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Readies is rated 4.8 stars by based on 15 reviews

Real reviews from Readies payday loan customers :-

I needed £500 to get my car fixed before the weekend and Readies came through for me. Excellent site and service.


I was about to go over my overdraft and get hit with a huge fine. Thankfully Readies came to my rescue and I borrowed £250 until payday.


When it comes to short term lending there is really nobody better than Readies. They borrowed me £750 for 30 days and I received it within 30 minutes!


Great service from start to finish. The application took less than 2 minutes and the money was in my account within the hour. Excellent service.


Need cash, fast? Learn all about payday loans!

You've probably considered taking out a payday loan. Payday loans might have a controversial reputation in the financial world, but the truth is that most people don't fully understand what they are or how they work.

Before you can make any decisions about your payday loan possibilities, you'll need to ensure that you know as much as possible about this form of lending, and what it means to your future. In this guide, we're going to cover all the insights that you need to make an informed choice about your payday loan, from tips on how to compare lending options, to guidance on whether a payday loan is right for you.

  • What is a Payday Loan?
  • How Do Payday Loans Work?
  • How Will You Be Approved for Your Short Term Loan?
  • Who Can Apply for a Loan?
  • What Cash Loans Will Cost You
  • What Can You Use a Short Term Payday Loan For?
  • Testimonials From Our Customers
  • Choosing the Right Cash Loan
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Or read below for more great advice on payday lending :-

Payday Loans: Your Complete Guide

What is a Payday Loan?

First things first, a payday loan is a type of short-term credit.

The name "payday loan" comes from the fact that most online lenders used these small amounts of cash to support people who wanted to borrow money only until their next payday. The cash in a payday loan is usually borrowed for a short period of around a month and paid after you've got new money in your account. Some short term loans are offered over a period of 12 months should you require something longer term but the funds are still transferred instantly to your bank account in the same way as a true short term loan.

Today, you don't necessarily need to take a loan out and repay it on your payday for it to be a payday loan. Instead, the term is used to refer to any kind of short-term loan that is usually for a small amount of cash. On average, a payday loan is unlikely to be given for more than £1,000. Of course, as with most things in the credit world, the amount you can borrow on your payday loan will depend on the lender you choose and your credit rating. With that said though, there are payday lenders out there who offer larger loans for up to £2,500!

Many people turn to payday loans because they need cash now to cover expenses during an emergency, which is partially why they have such a bad reputation. However, just like any other loan, if you know how to repay the money you borrow on time, you shouldn't have any problems.

How Do Payday Loans Work?

Payday loans are appealing because of their speed and accessibility. Most of the time, you won't need an exceptional credit rating to apply for a payday loan, because the lender will be mitigating their risk with a higher interest rate or "APR." . This is why many payday loans are aimed at people with poor or outright bad credit ratings.

Payday loans are designed for when you have very short-term financial needs. Often, they can be approved and paid into your account on the day of your application, providing an easy option for consumers who need to access finance quickly, and don't have the time to deal with bank applications. Some even send the funds instantly within one hour. Especially if you have a UK bank account.

Though payday loans offer greater speed than most other loan products, they work in a similar way to any credit solution. When you apply for a payday loan, you'll be asked how much you need to borrow, the length of time you need to borrow the money for, and you may need to fill out a few personal details too.

Unlike with traditional loans, the amount you borrow, and the length of the loan will typically be quite small. Interest will be charged according to the expectations of the organisation that you borrow from, and there may be additional fees to consider. Importantly, the full price of your loan will not go over the price cap that has been set by the financial conduct authority or FCA to protect borrowers against payday loans.

How Will You Be Approved for Your Payday Loan?

When your application is submitted, most responsible payday lenders will perform a credit check. Importantly, you may still be able to get a payday loan if you have bad credit. In some cases, however, you will need to look for lenders that specialise in bad credit payday loans. Whether you're applying for a bad credit loan or not, your lender will want to check that you can afford to pay the money that you borrow back. In some cases, this could mean that you need to provide proof of employment to the bank or building society.

If your payday loan provider deems that you can reasonably afford the price of the loan (including interest), then they will approve your request. Most borrowers can achieve approval and get the money they request in their bank account within 24 hours with payday loans.

Once your loan has been agreed and you receive the payment, your repayment period will begin instantly. Borrowers will be required to meet with specific payment terms during this period. For some people, this will mean that you need to pay a chunk of money each month for an agreed period. For others, it may be possible to repay your payday loan all at once, such as when you receive your monthly salary. Just make sure that paying off the loan in full will leave you with enough money to pay your other bills after your payday.

Who Can Apply for a Payday Loan?

Payday loans are available for any adult in the UK over the age of 18. You will need a bank account to apply for a loan in this country, and you may also need to prove that you have a job that you can use to pay back the money that you borrow. While it is very easy to apply for a payday loan with most providers, remember that not everyone will automatically be approved for a payday loan. If you have bad credit, or you cannot afford to pay the money you borrow back, you will not be accepted.

The good news is that applying for a payday loan is usually a very simple process. Most of the time, lenders have systems online that you can use to enter your details and request approval without having to speak to another person. Often, you will receive confirmation of your loan online too through email, or an SMS message.

Typically, payday loan applications will be short and easy to fill out. However, you will need to have some information with you when you begin the application process. Expect to provide details about your income and expenditure, as well as bank details so that the money can be paid to you as quickly as possible.

What Payday Loans Will Cost You

Many people worry about applying for payday loans because they know that these short-term loans often have high-interest rates. However, thanks to the FCA, the cost of payday loans is now capped, so you cannot pay more than a certain amount back on the money that you borrow.

For instance, according to the FCA rules, if you take out a loan for thirty days, you will not pay over £24 in fees for your payday loan, or charges, per every £100, that you borrow. Additionally, if you are unable to repay the loan that you acquire on time, then you will not be charged more than £15 plus the amount of interest on the money you borrowed. The cap means that you shouldn't have to pay more than twice the original loan amount.

Of course, just because there is a cap on payday loans today doesn't mean you shouldn't be careful with the amount that you borrow. You should still make sure that you can afford to repay the loan before you agree to anything. Remember, when you agree to a payday loan, some lenders will ask for you to set up a continuous payment authority, or CPA, which takes a certain amount of money out of your bank account automatically each month, or on the single repayment date.

Although CPAs are very useful, as they ensure that you don't forget to repay the money you borrowed on time, they can also be risky because they might not leave the right amount of cash in your bank account to pay for other things you need like gas and electricity bills. If you're concerned about the impact that a CPA will have on you, then it might be worth speaking to your lender about other options.

Why People Apply for Payday Loans

Despite the controversy around payday loans, these lending options are still the best way to raise cash quickly and solve your financial emergency if you don't have another source of income available or someone who can lend you the money closer to home. Payday loans will help to pay for unexpected expenses, and they can even ensure that you don't end up drifting into your overdraft. In some cases, getting a payday loan might actually help to protect you from more expensive fees in the future.

There are many reasons why a person might decide to take out a payday loan. Most of the time, these loans are used for emergency situations when someone needs to get money quickly. Many payday loan lenders will be able to approve applications for payday loans very quickly when you provide them with the correct information. You won't have to fill out any lengthy forms to get your money, which is rarely the case with traditional loans. Additionally, if you follow the instructions correctly, then you should find that your lender can put the money you need into your bank account within 24 hours. Some loan providers even offer payday loans within a single hour.

Payday loans are also far more convenient than most traditional loans. The processes involved in applying for most payday loans generally happen online. This means that you don't have to book appointments with loan officers or call lenders to get the money that you need. You can send applications in an instant from your office or home, and get a response sent to your email or smartphone.

What Can You Use a Short Term Payday Loan For?

One of the many benefits associated with payday loans is that there are very few rules or restrictions around what you can use them for. Payday loans or cash loans are typically used for emergencies, but it's generally up to you how you spend the money you borrow, provided that you can repay it on time. When you receive your money, you'll be able to decide whether you need to spend it on a sudden boiler repair bill or paying for a car to get you to a new job.

This freedom of choice isn't common among other loans. Most loans come with specific requirements as to what you can use them for. For instance, you can only use a mortgage to purchase a home, and you can only use a car loan on a vehicle.

Additionally, accessing a payday loan is typically quite easy because you'll only have to meet with a handful of basic requirements. The most obvious requirement for a payday loan is that you'll need a stable source of income that you can use to repay the money that you borrow. As long as the direct lending company can confirm that you're getting a regular income, then there's a good chance that you will find a willing provider for your loan, even if your credit isn't the best.

Importantly, though your credit score won't play as much of a part in your payday loan application as it would in a traditional loan request, most lenders will still ask for your credit rating. If you have a poor credit rating, some lenders will be happy to provide you with the money that you request, whereas others will refer you to a bad credit payday loan lender. Some lenders offer no credit products too in which case a soft check is performed to determine eligibility.

Payday Loans and Your Credit Rating

As well as wondering how much they'll have to pay on a payday loan, many borrowers also find themselves worrying about their credit rating, and how a payday loan will affect their future lending potential. The good news is that a payday loan shouldn't harm your credit rating. There's a chance that taking out this loan and committing to a short repayment term could even improve your credibility in the eyes of future lenders.

If you apply for a standard loan, then you will often have several months to pay back the money that you borrow. Although your future lenders can look at your repayments and see whether you're following through on your commitment with these loans, they won't know for sure if you will pay all the money back by the time that the term ends. On the other hand, with a payday loan, your lender can see that when you commit to a loan, you do pay it back on time. This can be a great thing for your credit score.

Of course, for your credit score to benefit from any kind of loan, you need to commit to your repayments. Defaulting on a loan will always harm your credit score, and you could risk penalties and fines that increases the payments that you have to make. With that in mind, it's always important to make sure that you can pay back any money that you borrow, whether you're choosing a payday loan or a traditional personal loan.

Do You Need a Payday Loan?

Payday loans don't have to be a problematic source of extra cash. If you know how to use payday loans correctly, then you could end up with a quick and convenient ways to solve sudden financial emergencies in your life. The key is to remember that you need to repay your loan on time, so you're not paying more than you need to. At the same time, comparing your loan options with a comparison website will ensure that you're getting the best possible interest rates on your loan.

Payday loans aren't any more dangerous or problematic than any standard type of loan. In many cases, they may even help to protect your financial health by making sure that you don't default on any other payments that you need to make each month. However, as with any lending strategy, it's important to make sure that you know what you're getting into from day one.

Make sure that you understand your lending strategy, and you have a plan of action in mind for how you're going to pay back the money that you have borrowed on time at the end of the month, or according to the term that you have set out with the Payday loan company.

Additionally, keep in mind that if you have particularly bad credit, then you might need to look beyond a payday loan for assistance. Some payday loan providers specialise in supporting people with bad credit ratings, so consider comparing your options with these providers before you give up hope.

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Or read some of the most frequently asked questions surrounding payday loans below :-

Payday Loan FAQ

Here are some of the more frequently asked questions when it comes to payday loans and short term lending in general :-

Q: What are the types of payday loan?

A: There are different types of payday loan available depending on what you need out of your short-term borrowing vehicle. The classic short term loan usually provides you with money between £50 and £500 that you need to pay back within a period of 35 days. The amount you can borrow, and the term of your loan will differ according to the lender. On the other hand, there are also instalment payday loans available that you can pay back over a longer period of time. Instalment payday loans allow you to pay back a larger loan amount over a longer period - similar to a standard personal loan.

Q: How much money can I borrow?

A: The amount of money that you can borrow will be dependent on certain factors, including your credit rating, how much you can afford to pay back, and the lender that you decide to borrow your money from. Most payday loans don't offer more than £1,000, but some will allow you to apply for higher amounts in certain circumstances.

Q: How much will I have to repay?

The new caps on payday loans that were introduced in 2015 mean that people in the UK will not have to pay more than a specific amount of interest on their payday loan. For instance, the default fees for if you struggle to pay back your loan on time will be capped at £15. Additionally, there are caps on the total cost of payday loans that ensure that you do not pay back more than 100% of the loan amount in fees and interest.

Q: How will my credit rating affect loan approval?

A: Importantly, your payday loan provider will still look at your credit rating when deciding whether to give you a loan. If you have defaulted on previous loans, then there is a chance that your application will be rejected. If your application is rejected, then you may be able to apply for a loan from a bad credit payday loan.

Q: How Will I repay the loan?

A: As with any loan, before you take out a payday loan your lender will check to make sure that you can afford the repayments. If you can afford the payday loan and it is approved, your lender might request that you set up a direct debit or a CPA (Continuous Payment Authority) to ensure that your repayments are always completed on time.

Q: What Information Do I Need to Apply for a Payday Loan?

A: To apply for a payday loan, you will need to know how much you want to borrow, and how long you want to borrow the cash for. You will also have to provide details of your income and expenditure to prove that you can afford the loan. Some lenders will ask for additional details so it's important to check their privacy policy in advance.

Q: How Will I receive the money?

When you are approved for your payday loan, most of the time it will be paid directly into your bank account. This means that you can get the cash you need much faster with a payday loan than some other forms of traditional lending.

Q: What Can a Payday Loan be used for?

A: You can use a payday loan for anything that you want, although it's important to be careful about how you choose to use these loans. Usually, they're recommended for financial emergencies like sudden bank charges or broken household appliances that you need to repair quickly.

Q: What is an APR?

A: An APR is one of the things that you'll need to think about when you're comparing payday loans. APR is the Annual Percentage Rate for your loan, and your lender should provide details regarding your loan's APR when you apply for your credit. Remember that APR will sometimes misrepresent the actual cost of a payday loan online due to the short term of your loan option. You might need to discuss the loan further with an expert to understand how much you really need to pay.

Q: What are Payday loan comparison sites?

A: Just like any other form of loan, it's possible to save money on your payday loan by comparing your options on a comparison website. Some comparison websites specifically don't show payday loans, while others specialise in them. It's important to make sure that you're comparing your payday loans like-for-like to ensure that you're getting the best deal. Make sure that you go through the list of lenders available and choose one that you feel that you can trust too.

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Not ready to apply? Read on to see how to choose the best payday loan!

Choosing the Right Cash Loan

Just like any other kind of loan, it's worth noting that there are some payday loans that are better value than others. The one that's right for you will depend on your personal needs, and the kind of deals that you can get with different payday lenders. Remember, when you're considering a payday loan, look at the overall amount that you will be repaying by the time your term is up, as well as the length of time you'll be committed to the loan for. You'll also need to consider other things, like the repayment schedule of the loan, and the options available from each lender. Are the repayments in each loan suitable for your budget or not?

In most loan situations, the longer the term is, the lower your APR will be. With a payday loan, your APR may be higher than normal, but it's worth remembering that you will be paying the money that you owe back within a shorter period of time. Most payday loans only last for a month or two, so you shouldn't have too much interest to pay if you stick to your repayments according to your loan schedule. When you're comparing payday loans, look at:

1 Total Amount Repayable

This is how much you will pay over all to take out the loan. This figure includes the borrowed amount, the interest and any fees that come with the loan you've taken out. None of the payday loans offered by Readies contain fees of any kind so the total amount repayable you see quoted will be the total amount you will pay across the entire term of your payday loan.

2 Fees

Along with interest, make sure you know if there are any transfer fees or other expenses applicable to your loan. We don't have any fees associated with any of our loans but some direct lenders do like to bolt on a fixed price when you take out the loan or a monthly fee that spans the duration of the loan term. You need to carefully check that your decided lender is not including such fees in the total repayable amount.

3 The Interest Rate

The amount that you will be charged for borrowing money. This is obviously extremely important as it is the interest which you will be paying back on top of the amount you've borrowed. Whilst the interest is typically high with short term lenders in comparison to other, traditional loans this is only because the amounts are offered over a much shorter time. Sometimes just a single month.

4The Loan Amount

Remember that the amount you borrow will affect the amount you have to pay back. Obviously the more you borrow the more the interest will be. And the longer you take the loan over (the term) the more the interest will be also. So it's extremely important to not just think about how much cash you need to borrow, you need to carefully consider how long you want to take it over and how much you want to pay back each month.

5 The Loan Term

Most payday loans will only last for a short period. In some cases, you can have up to 3 months to pay back a payday loan. Readies does offer loans for a longer term than this and you can specifically define how much money you want and over how long during the application process. Our online payday loan application takes literally less than 2 minutes to complete. It is one of the best in the industry.

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Not ready? Read the latest lender reviews on

Read The Latest Payday Lender Reviews on

I've loaned money from 247 Moneybox twice now. The first time I took £100 to pay for a dress for a wedding. Maybe I shouldn't borrow for that but I didn't want to wear something shabby in the photos; it was my sisters wedding! That time the money was in my account within an hour. We tried the dresses on, then applied for a loan. By the time we ate lunch the money had cleared so all is good.

The second time I borrowed £500, this time because my boiler blew up. Again the money was in my account that same morning. Thanks guys.

Kayleigh (Submitted on 247Moneybox)

Ferratum are really good. I borrowed £500 to get a replacement engine for my Mondeo after it blew up. I was going to get fired from my job if I didn't show up on Monday so they saved me really.

The online form took about ten minutes to fill in. The money was in my bank within an hour. I'm really happy with the service, I would recommend them if you're stuck. Its not the cheapest place to borrow money but when you're looking at losing your job if you don't come up with some cash that day, it makes sense.

James (Submitted on Ferratum)

I found Wonga easy to apply online , no problems getting loan. unfortunately the 2 times I phoned customer services I was disappointed with lack of friendliness and felt like a nuisance! I paid off my flexi loan which ran over a period of three months . but when I applied for a second loan I was promptly refused and email stated do not try to reapply for a lower amount! as a previous lender and having paid off my first loan I was a little put off as a supposedly valued customer .none of my details had changed and there was no problem paying first loan. loyalty to customers who have paid off previous loans does not apply to Wonga unfortunately. all in all apart from refusal for second loan it was an easy company to apply online

deborah ashman (Submitted on Wonga)

This was easy, I applied online and it was all quite straight forward. The form was simple enough, and all the information on how much I would need to repay was clearly shown.

The payments came out my bank when they were meant to. So it done everything that it said on the tin. Perhaps a little expensive but it got me out of a tight spot. I hope I won't need to use a payday lender again but if I do, I'd use this one.

I don't think they contacted my employer so its all discrete too. Not that it matters too much but I'd rather they didn't know their poor pay cheque isn't enough to last me to the end of the month.

Thanks, John

John (Submitted on Uncle Buck)

i went to lending stream for a quick loan when I needed a lawyer. The loan service provided to me was fantastic. Just a few hours after applying online I had the money ready to spend. The loan was easy to repay with the per day interest rate.
The process was so fast which was great as I knew I had been accepted and could stop worrying about it. You also have the option to fully clear the loan early which would save you a lot of money. The loan from lending stream was great and I would use it again in the future.

Theresa Richards (Submitted on Lending Stream)