Select Loan Amount
Select Pay Date
  • Specific Day
  • Four Weekly
  • First Working Day
  • Last Working Day
Select Loan Term

Representative Example:
Borrow £700 for 12 months at £111.27 per month. Total repayment of £1335.24
Interest: £635.24. Interest rate 140% pa (fixed),
Representative 277.5% APR**

What’s APR?
  • Annual percentage rate
  • (APR) is confusing when
  • trying to work out payday
  • loans. APR is the calculation
  • of interest paid on a loan
  • over the course of a year.
  • Not so relevant to payday
  • lending, as we only lend for
  • up to a month.

What is a short term payday loan?

A short term payday loan is a small cash advance that can be applied for online, the process is fast, convenient and simple. It can be paid back in anywhere from one to twenty four payments.

Who can use short term loans?

Short term loans are used by a variety of people for a variety of purposes. Short term loans also known as payday loans can cover any emergency when your salary is just too far away. You may also choose to spread the repayments over a longer period, selecting multiple installments is a great way to keep the monthly repayments down.

What can the loan be used for?

We have found the majority of loans are used for cash emergencies such as a car breakdown or a home repair. As long as you borrow responsibly the loan can be used for any number of reasons.

What are the chances of getting one?

You need to be over 18, employed with a regular income and have a valid UK bank account. If you meet these criteria then you stand a good chance of qualifying for a short term installment loan. Why you are more likely to receive a short term loan from one of our lenders than a traditional bank loan? Well the sums of money is usually quite small and they are only borrowed for a short period of time. That coupled with the ease of online applications and fast deposit times means short term loans can be the most effective way to get out of a financial shortfall.

Is a short term loan right for me?

Short term loans are for cash emergencies and should not be considered for ongoing financial hardship. You should only borrow if you are sure you will be able to repay the loan on the repayment date. If you have spiraling debts and are borrowing from one lender to repay another you should consider another solution. Speaking to professional credit Councillors who may be able to offer more sustainable advice can be a more appropriate way to find solutions to your financial situations.

How much can I borrow?

You can apply for £100 to £2500, it all depends on how much you need. Our lenders span a large range of loan products, so apply with us and we are more likely to find you the right loan than if you just go to a direct lender.

How do I apply to redwallet?

It’s easy!

Just go to our apply page and fill out your details. Once done you can submit your application. Our system will then match you to a lender. Many of our lenders operate 24/7, so you don’t have to wait until “normal” working hours to apply. Your lender will then carry out a few further checks and if both parties are happy to proceed you can sign the loan agreement online. Money is usually deposited soon after, even at weekends.

If my credit rating is poor will I still receive a loan?

Many of our lenders will consider your application if you have a less than perfect credit history. Financial misfortune can happen to anyone, so you may find lenders are more understanding than you would think.

Redwallet do not perform credit checks as part of our service, however many of our lenders do perform credit checks as part of their lending criteria.

How do I receive the funds?

Our lenders will pay the loan directly into your bank account, usually within a very short period of time from your application being approved

What if I can’t repay the loan?

If you qualified for a loan at the time of application, but have since found yourself in a position where you cannot afford to repay the loan on the repayment date, it is important to contact your loan provider. If you contact them they may be able to offer you a loan extension or offer an option to refinance your loan. If you fail to contact them there is a good chance the loan provider will add further late fees and report you to a credit reporting agency which will have a negative effect on your credit score. If no contact is made after this they will pass your debt on to a collection company who will try and reclaim the money owed.

Each lender is different so it is important you are aware of your loan companies policies and have read their terms and conditions carefully. This applies to late fees, missed payment fees and any other administration charges they may add. If you are unsure please contact your lender to discuss with them their policy covering the implications of non-payment.

What if I have a complaint?

If you have a complaint about any aspect of your loan you will need to contact your loan provider. Please contact your lender directly. Their details will be shown on records from any email correspondence or from your loan agreement.

If you have a complaint about Redwallet and our service please contact us via email and one of our customer service representatives will respond at the earliest opportunity.




Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk