Paydayuk

Written by:

Cara Bradley

5 minutes mins read

Updated: 13th August 2024

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Are you hoping to borrow between £100 and £10,000?
It’s no longer possible to get a direct loan from Paydayuk, † but Little Loans could help you find a suitable loan.
Remove the stress of multiple loan applications and let Little Loans take over the search.

Little Loans as a Paydayuk loans alternative

• Little Loans is a credit broker, and we work with a large panel of responsible lenders.
• Little Loans, and all the lenders we work with, are authorised and regulated by the Financial Conduct Authority (FCA).
• The lenders on our panel offer loans from £100 to £10,000.
• Depending on how much money you apply to borrow, you could repay your loan between 3 and 60 months.
• We don’t charge any fees for our service.
• All quotes are no-obligation.

Who was Paydayuk?

Paydayuk was a direct lender, offering loans from £100 to £2,000, which could be repaid between 1 and 12 months, depending on the amount borrowed.

What happened to Paydayuk?

Paydayuk was a trading name of Instant Cash Loans Limited, who also owned Payday Express and The Money Shop.
On 9th October 2019, Instant Cash Loans Limited entered into a Scheme of Arrangement, before closing down the company.

Can I still get a loan with Paydayuk?

Paydayuk no longer exists as a direct lender and are therefore unable to accept applications for loans.
If you’re looking for a short-term, personal loan up to £10,000, Little Loans could help to match you with a suitable option.

The Little Loans criteria

You can use Little Loans to search for a loan if you:

• Are over the age of 18;
• Are a UK resident;
• Have a UK bank account with a valid debit card; and
• Have a regular source of income paid into your bank account.

We welcome all credit scores to search for a loan. If you’re worried about your chances of approval, you can check your eligibility in just 60 seconds before you apply.

The Little Loans process

Our straightforward online form can be completed in around five minutes, at a time and place that suits you.

1. Select the amount of money you need, and choose a repayment term. You should never borrow more money than you need or can afford to repay.
2. Our online form can be completed in around 5 minutes, and will ask you to provide basic details, such as your address history, employment status and income. We’ll use this information to carry out a soft search on your financial history, which should take around 60 seconds.
3. Next, we’ll scan our panel of lenders for a suitable loan, and if we find you a match, you’ll be redirected to the lender’s website, where you can find out more.
4. If you’re happy to go ahead with the loan, you will need to provide the lender with some further information, which will enable them to do a hard credit search.
5. Once the lenders checks are back and marked as satisfactory, you will be sent a loan agreement. It’s important to read through the terms and conditions before deciding whether to sign and return.

Please can you explain a little more about soft and hard credit searches?

Sure. Soft searches allow brokers or lenders to gain an insight into your financial history without leaving a mark on your credit file. In fact, soft searches will only be visible on your file to you, and the company that carried out the search. Soft searches will not have any impact on your credit score.

Hard searches provide a deeper understanding of your credit history. They can remain on your credit file for up to 12 months, and too many hard searches within a short space of time could have a negative effect on your credit score.

When will I receive my money?

Every lender has a different payout timeframe. Some of the lenders on the Little Loans panel could send your money the same day as your application is approved, although the time it takes for the funds to show in your account will depend on your bank’s policies and procedures.

I can no longer afford my loan, what are my options?

Sometimes, through no fault of our own, our financial circumstances change.
If you’ve taken out a loan that you’re having difficulty repaying, try not to panic.
Late and missed repayments can seriously harm your credit score, and could affect your chances of being approved for credit in the future. If you feel as though you’re going to miss a repayment, speak with your lender as soon as you can. While this may feel daunting, they will be keen to discuss any options that might be available, and will want to work with you to put a plan in place moving forwards.

I’m worried about money. Where can I get help?

We’re sorry to hear that you’re experiencing money worries, and we understand how isolating this can feel. No matter how bad things may seem, please know that help is always available, and you absolutely do not have to face this on your alone.
For free, impartial money and debt management advice, you can visit any one of the following sites: StepChange, MoneyHelper, Citizens Advice, and National Debtline.

† Paydayuk was a direct lender that went into liquidation in October 2019. The domain name Paydayuk was then sold. Payday UK is a registered trading name of Payday Loans Ltd, an introducer appointed representative of Flux Finding, who are a credit broker, not a lender.
Paydayuk the direct lender and Payday UK the credit broker are two separate entities.

This article is from June 2024; all information was correct at the time of writing.