Compare the Top 10 Cheapest Short Term Loans
Compare the Top 10 Cheapest Short Term Loans…
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
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
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
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
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
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
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
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
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
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.