Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk Representative 399.7% APR (Variable)

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Payday Loans

Payday loans are a good choice for those who need help with short-term money problems. That means that they should not be used as help for long term cash worries in the same way as normal loans might be.

If money is tight and you just need that little bit extra to tide you over, or you need to pay for something like dental work or home repairs, then a payday loan could be just what you need. They do nothing to your credit rating and you don’t have to discuss why you need the money with anyone. There are also no admin costs, and more often than not there no hidden fees (although it’s always important to check the small print). Unlike many types of loan, you do not have to be a homeowner; you can get a payday loan if you rent, and you can even get the money that very same day, meaning you can use the money almost immediately. Just as long as you have money coming in and an active bank account, you can get a payday loan and get yourself back on track.

You can often get payday loans even if you have bad credit. They are great for those who have struggled to get a loan other ways, but you may have to write a cheque that will be cashed when you next get paid.

You need to remember that payday loans have interest rates that are much higher than other types of loans. Interest rates for payday loans start at around 800-1,300% per year and can go much higher. This is a pretty big amount of interest, but as you’ll probably only be paying it back over 31 days, it’s normally nowhere near that bad.

For example, for someone borrowing £100 at an interest rate of 1,286.1% (one of the cheapest), they would only have to pay back £125, if it was paid back within the 31 days. You can sometimes get an extension on the loan too, but you will be charged for it, which could make your money problems worse in the long run.

Please note: As we said earlier, payday loans are a bit of a quick fix and should not be used for long term money problems. The large amounts of interest that will get added on if you don’t pay the loan back on time means that you could end up owing a lot of money, which if you still can’t pay back could lead to further action being taken against you.

For more information please call Back on Track Loans on

0800 848 8444 / 0333 003 0012


Secured Loans Disclaimer : Loans may be secured on your home. Think carefully before securing other loans against your home. our home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.