Payday Loans
Looking for payday loans in the UK? Monixa is a direct lender offering a better alternative. Borrow £200 to £1,500 and repay over 4 to 6 monthly instalments instead of one lump sum. Apply online for a decision in seconds.
Representative APR 1230%
Loan calculator
Select your amount and term to see example repayments.
Representative Example: Given a Representative APR of 1230%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £100. You will repay £600 in total.
Quick summary
- Borrow £200 to £1,500
- Repay over 4 to 6 months
- Soft search eligibility check
- No hidden fees or early repayment penalties
Please be aware that the figures displayed are an example. The amounts applicable to your loan may differ depending on the length of time between the date of the loan and the first repayment.
Representative APR 1230%
Applying won't affect your credit score (unless you actually take out a loan).
Why Choose Monixa Over Payday Loan Lenders?
FCA Authorised Direct Lender
Monixa is authorised and regulated by the Financial Conduct Authority. We are a direct lender, not a credit broker. Your application stays with us from the first click through to your final repayment.
Borrow £200 to £1,500 with an Instant Decision
Pick any amount between £200 and £1,500. Our online application process takes minutes and most applicants get an instant decision. If approved, cash is sent to your bank within 90 seconds†.
Repay Over 4 to 6 Monthly Instalments
Spread the cost across 4 to 6 equal monthly repayments. You skip the pressure of clearing everything in one go on your next payday, and you always know what leaves your account each month.
No Hidden Fees, No Early Repayment Charges
We charge no upfront fees, no arrangement fees, no early repayment fees, and no hidden costs. Interest is calculated daily, so if you repay early you pay less.
Representative APR 1230%
What Our Customers Say About Us?
Representative APR 1230%
What Are Payday Loans?
A payday loan is a small, short term, high-cost unsecured loan. Payday loans provide access to cash quickly, usually to cover unexpected expenses before your wages arrive. Traditional payday loans are due in full on your next payday, normally within 30 days. You borrow a few hundred pounds, then repay the whole amount plus interest in one payment.
The market has moved on. Most UK direct lenders now spread repayment across several months. Monixa lends between £200 to £1,500 repaid over 4 to 6 fixed monthly instalments. Plenty of people still search for payday loans online when what they really want is affordable short term borrowing.
Representative APR 1230%
Are Payday Loans Regulated by the Financial Conduct Authority?
Yes. The Financial Conduct Authority has regulated payday loans and all high-cost short term credit since 2014, with a price cap that took effect in January 2015.
Four rules protect every borrower:
Interest and charges cannot exceed 0.8% per day of the amount you borrow
Your total repayment can never exceed 100% of the loan amount, so you never repay more than double
The maximum default fee for a missed payment is £15
Lenders must run credit checks and affordability checks before approving anything
Lenders can only roll over a loan twice. Always check a firm sits on the FCA register before you apply for a loan.
Representative APR 1230%
How Do Payday Loans Work in the UK?
Most borrowers apply online, though some payday loan lenders still take applications at a storefront. You give proof of income, bank details and a short employment history. Credit checks begin with a soft credit search, which leaves no mark on your credit file. Decision is often given fast, sometimes within minutes, because direct lenders focus on current affordability over credit history.
You then repay the full amount plus interest on your next payday, normally in one payment. Repayment usually runs through a Continuous Payment Authority, letting the lender withdraw funds automatically from your bank account on agreed date. A repayment that size can stretch a tight budget, and handled badly these loans deepen existing financial difficulties.
Representative APR 1230%
Payday Loans vs Short Term Loans: What Is the Difference?
The difference is repayment structure. A payday loan comes back in one lump sum. Short term loans spread across fixed monthly instalments.
| Feature | Short term loan from Monixa | Payday loan |
|---|---|---|
| Repayment | 4 to 6 monthly repayments | One payment on your next payday |
| Typical term | 4 to 6 months | Up to 30 days |
| Amount available | £200 to £1,500 | £50 to £1,000 or even more depending on the lender |
| Monthly pressure | Fixed, predictable amount | Full balance at once |
| Early repayment | Allowed any time, no extra fee | Allowed, narrow window |
Repayment terms across the market now run from 3 to 36 months as more direct lenders switch to instalment loans. Spreading the cost shrinks each monthly repayment, though a longer term means more interest overall.
Representative APR 1230%
Who Can Apply for a Loan With Monixa?
Our eligibility criteria are short and clear. To apply for a loan with Monixa, you must:
Be aged 18 or over
Be a UK resident with a valid UK bank account and debit card
Have a stable income from employment
Have an active mobile number and email address
We then run credit checks and affordability checks, comparing your income against your outgoings to confirm you can comfortably afford the repayments. We never guarantee approval, and offers of credit are subject to status.
We consider applications from people with bad credit. A low credit score does not rule you out alone.
Representative APR 1230%
How Do I Apply for a Payday Loan Alternative With Monixa?
The whole application process happens online and takes minutes.
Fill in the application form
Fill in our online application form with your personal details, employment information, and how much you want to borrow. The application process usually takes just a few minutes.
Soft search
We run a soft credit check first, so there is no impact on your credit file. We review your financial circumstances to reach a lending decision. This happens in seconds.
Review your loan offer
If your application is approved, you receive a full breakdown of your monthly repayments, repayment schedule, and the total cost of your loan.
Get your money
If you accept the offer, the funds will be sent to your bank within 90 seconds†. Same day transfers mean you can have the funds ready to use almost immediately.
You can borrow money online any hour with us, including weekends and bank holidays. We only run a hard credit search once you pass the identity and income checks needed to confirm we can lend.
Representative APR 1230%
How Fast Will I Receive the Money?
Speed varies across the market. Some direct lenders transfer funds in as little as 15 minutes. Others pay out within hours or by the next business day. Applications approved late, or on bank holidays, may be paid the next working day. At Monixa, if we approve your application, we send the money to your bank within 90 seconds†. It may take longer to reach your account depending on your bank's processes. Most approved customers usually receive loans on the same day.
Representative APR 1230%
How Much Do Payday Loans Cost in the UK?
Payday loans are one of the most expensive ways to borrow. Interest rates are capped at 0.8% per day, but APR rates are calculated yearly, so they look very high. Published APR rates in the UK for payday loans run from roughly 300% to 1500%. Many payday loans carry a representative APR above 1,300%. All direct lenders must publish a representative example so you can compare the best deal on a like-for-like basis.
Representative APR 1230%
When Should I Avoid Payday Loans?
Avoid payday loans if you need to borrow for the long term. High-cost credit is unsuitable for sustained borrowing and works out expensive as a means of long term borrowing.
Think again if:
You are borrowing to repay another loan
The money is for a large purchase you could delay
You already hold several active credit agreements
You cannot see how you will comfortably repay the balance
Borrowing to plug a gap that keeps reappearing usually deepens existing financial difficulties. Debt advice from StepChange, Citizens Advice or MoneyHelper is completely free and may open options you have not considered.
Representative APR 1230%
What Happens If I Cannot Repay a Payday Loan on Time?
Missing a repayment has real consequences. You are charged a default fee of up to £15, the missed payment lands on your credit file, and it will negatively affect your credit score for years. A rollover is not a way out. Many borrowers cannot afford full repayment on the due date and extend the term, which adds interest to a debt they already could not clear. FCA rules cap rollovers at two per loan.
Late repayment can cause you serious money problems. Contact your lender early if your circumstances change, but a payment plan reschedules what you owe, it does not reduce it.
Representative APR 1230%
Can I Get a Loan With Bad Credit Instead of a Payday Loan?
Yes, you can apply for payday loans with bad credit, though approval depends on the lender. Some direct lenders reject anyone below a set credit score. Others checks current affordability. So one rejection does not mean every lender will say no.
At Monixa we offer loans for bad credit. We look at what you earn, what you spend and whether the monthly repayment fits your budget. A missed payment from years ago or a poor credit history does not mean you cannot manage a loan today. We start with a soft credit check, so applying will not affect your credit score. Even without a loan offer, your credit score stays put.
Representative APR 1230%
Payday Loan Alternatives Worth Considering
Short Term Instalment Loans
Short term loans spread the cost over fixed instalments rather than a single lump sum. Monixa lends from £200 to £1,500 repaid over 4 to 6 months as a UK direct lender, with no broker fees.
Credit Unions
Credit unions are member-owned and often lend at far lower interest rates than high-cost credit. You usually need a local or employer connection to join, and decisions take longer than an online application.
Authorised Overdrafts
Ask your bank to arrange an overdraft before you need it. An authorised overdraft costs much less than going overdrawn without permission. Check the total cost before relying on one.
Borrow from Friends and Family
Family and friends can lend you their own money at no interest at all. Put the amount, the repayment date and the terms in writing. A clear agreement protects the relationship if things change.
Representative APR 1230%
What is the Difference Between a Direct Lender and a Credit Broker?
A direct lender lends you its own money. An authorised credit broker passes your details to other lenders and earns a fee for the introduction.
Monixa is a direct lender, not a credit broker or loan matching service. Direct lenders make their own lending decisions, set their own rates and hold your details under UK data protection rules. You deal with one company from start to finish.
A broker sends your application to multiple lenders. That widens your options, but your details travel further and some charge broker fees. Check the footer for a registered trading name and FCA number.
Representative APR 1230%
Frequently Asked Questions About Payday Loans
Is Monixa a Payday Loan Direct Lender?
No. Monixa is not a payday loan direct lender. We do not offer payday loans. We are an FCA authorised direct lender offering short term loans from £200 to £1,500, repaid over 4 to 6 fixed monthly instalments. You borrow directly from us, with no brokers involved at any stage.
Are Payday Loans Still Legal in the UK?
Yes. Payday loans are legal and regulated. The Financial Conduct Authority has overseen the sector since 2014 and caps the cost of borrowing. Any firm offering payday loans online must appear on the FCA register. An unauthorised lender leaves you without protection.
Is There Any Best Payday Lender in the UK?
There is no single best payday lender, because the right choice depends on your circumstances. Compare direct lenders on total repayment rather than headline rate. Look for FCA authorisation, no upfront fees and freedom to repay early. Shop around before you settle.
Can I Get a Payday Loan With No Credit Check?
No. Every regulated lender in the UK must perform credit checks and affordability checks before lending. Any firm promising no credit checks is either unregulated or misleading you. Monixa runs a soft credit search first, then a hard credit search only if you proceed.
Do Payday Loans Affect Your Credit Score?
Checking eligibility with a soft search does not affect your credit score. Taking the loan does. The agreement appears on your credit file, and on-time monthly repayments strengthen your credit history. Missed payments negatively affect your credit rating and make later borrowing harder. Read our detailed guide on: do payday loans affect your credit score.
Are Payday Loans Bad?
Not bad, but expensive. A payday loan can work for a one-off gap you can clear on payday. It turns bad when you borrow again to cover the last one, because the interest piles up fast. Short term loans repaid in instalments are easier to handle. So, borrow only what you need. Read our full guide on: are payday loans bad.
Can I Get a Payday Loan on Benefits?
Some payday loan lenders may accept people on benefits, though terms vary. Monixa is different. We do not offer payday loans, and we only lend to people earning a regular income from employment. If benefits are your only income, we cannot make you an offer.
How Long Does a Payday Loan Stay on My Credit File?
A payday loan footprint can stay on your credit file for up to six years. That covers the agreement, your repayment record and any default. Six years of on-time payments reads well to lenders, while a default holds you back far longer.
Can I Get a Payday Loan If I Am Self-Employed?
Yes, plenty of lenders do, though Monixa is not one of them. We only lend to people who have a regular source of income from employment, so self-employed applications fall outside our criteria. Other direct lenders may still offer you a same day loan if you can prove your income.