My Payday Loan Broker can help you secure an instant payday loan whenever an unexpected cost arises. Whether you need money to help with a budgeting shortfall or an unforeseen home emergency, we connect you with a network of reliable and reputable payday loan lenders offering instant payday loans.
We understand that when disaster strikes, you need money fast. Unlike banks and traditional lenders (who can take up to days to approve and payout a loan), payday loan lenders give you a fast decision and typically payout within an hour of approval.
My Payday Loan Broker works with a number of direct lenders to find you a financial solution fast. We search for suitable short-term lenders for you, rather than you spending hours doing it yourself. We only work with institutions authorised and regulated by the Financial Conduct Authority so you can be certain your application will be submitted only to responsible lenders.
**Please note that although most people receive their loan funds within 1 hour, individual banks may require funds to be held for up to 3 days while the funds clear. For questions about this clearing hold, contact your bank.
Lenders cannot guarantee your loan application will be approved and paid out. As we only work with responsible lenders, following set regulations, there will be an approval stage. During this phase, all the necessary background checks, including a credit check, will be made. Instant payday loans do exist, but it relies on your application passing all of a lender's criteria and being immediately approved without requiring any further checks. Under these circumstances, an approved application can be paid out within minutes. Once the loan is approved, is when the money can finally be transferred.
However, sometimes a lender must take the time to further assess an application, which may take a bit longer. Despite this, most payday lenders aim to pay out most applications on the same day they are made.
You simply need to fill our simple online application form, including the total amount you wish to borrow and we'll find a lender for you. Once we've found you a suitable lender you'll need to complete an application specifically for that lender. The whole application process should be completed under 30 minutes and if approved, the money will be transferred into your account the same day.
If you're not instantly approved, it may be that the lender needs a bit more information from you in order to make a decision. You may need to supply documentation such as a bank statement or your payslip. This is to ensure that they are lending responsibly and you’re able to afford the total repayment.
To apply for a short-term loan you must be aged 18 or over and be a UK citizen. You will have to be in part or full-time employment and also own a bank account to transfer the funds into.
We work with reputable lenders who will only accept a loan application if they know you will be able to afford the loan repayments. If you are unsure if you can afford to borrow, try using this budget calculator to estimate what your expendable income is.
For more information, see our FAQs.
Being approved for a loan is more difficult for people who have suffered money problems in the past or have a less than perfect credit history. Unfortunately, the worse your credit score is, the less likely you are to be approved for any loan. Your credit score may be poor for a variety of reasons, a common reason is missed credit card repayments.
You may also have a thin credit file, which is when you haven't borrowed much in the past, so lenders find it difficult to judge how responsible you are with your credit. Services such as Credit Karma gives you access to your credit report for free.
At My Payday Loan Broker, we have a panel of direct lenders who can help people with a bad credit history. We work with responsible lenders like PiggyBank who look at more than the negative marks on your credit file and can evaluate your affordability by assessing your income and expenditure.
Even if you have a far from perfect credit score, we will do our best to find a suitable solution for you but keep in mind you may be offered a higher interest rate.
Before you apply for a payday loan, you need to question whether borrowing money is right for you. It could be more beneficial for you to make budget adjustments or hold off buying any inessentials to help you pay for the expense.
You should not apply for a loan to pay off other debts. If you are applying for a short-term loan to try to help you repay other short-term credit you could be getting yourself in a debt spiral that could get worse.
If you are concerned about whether a loan is the correct option there are people that can give you free impartial financial advice. You can contact Step Change if you need to talk about any debts or your personal financial difficulties.