Swift Money review

What is Swift Money

As a broker and not a direct lender, Swift Money will not provide financial services directly to customers, but will find lenders or providers for you instead. With over 20 UK payday loans providers linked to its service, Swift Money makes it simple for people in need of emergency cash. Swift Money gets you to fill in a simple application form, then it sends your application to various lenders to find you one willing to lend to you.

Whilst this may save you some time, as with all payday loans providers, Swift Money loans have very high interest.

Key Features of Swift Money payday loans at a glance

Product Name	Swift Money Short Term Loan
Available Amounts	£100 to £3,500
Representative APR	815.74%
New customer maximum	£3,500
Loan terms	1 month to 24 months
Soft search eligibility check
Funding speed	10 minutes
FCA registration number	738569

How much does it cost?

This will depend on how much you want to borrow, your rate, and the length of your loan term. The longer you take to repay the loan, the more you’ll pay in interest.

Swift Money loans have a representative APR of 815.74%. You’ll also not be charged any upfront or ongoing fees when you take out a loan.

Am I eligible for a Swift Money payday loan?

You should only apply for a Swift Money payday loan if you’re certain you can meet the repayment terms, and you meet the following criteria:

Residency	UK resident
Minimum age	18
Additional eligibility notes	You must have a regular income. You must have a bank account with a valid debit card.

Did you know?

In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.

It additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

How do I apply?

If you’ve decided that a Swift Money payday loan is right for you, simply follow these steps to view what loans are available to you and get the cash you need.

1. Go to Swift Money’s “Apply Now” page on its website and fill in the simple 5 minute application form.
2. Have your application forwarded to over 20 payday loans providers, and if you’re accepted you’ll receive details of the lender Swift Money has found for you, and you will automatically be sent to the lender’s website.
3. Your lender will send you your loan agreement. It’s important you read this carefully before signing.
4. Most of Swift Money’s lenders have a same day payout service, so you could have the funds in your account within a few hours. Make sure you look into your lender’s payout policy before signing however, as this is not always the case.

Is Swift Money safe to use?

Swift Money is authorised and regulated by the Financial Conduct Authority (FCA). If ever in doubt, you can search the FCA register to check whether a lender is authorised.

When will I receive my loan?

Applying to over 20 payday loans providers in one form does make the application pretty quick and simple, it should take only 5 minutes. After this, it should take only a couple of minutes for Swift Money to see if a loan match can be found for you.

From then however, it is up to your lender how long it takes for you to receive the money. Many of the loans Swift Money broker are paid out the same day as they try to only work with speedy lenders, but usually payouts take longer.

Swift Money pros and cons

Our verdict

Swift Money offers quick loan funding and easy application, but also has the same risks and drawbacks as other payday lenders.

While Swift Money may give you a better rate than many other short term or payday loan providers, you’re still likely to end up paying a lot in interest. A short term loan like the ones offered by Swift Money should only be considered as a last resort, and can cause serious financial issues.

Frequently asked questions

• How do I get the money from a Swift Money loan?

  The money will be paid directly into your bank account, so make sure you have your account details to hand before applying.

• What happens if I am struggling with the repayments?

  As a broker, Swift Money doesn’t have a say in what happens if you miss payments. It is very important that you talk directly to your lender if you think you might fall behind. Missed payments could result in charges, fines and litigation.

• What are the alternatives to payday loans for people with bad credit?

  It’s worth looking into guarantor loans and credit building credit cards before deciding on a payday loan. As long as you keep up-to-date with payments and don’t overspend on cards, you can get access to funds with much lower interest and could also use it to improve your credit rating for the future. These may however take a bit more time to acquire.

• If I apply through Swift Money for a payday loan do I have to accept the loan offered to me?

  No, you are not under any obligation to accept any loan shown to you by Swift Money.

• Do I have to have a good credit rating to get a loan through Swift Money?

  No, Swift Money has very high acceptance rates even for people with poor credit ratings, however this does mean that they come with very high interest, so only take one out if you have properly researched all the available options.

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Written by

Chris Lilly

Head of publishing

Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio

Chris's expertise

Chris has written 601 Finder guides across topics including:

• Loans & credit cards
• Building credit
• Financial health