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The various comparison postings being posted here are carrying out the job of splitting up the lenders into individual groupings. It was initially a little more difficult to do this on this occasion with there being so many lenders within the Payday Lenders category. This section caters traditional payday loan lenders that cover the full monthly term. Alternatively, the Short Term Lender category covers lenders offering flexible terms (such as Wonga) or simply set shorter terms (such as MyJar). The only exception is Vivus since their 7 day rate isn’t great, but their 30 days rate is much better. To pick out the top 10 cheapest payday loans, all lenders were scanned and those were marked with a complete charge of 30% or lower. Around 10 or so companies qualified at 30% or less that are each listed below.

Compare the Top 10 Cheapest Payday Loans…

Vivus (2008)

Account login and SSL: Yes
Available: £50 to £300 (£700)
Interest (First Loan): £0 per £100 (0%)
Interest: £23 per £100 (23%)
Transfer: Free for same day funding
Term: 7 to 30 days (added to monthly section, as their best rate is over 30 days)
Trade Association: No

+ Best price for same day loan
+ First loan is free (0% APR)
+ Free same day transfer
+ Over 5 Years Experience
– No membership

QuickQuid (2007)

Account login and SSL: Yes
Available: £50 to £1000 (£1500)
Interest: £20, £25 or £29.50 per £100 (based on credit score) (20%/25%/29.5%)
Interest with Promo: £15, £18.75 or £22.13 (rounded off) per £100 (15%/18.75%/22.13%)
Transfer: Free for same day funding
Term: 1, 2 or 3 months
Trade Association: CFA members

+ 2nd best price for same day loan
+ Free same day transfer
+ Largest figure of £1500 possible (existing customers)
+ New QuickQuid FlexCredit loans now available (1 to 10 months)
+ Optional 2 or 3 month term
+ Over 5 Years Experience
+ QuickQuid Promo takes away 25% of the interest

RedWallet (2012)

Account login and SSL: Yes
Available: £100 to £400
Interest: £29 per £100 (29%)
Interest with Cashback: £19 per £100 (19%)
Transfer: Free for same day funding
Term: 1 month
Trade Association: CCTA members

+ £10 cashback bonus when paid on time
+ Free same day transfer
– Relatively new service

Speedy Cash (2002) (this is their USA launch year)

Account login and SSL: Yes
Available: £100 to £500
Interest: £25 per £100 (25%)
Transfer: Free for same day funding
Term: 1 month
Trade Association: BCCA members

+ Free same day transfer
+ Loans also available in their stores
+ Over 5 Years Experience
+ They also have a Flex Loan that offers flexible terms, but is designed for much longer periods

Cash Window (2013)*

Account login and SSL: Yes
Available: £100 to £400 (£1000)
Interest: £25 per £100 (25%)
Transfer: Free for same day funding
Term: 1 month (3 month term available)
Trade Association: No
* Cash Window is a 2013 rebrand of Early Pay Day Loan (EPDL) who launched in 2003

+ Free same day transfer
+ Most experienced service (2003) (shared)
+ Over 5 Years Experience
– No membership

Umbrella Loans (2010)

Account login and SSL: Yes
Available: £100 to £500
Interest: £25 per £100 (25%)
Transfer: Free for same day funding
Term: 1 month
Trade Association: BCCA members

+ Free same day transfer

The Quick Loan Shop Ltd (2012)

Account login and SSL: Yes
Available: £50 to £500
Interest: £25 per £100 (25%)
Transfer: Free for same day funding
Term: 1 month
Trade Association: CCTA members

+ Free same day transfer
– Relatively new service

Cash Central (2012) (USA launch year unknown)

Account login and SSL: Yes
Available: £100 to £600
Interest: £26 per £100 (26%)
Transfer: Required £1 for same day funding
Term: 1 month
Trade Association: BCCA members

+ Premiere Members scheme provides future savings
– Relatively new service (in the UK)

Payday UK (2003)

Account login and SSL: Yes
Available: £100 to £1000
Interest: £29.95 per £100 (29.95%)
Transfer: Free for same day funding
Term: 1 month
Trade Association: CFA members

+ Free same day transfer
+ Most experienced service (2003) (shared)
+ Over 5 Years Experience
– Applicants must be paid monthly

Payday Express (2003)

Account login and SSL: Yes
Available: £80 to £500 (£800)
Interest: £32.99 per £100 (32.99%)
Transfer: Free for same day funding (first time only)
Term: 1 month
Trade Association: CFA members

+ Free same day transfer
+ Most experienced service (2003) (shared)
+ Over 5 Years Experience

Notes:
– All rankings are set by cost. In the case of a draw, the + and – ratio was used. If the ratio was the same then they were alphabetically placed.
– As covered in the initial passage, those appearing in the Short Term Lender category will be covered in separate postings.
– The only listed company that charges for a same day transfer is Speedy Dosh. This fee would likely be taken from the funds sent your way. They do have a promo code though that is assumed to discount this fee. This is being investigated at the moment.