No Interest Loans, Learn About Short Term No Interest Loans

No Interest Loans

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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%.


If you want to borrow money and find lenders offering no interest loans, the reality is this type of loan is only for certain situations. If you require the funds to cover a short term expense, you can expect to pay an interest charge on the amount you borrow. Here at Payday Loans Net, whilst we cannot offer payday loans with no interest, we can offer one of the lowest APR rates as a direct lender. If you require a loan of up to £1,000 and you want same day approval, we can help you spread the cost over 3 – 6 months.

It’s free to use our loan calculator to see how much a short term loan with us will cost, helping you compare loan offers when you need to settle an emergency expense. Click apply now and we’ll give you a decision in 90 seconds and pay out the same day.


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What are No Interest Loans?


No interest loans, whilst may seem too good to be true, are an option for borrowers when buying goods. If you are making a purchase through a retailer either in store or online, many offer finance options on purchases. Typically, this will be a 0% interest loan that covers the cost of the purchased item, so for example, a new TV or even furniture. Repayments are spread over several months or years, sometimes because the value of goods can be much higher than £1,000. What makes these types of loans with no interest rate different is that they are designed to pay off the value of goods purchased only and are not available to use on other expenses. This makes it easier for customers to buy an expensive item and pay it off gradually.

With regular long term and short term cash loans, there is an interest charge applied. With a personal loan this is at the beginning of the term, with credit cards this is applied monthly, and other short term options calculate this daily instead. At Payday Loans Net, our loans are designed for short term emergencies only that can be spread over 3 – 6 months. The representative APR on our loans is one of the lowest when compared to other payday lenders, and as a responsible lender, we make the full terms transparent so you can see exactly how much the loan you want will cost.

Are There Payday Loans with No Interest?


As they are a form of short term cash loans, you will find that most payday lender loans will have an interest charge. This is because the term is usually only a few months, and unlike with retailers, no goods are being sold. You will generally only find no interest loans when you have spent money with a retailer or on credit cards where they may offer an introductory rate for a set period. Any form of borrowing through a bank or lender will usually have interest applied. Due to this, it’s always best to compare loans that you find online and check which are most suitable for your situation.

If you do discover lenders of small loans with no interest charge, you should check a few things first. You’ll want to be sure they are Financial Conduct Authority (FCA) authorised by finding their details on the FCA register and checking their authorisation number. This should also be published on their website, for example, our authorisation number at Payday Loans Net is 714479. You will also want to carefully check the terms of their loan, as they could be charging hidden fees or excessive admin fees instead of interest.

An Alternative to Loans with No Interest Rate


As finding payday loans with no interest for the first time may not come from a trusted source, using approved direct lenders that are trusted by borrowers is a better choice. You can find low APR loans that provide exactly the amount and terms you need when comparing options online. At Payday Loans Net, you’ll be able to see a representative example of how much a loan with us will cost before submitting your application, helping you make an informed choice.

As with any form of emergency loan, time is of the essence, so we make our application as clear as possible so you can quickly find what you need and provide your details. We’ll let you know if you have been successful in 90 seconds, so if we can’t help, you won’t be left waiting to look for other sources. We’re proud to offer our customers flexible terms so that you can choose repayments that are affordable for you whilst still quickly resolving your financial issue.


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No Interest Loans FAQs


Is it Possible to Get Small Loans with No Interest

Most trusted sources of small loans will include an interest charge, so finding small loans with no interest may lead you to unregulated lenders. There are only a few types of loans that have 0% interest, and these are usually linked to buying goods rather than borrowing cash for other means. As responsible lenders, we can provide an alternative option that provides one of the lowest APR rates on the market at 997% APR representative. Use our loan calculator to see how much the loan you require will cost and compare it with other short term lenders.

Are There Payday Loans with No Interest for First Time Applicants?

No, it’s very unlikely you will find legitimate lenders who provide a payday loan with no interest. We know that high-cost short-term credit has a higher APR compared to other types of loans, but as they are designed for the short term, it can be confusing how much interest you will actually pay. It’s best to use our loan calculator to see how much the loan you want between 3 – 6 months will cost and compare this to what you can afford. Payday loans should only be used in an emergency and are not designed for buying non-essential goods and services.

Do Short Term No Interest Loans Charge Fees?

You may find that some lenders will charge fees as part of the loan, and sometimes these can be hidden fees too. At Payday Loans Net, we do not charge a fee to apply for a loan. We work to FCA guidelines meaning that any default fees will not exceed £15 and if you miss a repayment, you will only be charged a late fee if the payment is not resolved within 24 hours. This is also capped at £15, and any daily interest accrued after this will not exceed 0.74%. We prefer to be transparent with our loans, so we do not charge any hidden fees.

Are No Interest Loans Good For Long Term Borrowing?

If you are purchasing high-value goods such as new furniture or home entertainment, many retailers will offer a 0% finance option if you have good credit. As this could be for a term over 12 months, this can be good to help spread the cost. If needing to borrow cash from a direct lender, you can expect to pay an interest charge on the term whether it has long or short term repayments. You should always choose lenders that provide the details of the loan before proceeding, that way you can see how much the interest charge will approximately be and compare if necessary.

Apply for Our No Interest Loans Alternative Today


If you need cash today and have an unexpected expense to settle, click apply now and we’ll help you with a decision in 90 seconds. We can’t provide small loans with no interest, but we will provide same day cash, a 24/7 application process, and flexible repayments to make the loan affordable for you.

As direct lenders, we can’t offer advice on your finances, but if you are experiencing financial difficulties and are looking for help, please visit Money Helper for impartial advice and more information.

No Interest Loans in the UK


No interest loans can be ideal to spread the costs of goods when making purchases, but are a type of loan not usually available when borrowing money directly. Here at Payday Loans Net, we can’t offer loans with no interest rate, but we can help you borrow money in an emergency quickly. To apply today and see whether a loan through us can be suitable for you, our eligibility requirements need to be met first. You will need to:

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

If you are 18 years old and above and have the affordability, we can look to help you with an instant cash loan that can be approved in 90 seconds. We’ll then pay into your bank account the same day for a quick turnaround, helping your finances get back on track fast.

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
£215.81
Instalment 1
£215.81
Instalment 2 & 3
£215.81
Instalment 4
Warning: Late repayments can cause you serious money problems. For help, go moneyhelper.org.uk