”. Borrowers have the option to repay their loan in 6 monthly instalments, rather than in one lump sum on their next payday.

Representative 1333% APR

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.

What are payday loans?

What are payday loans

Payday loans, also known as cash advances, are short term loans designed to provide quick access to the funds you need, to address unexpected financial challenges. These loans are available to individuals with varying credit profiles, including those with bad credit. This makes them a go-to option for borrowers in need of immediate cash.

However, it`s essential to use a payday loan responsibly and only when necessary to avoid falling into a cycle of debt.

At Lending Stream, we offer a responsible payday loan alternative. Our short term loans range from £50 to £1500, and if approved, you'll receive the funds to your bank within 90 seconds. Typically, you need to repay your payday loan on your next payday. But with us, you can repay our loans over 6 months through monthly/weekly instalments.

How do payday loans work?

Payday loans function similarly to other loans. These are particularly convenient for individuals in need of quick cash, regardless of their credit history. Here's how they work:

  • Apply online or in-person with payday loans UK direct lenders. They will ask you to provide your personal and financial details.
  • After submission, the lender will review your application. If approved, they’ll disburse the loan within minutes or hours.
  • Repay the loan on your next payday or as per your loan agreement.

If you're looking for a bad credit payday loan, consider our alternative at Lending Stream. We understand that credit scores don`t always represent your current financial situation. That`s why we consider individuals with a poor credit history too.

Representative 1333% APR

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.

What should I use a payday loan for?

What should I use a payday loan for

Payday loans should only be utilised for urgent financial needs, such as:

  1. Emergency medical expenses
  2. Car repair
  3. Urgent home repairs
  4. Unexpected bills
  5. Temporary cash flow issues
  6. Unexpected funeral expenses

It's important to remember that a pay day loan is not a long-term solution for ongoing financial difficulties. Before applying for a payday loan, check your financial situation. Ensure that you can repay on time to avoid additional fees and financial stress.

When should you avoid payday loans?

You should generally avoid payday loans in the following situations:

  • Don't use them for non-emergencies or non-essential expenses.
  • If you're already in debt, don't go for a payday loan.
  • When you haven't reviewed the terms and conditions carefully.
  • When you don't know the lender's reputation.
  • When you don't have a stable source of income.
  • Never use payday loans for investment or speculation.

Payday loans should be used only in genuine emergencies when no other options are available.

How much can I borrow with a payday loan?

The loan amount you can borrow from a payday loans direct lender in the UK depends on various factors. This includes lender policies, your income, and local regulations. In the UK, payday loan amounts typically range from £50 to £1000. Some lenders may offer higher sums based on your creditworthiness.

A payday loans UK direct lender evaluates your income and repayment capacity when deciding the loan amount, they can offer. Borrow only what you need and can comfortably repay.

How to check eligibility for payday loans?

How to check my eligibility for payday loans

To determine your eligibility for instant payday loans, consider these key factors:

  1. Age and nationality: Most payday loan lenders require you to be at least 18 years old and a UK resident.
  2. Income and employment: Most payday lenders require stable employment and regular income.
  3. Bank account: You'll need an active bank account for loan disbursement and repayments.
  4. Credit history: In most cases, bad credit will not disqualify you from applying for a payday loan. However, the better your credit score, the more favourable your terms will be.

At Lending Stream, we use above criteria too. During our application process, we might ask you to show proof of your income. We do this to see if you can afford the loan repayments. If we do, we will verify the details discreetly.

Representative 1333% APR

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.

How to apply for a payday loan in the UK?

Applying for payday loans online in the UK is a straightforward process. Here is a general guideline:

  1. Find a reputable lender authorised by the Financial Conduct Authority (FCA) for consumer protection.
  2. Review the lender's eligibility criteria and gather necessary documents.
  3. Complete the online application form with your personal and financial details.
  4. Carefully review and accept the loan terms, including interest rates and repayment periods.
  5. Once approved, funds will be deposited into your bank account within a few minutes to few hours, depending on the lender.

For a loan with Lending Stream, fill our online application form. In the form, provide your personal information, desired loan amount, employment details, income & expense details, and banking information.

We'll run a credit and affordability check on your profile. If approved, we will send the approved amount to your bank within 90 seconds.

Representative 1333% APR

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.

Are payday loans bad?

Payday loans can be valuable for individuals who use them wisely. When used for urgent financial emergencies, even small payday loans can offer a lifeline. But if used irresponsibly, it can trap borrowers in a cycle of debt. They are often considered as a bad financial choice due to their high interest rates and short repayment periods.

Also, to safeguard their financial well-being, people should consider borrowing only from direct lenders that are authorised by the Financial Conduct Authority (FCA).

How to check if a payday loan direct lender is legit?

To verify the legitimacy of payday loans direct lenders, you can check if they are authorised by the Financial Conduct Authority (FCA). Beyond this look for their contact information and read customer reviews. One major thing to look for is their transparency in loan terms and fees.

Try to avoid lenders who request upfront fees. Contact their customer service and ask questions. Review the entire loan agreement carefully before signing. And most importantly trust your instincts. If something feels off, reconsider.

Remember, pay day loans should be your last resort due to their high costs. Explore alternative borrowing options if possible.

Do payday loan companies still exist in the UK?

Yes, payday loan companies still exist in the UK. However, their operations are significantly regulated and monitored. Especially after the Financial Conduct Authority (FCA) took over the regulation of consumer credit in 2014.

The FCA has implemented stricter rules for payday lenders. Including caps on interest rates and fees. This is done to protect consumers from unfair lending practices.

Explore payday loans alternatives

While payday loans offer quick access to funds, you can consider these payday loan alternatives for your financial needs:

  1. Borrowing from friends or family: You can ask your friends or family members for a loan or financial help instead of going for payday loans. Before taking their help, ensure clear terms and repayment plans to maintain healthy relationships.
  2. Secured loans: For these loans, you might be asked for a collateral, such as property or vehicle. These loans typically offer lower interest rates and higher borrowing limits. This makes them a good option for large financial needs.
  3. Personal loans: These loans are available from banks, credit unions, or online lenders. These are often available at lower interest rates and with longer repayment terms.
  4. Short term loans: Short term loans provide a flexible and responsible alternative to payday loans. It offers borrowers the opportunity to borrow a small amount of money over a short period of time.
  5. Credit card advances: If you have a credit card, explore cash advances. Although they typically come with higher interest rates than regular purchases.

Exploring these alternatives can provide flexible repayment options, lower interest rates, and better long term financial results.

Impact of payday loans on your credit score

Payday loans can affect your credit score, depending on your lender. Timely repayments can positively impact your credit, while late payments or defaults can harm it.

Some lenders may not report timely repayments to credit reference agencies. As a result, you might not see a positive impact on your credit report. However, they will report a default or late repayment.

It's important to borrow responsibly and make sure to repay on time. Doing so will minimise any impact on your credit score.

What if your payday loan application is rejected?

If your payday loan application is rejected, don't panic. Identify the reasons for rejection and work on improving those aspects. You can also explore other lending options, including credit unions or other online direct lenders.

What if you can’t repay your payday loan?

If you find yourself unable to meet your payday loan obligations, don't hesitate to reach out to your lender. They might be willing to work with you to find a suitable solution. Ignoring it can lead to additional fees, penalties, and even damage to your credit rating.

You can also look for help from a financial counsellor or from free debt advice services to manage your situation.

If you have a loan with Lending Stream, we may offer revised repayment plans. We're committed to helping you manage your situation effectively.

What are the advantages of payday loans?

  • Quick access to funds: Payday loans online offers quick access to cash, allowing you to address urgent financial needs.
  • Minimal eligibility requirements: Payday loans UK direct lenders often keep their eligibility criteria straightforward. This makes it easy for borrowers to access the loan.
  • Available to people with poor credit: Payday loan lenders consider people with poor credit scores or limited credit history. This gives them a fair opportunity to borrow money.
  • Ideal for urgent financial needs: Payday loans can help address urgent or unexpected financial emergencies.

What are the disadvantages of payday loans?

  • High interest rates: Payday loans often come with higher interest rates compared to other loans. This can result in increased borrowing costs.
  • Short repayment period: Payday loans are usually meant to be repaid on your next payday. This can put a pressure on you, which can lead to financial strain.
  • Risk of debt cycle: If you’re unable to repay your payday loan on time, it can result in additional fees. Sometimes, you may need to borrow more to pay off an existing loan. This can lead to a risk of getting in debt cycle.
  • Impact on credit score: Late or missed repayments can negatively affect your credit score. This can make more difficult for you to get loans with better interest rates in the future.

Contact us - Lending Stream

If you already have an account with us, you can log in and chat with us through there. Otherwise, you can get in touch on our contact us page. If you prefer you can give us a call on 0203 808 4440#. We’re open from 9 am to 6 pm Monday to Friday, and 9 am to 1 pm Saturdays.

FAQs - payday loans

  • Some payday lenders may offer you a payday loan with no credit check. Be cautious as these lenders might not be authorised by the FCA. And may put you in a payday loan scam or debt trap. Although, most reputable lenders will not give out loan without a check.
  • Yes, payday loans are legal in the UK. The lender needs to be regulated and authorised by the Financial Conduct Authority (FCA).
  • The best payday loan depends on your needs and preferences. Comparing rates, terms, and customer reviews is essential to get a loan from the best payday lender.
  • The duration of payday loans varies by lender. In the UK, payday loans are generally meant to be repaid on your next payday. However, some lenders offer flexible repayment options. This allows borrowers to extend the loan term if necessary.
  • Payday loans might not directly affect your credit when repaid on time. But late payments or defaults can have a negative impact on your credit score.
  • Yes, you can have multiple payday loans at once. But it's crucial to assess affordability and consider the potential impact of multiple payday loans on your finances.
  • To find a payday lender near you, you can use online search engines or directories, check local business listings, or use location-based apps. Ensure to verify the lender's legitimacy and review their terms carefully before borrowing.

We don't offer loans under 60 days. We offer 6 or 12 month loans. The maximum repayment period is 12 months. Maximum APR 1721%.

Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.

Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk