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The previous comparison compiled a list of the top 10 cheapest payday loans that cater the full monthly period. This posting will focus on the top 10 cheapest short term loans. These short term loan lenders are those that provide flexible terms or set terms that are shorter than the monthly period. What was interesting with the findings here was that most of these lenders have similar interest charges in place (around 1% per day), but the difference is usually in the cost of the fast transfer fee. This fee is commonly added on to the overall charge, whereas the monthly lenders tend to discount it from the funds sent. Many of the attached companies have text loan features in place that will be expanded upon in a future posting.

Compare the Top 10 Cheapest Short Term Loans…

Reddies Direct (2011)

Account login and SSL: Yes
Available: £100 to £200 (£400)
Flexibility: 1 to 30 days
Sample 7 Day Interest: £6.52
Transfer: Free for same day funding
Total: £6.52 per £100 (6.52%)
Trade Association: CCTA members

+ Best price for same day loan
+ Free same day transfer
+ Terms starting from just 1 day

Sunny (2013)

Account login and SSL: Yes
Available: £100 to £500
Flexibility: 3 to 30 days (or 1 to 5 months)
Sample 7 Day Interest: £6.76
Transfer: Free for same day funding
Total: £6.76 per £100 (6.76%)
Trade Association: BCCA and CCTA members

+ 2nd best price for same day loan (shared)
+ Free same day transfer
+ Extended monthly terms available
+ Sunny Rates scheme lowers charges for existing customers

Wonga (2007)

Account login and SSL: Yes
Available: £1 to £400 (£1000)
Flexibility: 1 to 36 days
Sample 7 Day Interest: £7.39
Transfer: Required £5.50 for same day funding
Total: £12.89 per £100 (12.89%)
Total with Promo: £7 per £100 (7%)
Trade Association: FLA members

+ Largest figure of £1000 possible (existing customers) = Shared by 2 lenders
+ Loans starting from just £1
+ Most experienced service (2007)
+ Terms starting from just 1 day
+ Wonga Promo is designed to take away the £5.50 transfer fee, but it actually discounts £5.89

Peachy Loans (2011)

Account login and SSL: Yes
Available: £50 to £200 (£500)
Flexibility: 5 days to 5 months
Sample 7 Day Interest: £7
Transfer: Required £5 for same day funding
Total: £12 per £100 (12%)
Total with Promo: £7 per £100 (7%)
Trade Association: CSA members

+ Extended monthly terms available
+ Peachy Loans Promo takes away the £5 transfer fee

MyJar (2013)*

Account login and SSL: Yes
Available: £100 (£500)
Flexibility: 18 days only
Sample 7 Day Interest: £7.78
Transfer: Free for same day funding
Total: £7.78 per £100 (7.78%)
Trade Association: No
* MyJar is a 2013 rebrand of TxtLoan who launched in 2008

+ Free same day transfer
– No membership
– Set term only

Toothfairy Finance (2008)

Account login and SSL: Yes
Available: £100 to £400
Flexibility: 7, 14, 21 or 28 days
Sample 7 Day Interest: £9
Transfer: Free for same day funding
Total: £9 per £100 (9%)
Trade Association: Possible CCTA. Need to confirm

+ Free same day transfer
– No membership

Square Money (2012)

Account login and SSL: Yes
Available: £80 to £300 (£1000)
Flexibility: 7 to 31 days
Sample 7 Day Interest: £9.10
Transfer: Free for same day funding
Total: £9.10 per £100 (9.1%)
Trade Association: No

+ Free same day transfer
– No membership
– Relatively new service

H&T Payday Loans (2012)

Account login and SSL: No SSL
Available: £50 to £300 (£750)
Flexibility: 1 to 35 days
Sample 7 Day Interest: £4.67
Transfer: Free (slow) or £7 for same day funding
Total: £11.67 per £100 (11.67%)
Trade Association: BCCA and CCTA members

+ Terms starting from just 1 day
– Relatively new service
– No SSL

Quid24 (2009)

Account login and SSL: Yes
Available: £100 to £300 (£1000)
Flexibility: 1 to 30 days
Sample 7 Day Interest: £6.90
Transfer: Required £5 for same day funding
Total: £11.90 per £100 (11.9%)
Trade Association: No

+ Largest figure of £1000 possible (existing customers) = Shared by 2 lenders
+ Terms starting from just 1 day
– No membership

Mobile Quid (2010)

Account login and SSL: Yes
Available: £100 only
Flexibility: 7 days only
Sample 7 Day Interest: £6.50
Transfer: Required £5.50 for same day funding
Total: £12 per £100 (12%)
Trade Association: No

– No membership
– Set amount only
– Set term only

Notes:
– As with the Payday Lenders comparison, all rankings here are set by cost. If there is an equal cost then features by the + and – ratio will determine their placing.
– Most of the companies listed above add on the transfer fee to the overall cost rather than discounting it from the funds sent.