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Payday Loans

Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
Oyster Loan is a credit broker and not a lender

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Representative Example

We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you'll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%. This is a representative example of what it may cost : a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22

What Are Payday Loans?

It is a short-term personal loan that a borrower has to repay within a year or less. Since these loans are unsecured and do not require any guarantor, many people opt for it during a sudden emergency. Traditionally, a payday loan had to be repaid by the borrower within 30 days. However, with evolution in the unsecured lending industry, the lenders are now offering this credit product for a period of a year. A borrower can easily avail a loan and can repay it back in easy monthly instalments.

These high-cost short-term credits are beneficial to resolve any financial difficulties as there are no limitations or restrictions on its usage. A borrower has the complete degree of freedom to use the loan amount for any purpose they want.

Payday Loans for People with Poor Credit in the UK

At Oyster Loan, we believe that a poor credit score may be a result of financial distress that a borrower went through. We understand that nobody will intentionally damage their scores. Hence, we deal with lenders who are authorised by the FCA and who provide payday loans for poor credit in the UK.

A credit score is undoubtedly an important part of your financial health. Many lenders take their decision of loan application based on the credit score of the borrower. That is how they gauge the borrower’s repayment affordability. While, there are lenders who consider the borrower’s creditworthiness and hence, they take the risk and lend money to people who do not have a perfect credit history.

It is important to find such lenders who are willing to take the risk or else it will become a challenging task for you to find the right one.

Moreover, our lenders will perform a soft credit check to present the options available to you. Please bear in mind that a soft check doesn’t impact your credit score and hence, your score will not be damaged during the initial loan application processing.

Online Payday Loans in the UK

With the advancement in technology, the unsecured lending industry has also advanced over the years. Now, a borrower can easily apply for a Payday Loan with Soft Credit Check online. And with Oyster Loan, the process is much easier. The form of loan application has been designed to be operational on desktop and mobile devices. Because your convenience matters to us!

A borrower has to fill in the application form with all the basic details including their residential address, current and past employment details, bank account details, personal details such as date of birth, email ID, income, contact number, etc., While filling in the information, a borrower may be assured of the safety of their data as our website is hosted on a secure server. You may read more in our Privacy Policy.

Once you submit the application form online with all the necessary details, the lenders will verify the information provided. Also, they will assess the loan eligibility by conducting credit checks.

The decision of your loan application will be displayed on the screen if you meet the lender’s eligibility criteria.

An online payday loan applicant must consider the following points before making an application:

  1. a) The applicant must be 18 years or above.
  2. b) She/he must be a citizen of the United Kingdom.
  3. c) They must have a valid and functional bank account.
  4. d) They must have a regular income stream.

Alternatives to Payday Loans in the UK

If you feel that a payday loan is not the answer you were looking for your financial queries, then you might try to consider a few other alternatives that are available in the UK. To choose the right credit product, you need to understand your own requirements first. Calculate how much do you need to borrow and for how long. Remember that the amount borrowed has to be repaid by you as agreed or else that may result in severe damage to your credit score.

A borrower may opt for a short-term loan. If you feel you need funds to cover some of the expenses of your dream day, you may opt for a wedding loan. If you want to unwind and relax, you may avail a holiday loan.

The choice of the credit product depends on you completely and your credit requirements. Hence, make sure that you know why you are borrowing the money and how much you can afford to repay the loan.

Borrow Responsibly – With Oyster Loan

Oyster Loan is an FCA registered loan broker that operates in the UK. Our aim is to promote responsible lending and borrowing in the financial market of the country. We care about our borrowers and therefore, we believe in maintaining the highest level of transparency to avoid any confusion and inconvenience.

Always remember to shop around and compare for more options. This way you are more likely to find out a loan with favourable rates that you can easily afford. Once you borrow the loan, start repaying it regularly on time to avoid damaging your credit score. If you have borrowed a Payday Loan for Bad Credit, then timely repayment will help in building the score.

We deal with FCA registered lenders only and we do not charge any upfront fees to our borrowers. Oyster Loan will help you in finding the right lender and the right credit product so that you can smoothly sail through the financial distress.


Oyster Loan is a licensed LOAN BROKER and not a lender. The website is registered in the UK and is authorised and regulated by the FINANCIAL CONDUCT AUTHORITY (FCA). WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.

Oyster Loan does not charge any fees. If you are contacted by anyone claiming to be from Oyster Loan and requesting you to make a payment, report it to

All Loan approvals & Quotes are subject to Credit Score and Affordability requirements by lenders. If you meet the lender's criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.

Important payment information

Collections Process
Contact your lender directly if you have any worries about making your re-payment. If you do not endeavour to do so you will be unable to arrange any payment options and where the situation remains unresolved (where you have not re-paid your loan), the lender can exercise their right to pass your details onto a third party collections agency. This agency will then work to recover your unpaid arrears (plus any interest accrued as a result of your non-payment).

Implications of Non-Payment
By not making your short-term loan re-payment on time, you could be subject to fees and penalties, which will be implemented at the discretion of your individual lender. The details of any charges that can be added to your loan re-payment amount will be detailed within your loan agreement and this will include the reasons why further charges may be added. If you are late in making your payment this could also have a negative impact on your credit score. Therefore, in order to avoid having to re-pay more than your original agreed amount, we suggest that you re-pay your loan on time. If you fear that you will experience difficulty in paying back what you owe, please contact your lender as soon as possible.

Late Payment
Where you feel that you will not be able to meet your re-payment date and will need to make your payment at a later time – you must contact your lender to arrange this. If you do not, it could be assumed that you are unwilling to re-pay your loan and therefore you could incur a higher fee or charge than you would otherwise have done by simply extending your loan term. A late payment fee usually amounts to anywhere between £1 and £100 and this will vary dependent upon your lender. However, we do not advocate the unnecessary extension of short-term loans and as a result we ask that you ensure that you will be able to re-pay any loan that you apply for. For more information, please read and understand the terms and conditions associated with your loan agreement.

Renewal Policy
We do not advocate the renewal of short-term loans however, in the instance that you wish to do so you must contact your lender immediately. You will often be charged the same rate of interest or fees for an extra month however; this will be charged on the full amount that you owe to the creditor (amount borrowed plus first month's interest). If you are late in making your loan re- payment or you fail to make the re-payment at all, your loan may be automatically rolled over thus automatically incurring further interest and charges. Any amount that you have borrowed you will be liable to re-pay so, please make sure that you only take out a loan if you can afford to pay it back in full.

photo of Oyster Loan Oyster Loan
Oyster Loan
71-75 Shelton Street
Covent Garden, WC2H 9JQ United Kingdom £100-£35000
+44 203 633 1699
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