Payday Loans From Cobra Loans

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Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed).Representative 669.35% APR (variable).

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Payday Loans – Apply Now For A Quick Decision

If you find yourself short of cash, you can apply for a loan of anywhere from £100 to £5000 straight from your phone, tablet or computer using our secure application form.

Payday loans checklist: what you’ll need to apply

Different payday loan providers each have their own set of criteria regarding what information you’ll need to provide. Some of this information is required due to FCA legislation, while other information might be requested at the lender’s discretion to help them decide whether you are suitable for a loan.

Eligibility for a loan will vary from lender to lender, although some are more flexible than others. You might find that if a particular lender deems you as a high-risk customer (for example, if you have a poor credit rating), they may offer you a loan at a slightly higher interest rate than normal. However, it’s worth noting that FCA legislation means that interest rates are capped on payday loans to 0.8% per day. It is against the law for a lender to charge you more than £24 per month for every £100 borrowed.

When applying for a payday loan, the following criteria generally apply regardless of which lender your application is with:

You must be at least 18 years of age.
You must be employed or otherwise have evidence of regular income.
You must have an active mobile phone.
You must have a valid email address.
You must have a valid debit card linked to the bank account you would like your payday loan to be transferred into.
You must confirm that you are not currently bankrupt, subject to a debt management plan or an individual voluntary agreement.
You must be willing to undergo a credit check to confirm your suitability for a loan.

All lenders will require you to meet the above criteria before considering you for a payday loan. In addition, some lenders may want more information about you (such as your monthly outgoings) to assess whether you can afford to repay a loan. However, this will vary depending on which lender you are dealing with.

If you’re confident that you fulfil these criteria, all you’ll need to do is apply online. Applications are quick, easy and secure, and you should decide whether your application has been accepted in a matter of minutes.


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What is a payday loan?

The clue is in the name – a payday loan is essentially a loan that you can take out for a short period of time to help you get through unexpected financial difficulties. It used to be that these loans were repaid on your next payday, but it is far more common in recent years that they are taken over a term of 3 months or more.

For years, most payday lenders operated using this model. However, during 2012 a small number of unscrupulous lenders began to get involved in the industry. The poor practice of a handful of companies led to a serious transformation within the payday loan industry. As a result, the sector is now heavily regulated by the FCA (Financial Conduct Authority). This means that consumers can be confident they are dealing with ethical, transparent, reputable and reliable providers whenever they take out payday loans in the UK.

Nowadays, the term “payday loan” can be used as an umbrella term to describe almost any form of short-term credit in small amounts. However, because payday loans are generally paid back quickly (over a period of weeks or months), loan amounts are typically lower than other forms of finance, such as credit cards or overdrafts. On average, payday loans are between £200-£500.

All payday loan direct lenders in the UK must be approved and authorised by the Financial Conduct Authority. It is against the law for a company to offer loans without holding authorisation from the FCA, and these companies should be avoided at all costs. However, it’s easy to find great deals on payday loans from reputable lenders when you use our free matching service, and you can rest assured that we only work with high-quality, authorised UK-based direct lenders.

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Borrow from £100 to £5000

Dealing with financial difficulty: what if I can’t repay?

If you’re struggling to pay back what you owe on a loan, it’s important to take steps to rectify the situation as best you can. While you might feel anxious or even embarrassed about not making repayments, the worst possible thing you can do is ignore the situation. However, don’t simply sit there in silence – consider taking these steps to help get your finances back on track.

1) Contact your payday lender as soon as you know you’ll be unable to pay

Most payday loan direct lenders understand that from time to time, financial difficulties can arise, which result in consumers being unable to make a repayment or two. Therefore, by law, companies that provide payday loans are obliged to do the following:

• Point you in the direction of independent, free debt advice.
• Suspend any attempts to recover the debt for a reasonable amount of time if you are already developing a repayment plan with an independent debt adviser.
• Allow you a reasonable time to repay the loan and to treat you fairly. This can include suspending late fees or freezing any interest owed.
• Avoid bombarding you with emails, phone calls and text message reminders.
• Consider taking token payments for nominal amounts (such as £1 per month) if standard repayments would otherwise mean that you wouldn’t have any money left for essentials like rent, utility bills or food.

2) Consider stopping your recurring payment with your bank

Payday lenders generally take repayments via direct debit or by using continuous card authority on an agreed repayment date (you will agree to this when you digitally sign the loan agreement). If you are worried that an automatic repayment could put you at risk of not being able to pay for essentials like food or rent, you should consider contacting your bank to cancel the recurring payment, which allows your payday lender to take repayments from your account.

If you decide to do this, you must contact your payday loan provider and let them know. This is because failed payments could potentially damage your credit rating, thereby restricting your ability to access finance in the future.

3) Roll your loan over

Payday loans can sometimes be “rolled over” to the following month. This means that you’ll continue to accrue interest on the loan, which means you’ll pay more in total. However, if you’re confident that you’ll be able to afford the additional interest and want to keep on good terms with your payday lender, it might not be such a bad idea to roll your loan over until the following month.

I’m in financial difficulty: where can I turn for help?

If you have concerns about your current financial situation, you may find it beneficial to seek advice from a qualified professional. Debt worries can cause people to feel stressed and overwhelmed, but it’s important to understand that free help is available if you need it. The following charitable organisations offer free advice on how to deal with money and debt-related issues:

Debt Advice Foundation
Citizens Advice
National Debtline


Frequently Asked Questions

  • How much can I borrow with payday loans?

    Emergency loan companies each have their own individual lending criteria. This means that the amount you could borrow from one same day loan firm could differ from another firm. Each application for a payday loan is judged on a completely individual basis. However, it is common practice for lenders to offer small loans of anywhere between £100 and £5,000. Most loans fall somewhere between the £200-£500 category.

    If you’ve demonstrated to a lender in the past that you can make repayments on time and in full, they might consider you as trustworthy and therefore offer you a better deal next time you need a loan. Some lenders are happy to increase borrowing limits for those who frequently show that they can responsibly take out payday loans without missing any payments.

  • Suppose you’ve got a CCJ (County Court Judgement) against your name, you might find that applying for mainstream finance from a bank or a building society could prove problematic. Thankfully, this isn’t necessarily the case when it comes to applying for loans through us.

    Payday loan direct lenders use different criteria than banks and credit card companies. Instead of concentrating on your financial history, most lenders will instead consider your ability to repay in the future. Having one or more CCJs against you won’t necessarily be a barrier to obtaining credit from a payday lender and certainly shouldn’t put you off applying for a payday loan. If you can demonstrate that you have a regular income and are in a position to repay your loan on time and in full, your lender of choice should be happy to approve your loan.

    Lenders might consider your future financial prospects too. For example, if you have other loans and credit that you will soon pay off in full, you will have more disposable income in the future.

  • If you’ve ever applied for a payday loan in the past, you’ll be all too aware that you require a debit card that is linked to the bank account you want to receive payment of your funds into. A debit card is essential for your loan provider to perform vital security checks. These checks must be made per UK law. Your bank account must have at least 1p available, and it must also be registered to the address you provided as part of your application.

  • No, you don’t. Payday loan eligibility is typically based on your ability to repay, and not whether you work or not. Therefore, if you can demonstrate that you can afford the repayments via part-time income or benefits such as Employment Support Allowance or Personal Independence Payment (PIP), you’ll have a good chance of being accepted for a payday loan.

    Ultimately, this means that nobody needs to be denied finance based on their employment status. You won’t automatically be ruled out, provided you can show evidence of your income.

How does representative APR work?

When applying for payday loans, you’ll no doubt have noticed that lenders advertise their representative APR quite prominently. APR stands for annual percentage rate, which is the annual percentage that at least 51% of the loans offered by the company are written at.

Payday lenders deal with a large range of customers in a wide variety of circumstances. Because each application is judged individually, interest rates can fluctuate to reflect the level of risk involved with each customer. For example, a customer with a great credit score might be able to take advantage of a lower interest rate than a customer with a less-than-perfect credit rating.

Lenders advertise their representative APR figures to provide transparency. In addition, it helps potential customers to have an idea of the type of interest they could expect if they were to apply for a payday loan.

Do payday loans have any impact on credit scores?

Many consumers worry that applying for payday loans could affect their credit rating. FCA regulations mean that payday lenders must run a “hard” credit check before accepting loan applications. This means that if you apply for a payday loan directly with a lender and your application is unsuccessful. This will show on your credit file.

If you have been declined for a payday loan via a direct lender, you should avoid applying with other lenders for at least 14 days. This is because lenders will consult your credit file and consider when you last applied for a loan. If there are multiple rejections for loans over a relatively short period, this will not only reduce your credit score but will also demonstrate to lenders that you appear to be desperate to access finance. This could indicate that you have financial issues and will mean that lenders are less likely to approve your application.

Be wary of UK lenders which claim to offer no credit check loans. By doing so, these companies are breaking the law.

However, it’s worth noting that it’s possible to provisionally apply for payday loans via a broker without undergoing a “hard” credit check which stays on your file. Instead, a broker will use a “soft” credit check to determine which lenders are most likely to accept your application. This “soft” credit check will not be recorded on your credit file and allows you to apply with multiple payday loan providers at once provisionally. This way, you can find the best possible deal.

Why not try our free service today and allow us to match you with the most suitable lender for your circumstances?

How easy is it to apply for a payday loan?

The beauty of payday loans is that they allow for rapid access to finance when you need it the most. When you apply for traditional forms of credit (such as bank loans, credit cards or overdrafts), you can expect to wait days or even weeks before you hear a response. In some instances, you’ll even be expected to visit your bank or another financial establishment in person.

On the contrary, emergency payday loans are much more convenient. You can apply online 24 hours a day, 7 days a week, 365 days per year. This means you can truly access the finance you need precisely when you need it.

Applications take as little as two minutes to complete. Fill in the secure online form with some basic details, receive your loan agreement onscreen, agree to it and receive your cash. It’s possible to receive funds in as little as 15 minutes – especially if your bank offers Faster Payments as standard.

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What can payday loans be spent on?

Even if you’re financially prudent, you might find yourself in a financial emergency from time to time. Payday loans are perfect for life’s little financial issues, as they provide you with instant access to funds. Some of the most popular reasons why people take out payday loans include the following:

• To replace or repair a broken-down appliance such as a boiler, cooker or washing machine.
• To pay for repairs to a vehicle (for example, a car that has just failed its MOT).
• To cover the costs of an unexpected utility bill.
• To pay to cover food/basic living costs until payday.
• To cover rent costs.
• To avoid the embarrassment of borrowing from friends/family.
• To avoid unarranged overdraft fees.

However, what you choose to spend your payday loan on is entirely up to you. No rules are stating that payday loans must only be used for emergencies. If you want to use your loan for a one-off purchase or treat, that’s entirely your prerogative. All that payday lenders are interested in is whether you can repay your loan on time and in full.

If you require fast access to cash, why not apply with us today? We only work with the best payday loan providers in the UK, which means you can apply confidently.