High-Interest Loans, Learn About High Interest Loans in the UK

High Interest Loans


Representative example: Borrow £700 for 5 months. 1st monthly repayment of £235.80, 3 monthly repayments of £235.80, last monthly repayment of £235.90. Total repayment £1,179.10. Interest rate p.a. (fixed) 222.79%. Representative APR 832.04%. Our APR includes all applicable fees. Daily interest is capped at 0.793%.

Finding a loan online that charges little to no interest is rare, with most 0% finance options only offered on retail goods or introductory offers. When you need a loan quickly, you’ll want to find options for competitive rates of interest, especially in the short term. That’s why high interest loans can still be a suitable option if you use trusted lenders.

At Payday Loans Net, we know that some high interest loan companies can charge more than you would like, that’s why we are happy to offer short term options that are spread over 3 – 6 months to keep the high interest rate charge as low as possible. We also provide transparent terms, so before you apply, you can see how much the loan amount up to £1,000 may cost for the term you want.


What are High Interest Rate Loans?

High interest loans online are usually a borrowing option someone will look for when they have very few options. As they have a higher annual percentage rate (APR) than other types of loans, such as a personal loan, they are generally only considered by applicants for emergency use only. This is also why the value of any high interest rate loans is capped at a lower amount, with very few high interest loans direct lenders offering higher amounts than £1,000. Here at Payday Loans Net, we know that short term borrowing can be expensive and whilst we do offer short term loans with a high interest rate, this is why we limit borrowing to no more than £1,000 and repayment terms no longer than 6 months. This ensures the amount of interest charged in total will not be more than 100% the value of your original loan.

Our representative APR is 997%, but this represents how much a loan interest charge would be over 12 months. As we offer loans for no longer than 6 months, the amount of interest charged for the loan that you want is easier to see when using our loan calculator. This way, you can enter the loan amount and terms you want and see the approximate interest charge before applying. Whether you borrow £500 or £1,000, you won’t ever be charged more than double the original value in interest or charges, as per FCA guidelines. We are proud to offer transparency with our loans so that you can make a better informed choice when you need money quickly.

High Interest Payday Loans

When you don’t have the available savings to cover any unexpected bills that arise, it can leave you unsure how to resolve your issue. High interest payday loans are designed to help in this situation so that you can quickly resolve the matter and repay your loan over the short term with affordable payments. At Payday Loans Net, we are a trusted, Financial Conduct Authority (FCA) approved direct lender, and worked to responsible lending guidelines. This means:

  • We won’t charge more than 0.8% per day on interest
  • Any default fees or charges will be capped at no more than £15
  • Total cost won’t exceed 100% the value of the loan in interest and charges

We do not charge any fees to apply for high interest payday loans and you will only be charged a late payment fee of £15 if you have not settled the payment within 24 hours. We want to ensure applicants are fully aware of the terms of borrowing through and are happy to be transparent with any information relating to interest and fees.

High Interest Loans for Bad Credit

If you are someone with a bad credit history, you may have found suitable lenders willing to help difficult, especially through traditional means. One of the advantages of the many online lenders available is that many can help those with poor credit. High interest loans can be quickly applied for online without the worry you’ll be declined just for having a low credit score. Here at Payday Loans Net, we take the time to consider applicants with varying credit histories. This allows us to help many more people who need money in an emergency.

If you do have poor credit, you should consider whether further borrowing is the best option, as it could mean you are in financial difficulty. As long as you can afford the repayments you want and you are happy with the terms of high interest loans in the UK, you can apply quickly and get the funds you need the same day if approved. As responsible lenders, if we determine you are in financial difficulty during your application, we will have to decline your application.


High Interest Loans FAQs

Are Short Term Loans with a High Interest Rate a Good Option?

If you are considering applying for high interest rate loans for bad credit, you should exhaust other options first. If you have available savings, you should look to use this to cover a financial emergency, or if you have available credit. However, if you don’t have either option and friends and family are unable to help, high interest loans for bad credit can help you resolve your issue. If you can avoid borrowing to resolve an unexpected expense, you should do so, but if you are between pay days and you have no other options, we can look to help you.

Can I Trust High Interest Loan Lenders?

If you are concerned with how trustworthy high interest payday loan lenders you find online are, you should check if they are FCA registered. At Payday Loans Net, we are a trusted option by customers requiring high interest loans as we are FCA approved, and you will find our details on the FCA register, auth number 714479. When comparing lenders, you should check they are also FCA authorised as this will ensure they work to FCA responsible lending guidelines in the same way that we do.

How Quickly Can I Apply for High Interest Payday Loans in the UK?

We can provide a very quick application from choosing how much you want to borrow and how long for, to receiving the approved funds in your bank account. In most cases, this will be the same day as long as your bank accepts faster payments, and the application is made within business hours. We’ll give you a decision within 90 seconds of applying, so you won’t be kept waiting to see if you have been approved or not.

What Happens if I Miss Repayments on High Interest Unsecured Loans?

Missing a repayment on an agreement with high interest payday loan lenders can be expensive. This is why the FCA introduced price caps to ensure you will not be charged more than £15 for missing a repayment. The way it works with Payday Loans Net is you will not be charged a late payment fee if you resolve the missing repayment within 24 hours. After this period, you will be charged £15 and also daily interest of 0.74%, so it is important to maintain your loan on time.

Apply Now for Our Alternative to High Interest Loan Companies

If you are happy with the terms we can offer, click apply now and get an instant decision on the loan you want. We are proud to offer competitive rates that are lower than some other high interest loan lenders you’ll find online, representative 997% APR, so you can ensure when applying with us you won’t be overcharged. If you have any queries, please contact us, and if for financial advice, please visit Money Helper for more information.

High Interest Payday Loans

A high interest payday loan may be suitable for you if you’ve run out of options and you need to resolve an unexpected bill fast. We don’t offer 0% interest loans, but we do provide full transparency on borrowing with us and at a competitive rate. There are no charges to apply, and we’ll give you a decision on a loan up to £1,000 within 90 seconds. To apply today, you will need to meet the following eligibility:

  • Reside in the UK
  • Have a UK bank account
  • Have a steady income

If you can meet this as well as being at least 18 years of age, then you can apply with us online. If you are approved, you can receive the cash into your bank account on the same day. Any questions during your application, please don’t hesitate to ask.

Representative example

Total amount of credit: £500
Duration of the agreement: 4 months
Repayment total: £863.24
Interest is fixed at rate of 270.10% per year – 0.8% interest per day | Representative 997% APR
Instalment 1
Instalment 2 & 3
Instalment 4
Warning: Late repayments can cause you serious money problems. For help, go moneyhelper.org.uk