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*We are an authorised credit broker not a lender

Online Loans

At My Payday Loan Broker, we try to keep things simple and stress-free when applying for an online loan. That's why we've made sure that there's no hassle. The entire process is online.

Why Might You Need an Online Loan?

Reducing the fuss is not the only benefit of an online loan - they're also a lot faster, which means they are the best option for emergency expenses. Bank loans can take a lot longer to sort out, and even once the approval has been guaranteed, it can take up to 3 days for the funds to reach your bank account. Whereas with us you could receive your money on your account the same day once your application has been approved.

People usually need a short-term loan for an emergency expense, so waiting days for the cash won't always be an option. Should an essential appliance like your fridge stop working, you'd want the money as quickly as possible so that you can get it fixed or replaced.

If you've had an unexpected cost, and need an online loan of up to £2000, My Payday Loan Broker can help you find the perfect lender with the best interest rate.

How Can We Help You Find an Online Loan?

As a broker, not a direct lender, we can search our panel of reputable lenders to put you in touch with the right lender. Rather than complete a number of applications to see if you're eligible, you can complete our short application form to help you borrow the money you need and save your time.

You can borrow between £100 and £2000, for up to 2 years. We only work with responsible UK based lenders, so you can be sure that they all follow the Financial Conduct Authority (FCA) rules. This means that you'll know upfront how much you'll be repaying in total, your repayment amounts and dates. You'll also never have to pay back more than twice what you borrow. You can apply online from the comfort and privacy of your own home avoiding any time-consuming ques and trips to the bank.

You can find more information about our online loan process on our How It Works page.

Payday Loans or Instalment Loans?

Both payday and instalment loans are types of short-term credit, also known as personal loans. Depending on how much you are looking to borrow, and for how long, you may need one or the other.

Payday loans are generally for smaller expenses, as you'd pay them back in one lump sum, generally your payday. If you borrow a larger amount, it can be hard to pay it back all at once.

Instalment loans allow you to spread the cost, over a few months or years. This makes the payments far more manageable. You can find instalment loans of up to £2000 with My Payday Loan Broker, which can be repaid over up to two years.

With both types of short-term loan, you'll be able to make early payments to save money on interest, and won't be charged extra for it.

What is the Eligibility Criteria?

Before taking out credit, you'll need to make sure that you meet the eligibility requirements. Most short-term lenders have three main criteria for taking out a loan. You'll need to be:

You'll also need a mobile phone and a UK bank account so that the funds can be paid into your bank.

If you're looking into loans for people with bad credit, we may still be able to help. The lenders we work with understand that any missed or late payments on your credit file lowering your credit score could be from years ago. As information stays on your credit file for six years, you could be penalised by banks or other conventional lenders for things that aren't relevant. With My Payday Loan Broker, you can be sure that each application is assessed on an individual basis, and you don't need perfect credit to apply.

If you wish to check your credit score, you can do this for free through sites like Noddle. You can improve your score by taking out credit and repaying it on time or early.

If you do have good credit, you may look into other options, like bank and building society loans, or credit cards. It can be difficult to find flexible options though - you may end up borrowing more than you need, over too long a period. You could then end up paying far more in interest than with a short-term loan.

If you're worried about the stress of finding someone to back you financially as a guarantor, rest assured that you won't need one with My Payday Loan Broker. We don't work with companies offering guarantor loans, only lenders who provide instalment and payday loans.

Before taking out any form of credit, it's important that you consider whether it's the right option for you. Do not worry if you don’t own any property to put up as collateral, it will not be necessary. If you are in long-term financial difficulty, borrowing can mean you end up owing more in the long run if you can't keep up with the repayments creating serious money problems. Borrowing to pay back other creditors can also be dangerous, as you may end up borrowing more and more, entering into a debt spiral. If you are looking for financial advice, or think you need help with your debts, companies like Step Change can give you free impartial advice.

What is the Process?

Once you know how much you need to borrow to cover your emergency expense, you can choose to make weekly, fortnightly, four-weekly or monthly payments. With these simple and clear payment arrangements, it is more convenient than ever to repay loans online. You can apply for a loan anytime, night and day. We'll then ask you for some personal details, employment information, expenditure and income.

We work with over 20 direct lenders, so we'll try to match you up with the best lender. All you need to do is switch on your laptop and fill in an online application to get the process started. You may need to provide a few more details, and will then get a loan decision as quickly as possible. If approved, you'd expect to have the funds on your account within an hour with no extra costs.