Payday Loans

Payday Loan Alternative

Direct lender & instant online application process.

Loans up to £2000
for 3, 6 and 12 months

Representative 1081% APR

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Loans up to £4000
for 24 months

Representative 97% APR

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What is a payday loan?


Payday loans tend to be relatively small loans taken over a short period, generally 1 – 12 months. You may also see them referred to as ‘High Cost Short Term Credit loans (HCSTC)’. The amounts available to borrow for this type of lending generally range from around £100 and can go up to £2,500. However, some lenders let you borrow larger amounts.


Payday loan customers are advised to use this form of lending for shorter term borrowing needs. Not only this, but they must be confident that they will be able to pay the loan back once they receive their salary in their bank account.


Why choose a flexible payday loan over alternative types of finance


There are several reasons why people might choose to take out a payday loan over other forms of borrowing.


Very often, payday loans can be arranged quickly and conveniently online. If approved, the money can be available in the customer’s bank account in just a few minutes.


Some people like to use payday loans because they are easy to understand, and the costs are always clear and up front. At MYJAR we ensure that there are no hidden fees and you have all the information you need before you borrow from us.


It is always worth shopping around to get the best loan you can. Consider how long you need to borrow for and the amount of money you need. Look for a direct loan which offers repayment terms that suit you, with the best interest rate available. Don’t forget to check if there will be any subsequent charges if your circumstances change and you find yourself unable to repay.


No matter what type of finance you choose, you need to make sure that you understand the terms and conditions and what is expected from you. Lenders should communicate all information clearly and allow you time to consider the loan offer.

How much does a payday loan cost?


Payday loans can look expensive with APR rates often at more than 1,000%. However, because the loan is taken for quite a short period, the actual amount of interest you pay back on top of what you borrowed, can be quite small. Since 2015, UK regulation capped the amount that lenders can charge per day to just 0.8% per £100. For example, if you borrow £300 for 90 days, it cannot cost you more than £144.06. Although the cost is capped, some lenders charge less than this.


Another element of the cost cap is that, even if a loan is paid late, the total cost can never be more than 100% of the amount borrowed. So, in our example of a £300 loan, the total amount that can be paid back will never be greater than £600.

What if I need to borrow for longer than a month?


Although payday loans were historically for very short periods (typically no longer that 31 days) with a single payment at the end, short-term loans are now being offered for up to 12 months. In these cases, the loan is usually paid back in monthly instalments on your pay date, with the interest and initial amount borrowed spread out evenly across the term.

Can I get a payday loan even if I have a bad credit rating?


Each lender uses a different criteria to decide who can borrow. An individual’s credit rating will usually be one factor taken into account. However, the most important thing to consider when thinking about taking out any sort of finance, is whether you can pay it back on time without having to resort to other borrowing or getting into financial difficulty. If you already have a poor track record, you should never take on more debt which you cannot afford to repay. It is also never a good idea to borrow more money when you’re already struggling to pay debts.


Lenders are required to check that each loan they approve is affordable for the customer and that they are creditworthy. In most cases, lenders will do a search with a credit reference agency and they might also ask to see evidence of your salary or a bank statement to help them decide whether to lend to you.

Where is it possible to get help if I am worried about my situation?


If you are experiencing financial difficulties, rather than borrowing more money, it is better to get financial help and advice. If you have a loan outstanding, always contact your lender. It is in their best interests to help you and they will usually be prepared to agree on a new repayment plan that you can afford, taking into account your new circumstances.


There are also plenty of sources of free debt advice which can be accessed face to face, over the phone and online. A prime example is Payplan. Advisers work with you to understand your situation. They will identify what your priority needs are, such as keeping a roof over your head, feeding the family, being able to pay for transport to get to work, etc., and they will make sure that that part of your income is protected. They will then work with your creditors so you only pay back what you can afford, based upon the amount that each creditor is owed.

*Our short-term loans are not suitable for longer-term borrowing

*Repay monthly on your pay date

*Loans for over 18s only and subject to status and eligibility

We have won awards for our flexible loans and excellent customer service

f5 Awards


Responsible Lender


Credit Excellence Awards 2017




CICM British Credit Awards


Responsible Lender


CCS Awards


Best Contact Centre Team




Published 21 December 2018

Excellent company to deal with.

Excellent service! So quick and easy. Very efficient.



Published 04 January 2019

Very efficient and paid out very…

Very efficient and paid out very quickly always keeps you up to date with everything



Published 26 November 2018


Easy to use, manageable payments, effortless.



Published 12 November 2018

Easy to understand repayments

Easy to understand repayments, no hidden extras or conditions, easy application process.



Published 09 November 2018

Easy to use

Easy to use, fast and friendly



Published 04 January 2019

There when you need them

There when you need them! Great service!

You can be assured that we work closely with these organisations

Warning: Late repayment can cause you serious money problems. For help, visit the Money Advice Service

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