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.
Compare Cheap Pay Day Lenders UK |
Loan Type | Repay per £200 over 6 months |
Daily Interest Rate (%) |
Review | Apply Now | ||||
|---|---|---|---|---|---|---|---|---|---|
UPLOAN  |
Monthly Payments | £869.57 (£500, 6 month) |
0.40% | Read Review | NA | ||||
Representative Example: Borrow £1000 for 12 months. Total repayment: £1937.24 in 6 monthly payments of £161.44.Interest p.a: 146.10% (fixed). Representative 289.59%APR
|
|||||||||
PEACHY  |
Monthly Payments | £377.81 | 0.80% | Read Review | NA | ||||
Representative Example: Borrow £250.00 for 3 months (91 days). Repay in 3 payments. Each payment: £126.48. Total repayment: £379.44. Interest: £129.44. Interest p.a: 292.25% (fixed). Representative 433.71% APR
| |||||||||
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.
| Cheapest Payday Lenders | Daily % | Apply Now |
|---|---|---|
| UPLOAN |
0.40% | NA |
| PEACHY Read Review |
0.80% | NA |
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.
