Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Weekend loans can be handy if you find yourself in a pinch and short on cash, but short term borrowing is also expensive. Use the table below to compare payday lenders that offer loans with weekend approval.
A weekend short term loan refers to any loan from a payday or short term lender that you can apply for and receive on a weekend. While banks and traditional lenders only process loan applications on business days, many short term lenders fund loans over the weekend, which can be helpful to those who may need additional money at short notice.
Yes, some short term direct lenders will approve and fund your loan on a weekend. However, while it’s easy to apply for emergency financing on the weekend, how quickly lenders process your application and issue the funds varies from lender to lender.
Some online direct lenders process loan applications instantly and automatically, no matter what day it is. But for some applications, even these lenders may want to take a closer look and potentially discuss the loan with you first.
If you’re in need of emergency weekend funds, consider some of the options below:
The process depends on whether you apply online or in-store. If you opt for an online application, some short term loan providers can process the application and approval in as little as 15 minutes. Once you agree to the loan offer, the funds are sent to your nominated bank account.
If you opt to apply in-store, there is a short application process followed by the lender reviewing your application and providing you with an answer almost there and then.
Whether you apply online or in-store, you have to repay your loan on the day(s) stated in your loan offer.
While many weekend short term lenders offer the same features, there are some differences to watch out for to help you find the best loan to apply for.
In 2015, the Financial Conduct Authority (FCA) capped interest and fees on all high-cost, short-term credit loans at 0.8% per day.
They 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.
Bill works weekends in a restaurant. He has a 30-minute drive to work each day, but one morning, his car wouldn't start. It was 3 days before his paycheque came through, and he didn't have the spare £400 for his mechanic.
Bill went online, compared weekend loans and applied. He found a lender with 24/7 application processing and got his loan funded the next business day after being approved.
* This is a fictional, but realistic, example.
Whilst payday loans offer a quick financial solution to unexpected circumstances that may crop up, they are a very expensive means of borrowing and should only be considered a last resort. They aren’t a good idea for sustained borrowing. Look at your financial situation and see if there are alternatives better suited to you.
Getting a credit card or taking out a personal loan are alternate forms of borrowing that are less costly than payday loans. Is the expenditure absolutely necessary? If you can defer a purchase, then you can save yourself money in the long run. As with any loan, you should only take one out if you can make the repayments.
Browse our collection of payday loan guides, designed to answer all of your short term loan questions and help you find the right payday loan.
What’s the difference between a continuous payment authority, a direct debit and a standing order?
QuidMarket offers an instant decision on loans of up to (or for returning customers) and once approved, you can expect the money in your account on the same day. QuidMarket will consider you for a loan even if you have a bad credit history. Find out how other lenders compare.
If you need to borrow cash quickly and tend to use a prepaid card for regular spending, you may be looking to get a payday loan transferred to your prepaid card.
The Money Platform is a peer-to-peer (P2P) lending platform that matches investors with borrowers and provides loans of up to . But at it’s core, is it just another short term lender?
Anico Finance is an online lender providing personalised, transparent, short-term loans of – to help cover and spread the cost of an unexpected financial shortfall. Read the full review and compare its rates and eligibility criteria with a range of lenders.
If you’re thinking about applying for a one month payday loan, use our guide to learn more about short term borrowing and compare rates from a range of UK lenders. Fast and simple repayment calculation and comparison of available amounts and eligibility requirements.
Sunny is an online platform providing clear and transparent short term loans of between – for when unforeseen circumstances pop up. Find out how their lending options compare.
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