Payday Loans for Bad Credit
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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
REPRESENTATIVE 305.9% APR. REPRESENTATIVE EXAMPLE: £400 BORROWED FOR 90 DAYS. TOTAL AMOUNT REPAYABLE IS £561.92 IN 3 MONTHLY INSTALMENTS OF £187.31. INTEREST CHARGED IS £161.92, INTEREST RATE 161.9% PA (VARIABLE).
Bad Credit Payday Loans
If you are wondering what bad credit loans are all about then you should begin with understanding what the term bad credit means.
It is a term that is often used to when someone has had problems with credit in the past. Despite this, the term can become misleading because a credit rating is actually based on numbers as opposed to it being good or bad.
In the same way, a bad credit loan can also be seen in a different light because it is commonly used for those who have a low credit score but in a similar way, there no such thing as a bad credit loan, just like there is no such thing as a good credit loan.
In reality, a lender is not going to give a loan to someone who has a low credit score and so, if you believe that you have a bad credit score or know that you have a bad credit score, it can prove difficult to obtain a loan.
Despite this, payday loans for those with bad credit will be for smaller amounts and have a higher rate of interest and will be borrowed over a shorter time.
What is a payday loan for bad credit?
It is an unsecured loan that is suitable for those over the age of 18 that have a bad credit rating.
They are designed for those who are in a stable job with a stable income and so, they are perfect for those who do not have a perfect credit score.
Therefore, payday loans for bad credit are for those who have poor credit and because there is no hard credit check, it does not affect the rating.
So, a payday loan is designed to deal with financial emergencies and that means that even those who have a bad credit rating can still find the financial assistance they need.
Individuals will receive the cash quickly and they can use it in any way while they can be applied for quickly and conveniently online.
They are designed for those who have a poor credit rating and they come with no hidden charges while they leave no footprint on your credit rating.
These loans offer a simple short-term solution when need and they do come with a number of benefits such as the application process being simple, free and accessible.
Why does someone need a payday loan for bad credit?
As mentioned, payday loans are ideal for those who have a bad credit rating and need access to fund quickly.
However, if you are considered to have bad credit then the main lenders will consider you to be a risk but payday loans for bad credit are designed differently and that is why they are easy to access and why lenders accept those who have a poor credit rating.
If you find yourself in a difficult situation then a guaranteed payday loan for bad credit is a feasible option. It is the best choice for those who have bad credit because lenders offer it as a specialist loan.
So, if you require cash but know that you have a bad credit rating, you should not sit there and do nothing because a payday loan for bad credit can provide a solution that is proven to work so long as you can continue to pay it back.
Payday Loans for Bad Credit Requirements
- 18 years of age
- UK resident
- Have a sustainable income
If you wish to apply for your loan now then simply head on over to our fast and easy form to complete your application for the payday loan loan.
Bad credit payday loans – are they secured?
One of the main differences between payday loans and other forms of loans is that they are unsecured.
Most bad credit loans come with a fixed amount that is paid over a period of time with an interest rate that does not change.
When you choose to take out a payday loan, it will mean that you do not have to risk anything you own in order to be accepted for a loan as a way of paying it should you find that you are unable to meet the payments.
As a result of this payday loans are unsecured, easier to apply for and easier to manage because they prevent you from having to use assets such as your home or a car should you miss payments.
Does a payday loan affect future credit history?
This is an area where many are concerned because it does cause confusion, especially when it comes to taking out a payday loan.
Some believe that it will cause have a negative impact on your credit history but that is not the case. In some instances, there are some personal loans that will leave a mark on your score but this should only be a concern to you if you miss any payments.
So, to make sure that this is not the case and does not happen, all applicants are screened to ensure that they have the ability to make regular payments and it is common for applicants to be asked to pick their own repayment deadline as this will enable them to pick a time that works best for them as opposed to them being put under pressure.
All of this works by reducing the risk while ensuring that the borrower gets the loan they need.
Who can apply for a payday loan with bad credit?
If you have found that you have a poor credit rating then you might have realised that many lenders will refuse to lend you the money.
Despite this, payday loans are designed to look beyond your credit rating in a way that does not dictate how you lend money when you need it. Therefore, you can be sure that your overall circumstances are taken into consideration as opposed to your credit rating alone.
How is a payday loan approved?
The approval of a payday loan for someone with bad credit is based on their specific circumstances.
Therefore, any lender will need to make sure that the individual they are giving the loan to has the ability to meet the repayments. As a result of this lenders will consider the total earnings of an individual and then subtract all expenses.
This will include all rent or mortgage bills including food, utilities and even transport. They will also take into consideration other recurring expenses, leaving an amount that will enable them to determine whether you can afford to cover the costs of the payday loan.
How does credit rating affect you?
The credit agency assigns everyone with a credit rating and as part of this, they also consider a vast array of other information such as past credit history.
Then, the final rating that they receive consists of a number that can be used by a creditor to work out whether they are a risk when it comes to missing payments.
However, that figure or rating can be interpreted in any way by a lender and so, whether you are accepted or not is entirely down to them. So, there is no requirement for them to accept or reject a loan application based on the credit rating on its own.
Despite this, it is vital that the process of applying for a loan is not based on whether it is a loan for good credit or bad credit because a creditor can take into account many other factors while one lender may refuse the application because their credit rating is anything but perfect.
In contrast to this, a payday loan is not a good or a bad credit loan but it is a solution for those who have a low credit rating because they involve a range of creditors who are willing to accept a wide range of levels of risk.
Improving your credit rating
Payday loans are designed to provide you with a financial solution when you find yourself in a financial emergency but there are things you can do to improve your rating.
Taking out a loan is a great way to improve your credit rating but you are more than likely better off going straight to a payday loan instead of trying several lenders. This is because each application can be classed as an enquiry which gets marked on your credit history.
If you make too many enquiries, that can lead to an indication that you need funds or are taking on a debt that you cannot repay. If you fail to meet repayments, this will have a negative impact on your credit score and could push you further back into difficulties.
So, you should only take out a loan if you are able to pay back the full amount which is something that is true for payday loans.
Credit can be improved by paying bills on time, regardless of whether they are utility bills or credit card bills but paying them on time can prove that you are a trustworthy borrower.
Your payment history is also considered to make sure that you have been making payments correctly and so, being diligent can help you to improve your credit score and improve your chances in the future of obtaining a loan.
|Advantages of using Loanski|
|Loan Amounts||£100 to £2000||Highest Acceptance Rates|
|Application Decision Time||3 Minute Automated Decision!||100% Online No Paper Work!|
|Payout Time||As fast as 10 Minutes!||SSL Secure Application|
|Fee For Application||£0 We Don't Charge Fee's!||Multiple Lender Platform|
|Poor Credit Score?||All Credit Scores Welcome!||No Obligation|