How Redwallet Works...


How much would you like to borrow?

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**

We don’t charge set up fees or faster payment fees"

Select Loan Amount
Select Pay Date
  • Specific Day
  • Four Weekly
  • First Working Day
  • Last Working Day
Select Loan Term
If you don’t repay on time you may incur extra costs:
Default Interest

Maximum of 0.8% per day on the outstanding principal if your loan is still in arrears at the contractual end date subject to the application of the rate cap.

Missed payment fee
Maximum of £15 for any oustanding balance subject to UK regulation

For more information on the default fees and policy terms please consult your approved loan agreement

At Redwallet we want to make the process of applying for a loan as easy as possible. Complete the online form and receive a quick decision. No need for lengthy calls or endless paperwork.

You can decide how much you want to apply for by using our slider function; this gives you a guide to the amount you will have to repay. When you are happy to proceed, hit the apply now button. All loans are subject to status and an affordability assessment.

At this point we ask you to fill in the application form - we never take an upfront fee!! Your application will then be considered by a trusted third party. If accepted you will then leave our website and deal with them directly, if you do not require this service we recommend you do not apply. 

It is important however that you keep up with the repayments. We want to keep your wallet out of the red. If you are likely to experience any issues with repayment it is important to contact your lender as soon as possible.

Each lender may have different collection schedules, so make sure you are aware when payments are going to be collected and ensure you have sufficient funds in your account. Fees for late payment or missed collections may be incurred and charges may continue to be added to your account if you default, so it is important to read carefully the terms and conditions of the lender you use. 

It is in both the lenders interest and yours that the loan is repaid. Your lender will make every effort to contact you and talk through the issues, with the aim of helping you resolve your situation. 

NOTE: Your debt could be transferred to our Debt collectors if a resolution cannot be met

Your lender will report your arrears to Credit Reference Agencies and this may affect your credit worthiness so it is important to work with them to resolve any issues in a timely fashion.

It is important that you assess your ability to repay the loan on the agreed date. If you feel this is not going to be possible we advise you to not take out the loan. As a responsible payday loan broker we feel it is important you go into the process with your eyes wide open.

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