Unsecured Loans
Whether you have a good credit score or have experienced problems in the past, our brokers unsecured loan lenders are here to help.
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Unsecured loans are just like any other type of loan. They let you borrow a selected amount of money over a predefined period. Payments are usually calculated in advance using a fixed rate of interest. The repayments are typically made monthly and stay the same for the duration of the loan.
They are referred to as unsecured loans because they don’t require any security or guarantees, as is the case with most smaller loans. A lender will typically use your credit rating to gauge how much of a risk you are.
The lower the risk, the better the interest rates usually are. This is one of the reasons people with bad credit will typically be charged a higher APR.
Any money borrowed from a lender without a guarantor or some form of collateral is an unsecured loan. This type of loan can be for varying amounts and paid back over any period, whether a large amount paid back over several years or just a short-term loan from a direct lender.
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The online Eligibility Checker is free and takes 60 seconds. Find out if you’ll be approved with no credit footprint.
Check EligibilityUnsecured Loans from £50 to £5,000 with No Collateral Required
Looking for an unsecured loan without the need for collateral? You are in the right place. At PaydayUK, we connect you with FCA-regulated lenders who offer unsecured loans between £50 and £5,000, with flexible repayment terms from 3 to 36 months.
An unsecured loan means you do not need to use your property or vehicle as security to borrow money. This makes them a popular choice for people who want quick access to funds without the added stress of risking their assets.
Whether you need to cover an unexpected bill, handle a car repair, or manage a temporary cash shortfall, our industry-leading panel of lenders can help. We use clever technology to match you with lenders most likely to approve your application, and we never charge any fees for our service.
The best part? Our initial eligibility check uses a soft credit search, so checking your options will not affect your credit score. You can see what is available before making any commitment.
What Is an Unsecured Loan and How Does It Work?
An unsecured loan is a type of borrowing that does not require you to put up any collateral. Unlike secured loans where your home or car acts as security, unsecured loans are approved based on your ability to repay and your overall financial situation.
When you apply through PaydayUK, here is what happens:
- ● You complete our simple online form in about 2 minutes
- ● Our technology performs a soft credit check that only you can see
- ● We search our panel of FCA-regulated lenders to find your best matches
- ● You review your options and choose a lender, or walk away with no obligation
- ● If you accept an offer, the lender completes a full credit check
- ● Once approved, funds can reach your account the same day
PaydayUK is a credit broker, not a lender. This means we do not make lending decisions ourselves. Instead, we introduce you to direct lenders who specialise in unsecured loans for all credit types.
Why Choose an Unsecured Loan Over a Secured Loan?
The main difference between secured and unsecured loans comes down to risk. With a secured loan, you must offer an asset like your home as collateral. If you cannot repay, the lender can take that asset.
Unsecured loans work differently. Your property and possessions are not directly tied to the loan agreement. This offers several advantages:
- ● No risk of losing your home or car if you struggle with repayments
- ● Faster application process with less paperwork
- ● Available to renters and people who do not own property
- ● Smaller amounts available, starting from just £50
- ● Shorter repayment terms give you more flexibility
Of course, unsecured loans typically come with higher interest rates than secured options. This reflects the increased risk to the lender. However, for smaller amounts borrowed over shorter periods, the total cost can still be manageable.
Soft credit check only. No impact on your credit score. See your options in minutes.
Unsecured Loans for Bad Credit: Can You Still Apply?
Yes, you can absolutely apply for unsecured loans even if you have a less than perfect credit history. Our panel includes specialist lenders who focus on current affordability rather than past credit mistakes.
Many people assume that bad credit automatically means rejection. This is not always the case. Lenders in our panel consider factors like:
- ● Your current income and employment status
- ● Your monthly expenses and disposable income
- ● Whether you can afford the repayments comfortably
- ● Your recent payment behaviour, not just historical issues
Because PaydayUK works with multiple lenders, your application reaches several potential matches at once. If one lender declines, another might approve you based on their specific criteria. This increases your chances compared to applying to a single lender directly.
Our soft search technology means you can check if lenders are available for your circumstances without leaving a mark on your credit file. Only when you accept an offer does a full credit check take place.
Eligibility Requirements for Unsecured Loans
To apply for an unsecured loan through PaydayUK, you will need to meet some basic requirements. These are fairly standard across most UK lenders:
- ● Be at least 18 years old
- ● Be a UK resident with a valid address
- ● Have a UK bank account and debit card
- ● Have a regular source of income from employment, self-employment, or benefits
- ● Have a valid email address and UK mobile number
You do not need to own a home to apply, and you do not need a perfect credit score. All lenders in our panel are required by the FCA to carry out affordability checks before approving any loan. This protects you from borrowing more than you can realistically repay.
If you are currently bankrupt or in an Individual Voluntary Arrangement (IVA), you may find it harder to get approved. However, every application is assessed individually, so it is still worth checking your eligibility.
How Much Do Unsecured Loans Cost?
Understanding the cost of any loan is essential before you apply. At PaydayUK, we believe in complete transparency about what you will pay.
Our representative APR is 91%. Here is an example of what borrowing might look like:
- ● Borrow £500 over 6 months
- ● Monthly repayment: £106.79
- ● Total amount repayable: £640.77
- ● Total interest: £140.77
The actual rate you receive depends on the lender, your personal circumstances, the amount you borrow, and how long you take to repay. APR can range from 9.3% to 1,721% across our panel.
All lenders in our panel follow FCA regulations that cap interest at 0.8% per day. The total cost of your loan, including all interest and fees, can never exceed double the amount you originally borrowed. Default fees are capped at £15.
PaydayUK never charges any fees to customers. Our service is completely free. We receive a commission from lenders when you successfully take out a loan, but this costs you nothing extra.
Benefits of Using PaydayUK for Your Unsecured Loan
There are plenty of places to apply for unsecured loans in the UK. So why use a broker like PaydayUK? Here are the key advantages:
Access to Multiple Lenders: One application reaches our entire panel of FCA-regulated lenders. This saves you time and increases your chances of approval compared to applying to individual lenders one by one.
Soft Credit Check Protection: Your initial eligibility check will not appear on your credit file. Other lenders cannot see it, and it will not affect your credit score. You only undergo a full credit check if you choose to proceed with an offer.
Zero Fees: We never charge application fees, broker fees, or any other charges. If you are ever asked to pay an upfront fee for a loan, treat this as a warning sign of a potential scam.
Same-Day Funding: If your application is approved, most of our partner lenders can transfer funds to your account the same day. Many customers report receiving money within hours of acceptance.
24/7 Availability: Our online application is available every day of the year, including weekends and bank holidays. You can apply whenever it suits you.
Over 1 million customers helped since 2020. FCA-regulated lenders only.
Unsecured Loans UK: What Sets Our Service Apart
When searching for unsecured loans in the UK, you will find countless options. What makes PaydayUK different is our combination of scale, technology, and customer focus.
We process over 7,500 loan applications every single day. This volume gives us strong relationships with lenders and helps us understand exactly what they are looking for in applicants.
Our technology matches your details against lender criteria in real time. Rather than a generic search, you receive personalised results based on your specific circumstances. This intelligent matching means fewer rejections and more relevant offers.
Since 2020, we have helped over 1 million people across the UK access short-term finance. Our Trustpilot rating of 4.7 out of 5 stars from over 6,281 reviews reflects the quality of service our customers receive.
Alternatives to Unsecured Loans
An unsecured loan is not the right solution for everyone. Before you apply, consider whether one of these alternatives might work better for your situation:
Credit Unions: These member-owned organisations often offer lower rates than commercial lenders. Find your local credit union at findyourcreditunion.co.uk.
Family or Friends: Borrowing from people you know can be interest-free, but make sure to agree clear repayment terms to protect the relationship.
Payment Plans: If you are struggling with a specific bill, contact the company directly. Many utility providers, councils, and other creditors offer payment arrangements.
Free Debt Advice: If you are borrowing to cover existing debts, speaking to a free debt charity might help you find a better solution. Contact MoneyHelper on 0800 138 7777 or StepChange on 0800 138 1111.
Only borrow if you are confident you can afford the repayments. If you are unsure, take time to work through your budget first.
How to Apply for an Unsecured Loan with PaydayUK
Ready to check your options? The application process is straightforward and takes just a few minutes:
Step 1: Click the apply button and enter basic details including how much you want to borrow and your preferred repayment term. Choose an amount between £50 and £5,000, and a term between 3 months and 36 months.
Step 2: Provide information about your income, employment, and monthly expenses. We use this to match you with suitable lenders and to ensure any loan would be affordable for you.
Step 3: Submit your application. Our system performs a soft credit check and searches our lender panel. Within minutes, you will see which lenders have matched with your profile.
Step 4: Review your options. If you find a suitable offer, you can proceed to the lender’s site to complete your application. If nothing suits you, simply walk away with no impact on your credit score.
Step 5: If you accept an offer, the lender will perform a full credit check and make their final decision. Once approved, funds are typically transferred the same business day.
What Happens If You Cannot Repay Your Unsecured Loan?
Life can be unpredictable, and sometimes circumstances change after you have taken out a loan. If you find yourself struggling to make repayments, here is what you should know:
Contact your lender immediately. Most lenders would rather work with you to find a solution than see you fall into arrears. They may offer a payment holiday, reduced payments, or an extended term.
Missing payments will affect your credit score and could make it harder to borrow in the future. Late payment information stays on your credit file for up to 6 years.
Under FCA rules, lenders must treat customers fairly and show forbearance if you are experiencing financial difficulty. You have rights, and lenders have responsibilities.
If your debt becomes unmanageable, seek free advice from organisations like MoneyHelper, StepChange, or Citizens Advice. They can help you understand your options and negotiate with creditors on your behalf.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk
Ready to Check Your Unsecured Loan Options?
Finding the right unsecured loan does not have to be complicated. With PaydayUK, you can check your eligibility in minutes without affecting your credit score. Our panel of FCA-regulated lenders offers flexible amounts from £50 to £5,000, with terms from 3 to 36 months.
Remember, we never charge any fees, and you are under no obligation to accept any offer. See what options are available for your circumstances today.
4.7 out of 5 stars on Trustpilot. 7,500+ applications processed daily.
Representative 91% APR. Loans from £50 to £5,000 over 3 to 36 months. All applications are subject to credit checks and affordability assessments.
How it Works
We know you need your money as soon as possible. That’s why we have designed our website to be fast and simple.
Apply Online
Fill out our short, secure form and search an industry-leading panel of lenders to find your loan.
Check Your Offer
Once you have your offer from the lender, you can review the offer and get your cash.
Get Your Money
Once accepted, your money can often be paid into your account the same day.
Frequently Asked Questions About Unsecured Loans
The type of loan most suitable for you will be dependent on your circumstances. The application process for a loan is the same, whether secured or not. Our broker instantly assess your application and match you to the best lender for your circumstances. This may be an unsecured loan, but some direct lenders may ask for a guarantor.
Historically, getting any loan with bad credit was very difficult. However, there are now lots of lenders in the UK that specialise in lending to people with bad credit. The increased options for people with poor credit mean they have more options at their disposal. Payday UK works closely with our panel of direct lenders to ensure they look beyond a person’s credit history and instead consider their current circumstances and ability to repay a loan.
Even applicants that have missed multiple payments, been declared bankrupt, or have a CCJ will be considered. Our brokers direct lenders that specialise in bad credit loans will provide an instant decision for those with bad credit, whether unsecured loans or guarantor loans.
Yes, but it won’t affect your credit score. Lenders perform a soft credit check when you apply. This allows them to judge your suitability for the loan you are applying for. If you accept a loan offer, the direct lender is required by law to perform a full credit check. Although this will show up on your credit report, you will already know you meet all the lender’s criteria.
If you make the repayments on time, then it will only have a positive impact on your credit rating. All personal loan lenders are regulated by the FCA (Financial Conduct Authority) and anyone who says they can lend you money without a credit check could either be misleading you or not a reputable or legitimate lender.
Our brokers panel specialises in providing secured and unsecured loans to people with bad credit, so don’t be put off by the fact you’ve been turned down elsewhere, there’s an excellent chance we can still help.
We provide access to unsecured loans from £50 to £5000. The length of the repayment period varies from 3 to 36 months, depending on the amount you’re borrowing and your circumstances. However, we try to provide as much flexibility as possible. If you accept a loan offer, the money will be paid to you within minutes. The whole application process can be completed online, providing you with the maximum amount of convenience. Because you can access us online, we are available 24 hours a day, 7 days a week.
To apply for a loan via Payday UK, you must be 18 years of age and a UK resident. You must have a valid UK bank account and a source of income. There will be other criteria specific to each direct lender. Some will offer loans to those with bad credit, while others will only lend to people with a better credit score.
Our broker matches you to the best direct lender for your circumstances, ensuring you get the best rate and deal available to you.
While we specialise in helping those with bad credit to access loans, whether a guarantor is required or not will be down to the criteria of an individual lender. Some lenders never ask for a guarantor, while others always require a guarantor even if your credit score is good.
There are a wide variety of direct lenders on our brokers panel, and many of them offer unsecured loans, even to people with poor credit.
Multiple debts can get hard to balance and seem to drag out forever. Some people like to use a single loan as a way to clear several debts and reduce their monthly outgoings. It can also create a definite end date where your debt is paid off, whereas a credit card can seem to go on indefinitely as it can be too easy to use it when you need to.
If you consolidate debts, it’s essential to close the accounts you have paid off, such as cancelling credit cards etc. The benefits of a smaller payment and a definite end date will be undone if you have the loan then run up credit cards again, as you’ll end up back where you started but with an additional loan too. Closing your credit accounts will also show them as settled on your credit report, which should help to improve your score.
It’s essential to check the interest rates and terms of the debts you’re consolidating to ensure you’re not paying more by spreading them over a more extended period.
Unsecured loans and payday loans are both types of borrowing that do not require collateral. The main differences are in loan amounts, repayment terms, and typical use. Payday loans are usually smaller amounts repaid over a short period, while unsecured personal loans can be larger with longer repayment terms. At PaydayUK, we offer both options through our lender panel.
Our initial eligibility check uses a soft search that will not affect your credit score. Only you can see this search on your credit file. If you accept a lender’s offer, they will perform a full credit check which will be visible to other lenders. Successfully repaying your loan on time can actually help improve your credit score over time.
If approved, most of our partner lenders can transfer funds the same business day. Many customers report receiving money within hours of accepting an offer. The exact timing depends on when you apply, your bank’s processing times, and the lender’s procedures.
Yes, self-employed individuals can apply for unsecured loans through PaydayUK. You will need to demonstrate a regular income, and lenders may ask for additional documentation to verify your earnings. Our panel includes lenders experienced in working with self-employed borrowers.
You can use an unsecured loan for almost any legal purpose. Common uses include car repairs, home improvements, unexpected bills, medical expenses, or consolidating existing debts. Lenders may ask about your intended use during the application process.
Through PaydayUK, you can apply for unsecured loans from £50 to £5,000. The amount you are offered depends on your income, affordability, credit history, and the specific lender’s criteria. Borrowing less than you need can save you money in interest.
Our lender panel offers repayment terms from 3 to 36 months. Shorter terms mean higher monthly payments but less interest overall. Longer terms reduce your monthly commitment but increase the total cost. Consider what fits your budget before applying.
No, PaydayUK is a credit broker, not a direct lender. We are an Appointed Representative of Flux Funding Limited (FRN 806333), which is authorised and regulated by the Financial Conduct Authority. We introduce customers to FCA-regulated lenders but do not make lending decisions ourselves.
PaydayUK never charges any fees to customers. Our service is completely free. We receive a commission from lenders when a loan is successfully completed, but this does not affect what you pay. Never pay an upfront fee to any loan provider, as this is a sign of a potential scam.
Most lenders in our panel allow early repayment without penalty. Paying off your loan ahead of schedule can save you money on interest. Check the specific terms of your loan agreement to confirm the early repayment policy with your chosen lender.
If our lender panel cannot find a match for your circumstances, your credit score will not be affected because we only perform a soft search. You can try again in the future if your circumstances change, or explore the alternatives mentioned earlier on this page.
No, the unsecured loans available through PaydayUK do not require a guarantor. Your application is assessed on your own income and affordability. If you are interested in loans where someone else supports your application, see our no guarantor loans page for more information.
There is no minimum credit score required to apply through PaydayUK. Our panel includes lenders who specialise in helping people with various credit histories. Lenders focus on your current ability to afford repayments, not just your past credit behaviour.
Loan guides
These guides will help you find out more about the different types of loan and lenders available.
