Payday loans for bad credit history consumers exist and we would like to help you understand them better. A bad credit score is far more common than you would think. That’s because your credit file that is compiled by credit reporting agencies (CRAs) such as Equifax is affected by every little thing you do, financially.
In today’s fast paced world it’s so easy to find yourself with a temporary cash flow problem and struggle to keep up payments on things such as a loan, mortgage, or car. These things are what have a negative impact on your credit score. This makes it harder to get financial aid in the future. If you have bad credit, you will find it very hard to get help from most mainstream lending institutions, but there are lenders out there that will offer payday loans to people with bad credit.
What poor credit payday loans will accept me with no checks?
Getting a payday loan with bad credit is possible because direct lenders who specialise in these loans won’t scrutinise your CRA credit file and history like a bank would. Instead they want to know about your situation at the moment and that means, yes, they will do a credit check. You simply can’t get loans with no credit checks. The most important questions to getting approved would be; are you working and earning enough to make the repayments comfortably? The next thing is being 18 years old or over and a UK resident. Then you’ll need a bank account.
If you can answer yes to all of these questions and you don’t have any existing bad credit payday loans, then you have a chance of being accepted by a direct lender. Of course, you will have to provide proof of earnings and other documentation to back up your application, but the process is streamlined and can be completed in no time at all from your computer.
What are the best payday loans for bad credit with no guarantor?
The easy application process, quick transferring of funds, and clear repayment schedules, have made payday loans very popular in recent years and there has been an explosion in the number of direct lenders who are offering these online. Because of this, finding the best loans for people with bad credit has actually become more difficult, because you have so many different options to choose from and spending time contacting each one and comparing quotes is very time consuming especially if you’re looking for a no guarantor loan with bad credit. it would certainly be if you have a guarantor though.
That’s why a lot of people prefer to use a payday loans broker whose job it is to take your details and then contact the lenders for you. You’ll only have to enter your details once and then sit back and wait for the quotes that are offered to you, obligation free. The best payday loans for people with bad credit are the ones that get the money to you fast, with all the fees, repayments, and other information presented in an easy to understand manner, so you can make an educated choice.
What is the interest rate on a bad credit payday loans?
If you borrow money, you are going to pay interest. That’s true no matter which institution you borrow it from. Getting a payday loan with bad credit means that you will have to pay a higher interest rate than with a traditional bank loan because of the added risk to the lender. Interest rates will vary a lot from lender to lender, and even from loan to loan in some cases so it’s a good idea to find a lender who has favourable rates. As we mentioned above, a payday loan broker can help you with this.
Compare interest rates of payday loans for bad credit
Borrow money – how much?
Short term loan -length?
Monthly APR example Representative 1266%
Is this a bad credit loan?
|5 months||24%||£182.12||£36.42||Bad credit can apply|
|5 months||24%||£364.25||£72.85||Bad credit can apply|
|5 months||24%||£910.62||£182.12||Bad credit can apply|
|5 months||24%||£1821.24||£364.25||Bad credit can apply|
A good thing about payday loans though, is that they are designed to be paid back quickly. Even though the interest rates may be higher than, say a bank loan, the number of repayments is much lower. That means you can actually end up paying back less. In the example above the repayment is set at 5 months but you could easily reduce this to 3 months to cut 40% of the interest from the equation assuming you can afford the higher repayments. If these were 12 month loans, there would be even more interest so please consider that carefully.
For the cheapest payday loans, you should aim to pay the whole sum back in a single payment, or at least within a few months, that way the debt isn’t hanging over you and accruing more and more interest.
Where can I find payday loans with bad credit in the UK?
Most of the lenders that offer payday loans to people with bad credit in the UK can be found online, either directly or through using a broker. Trawling through the sea of lenders websites looking for the best deal. It may seem like a chore but it is necessary if you want to find the most favourable interest rates and other conditions.
To make this journey a bit easier, you can visit online forums where people talk and share their experiences about dealing with bad credit payday loan brokers. This way you can narrow your search to the most popular lenders. That still might leave you with a long list of possible lenders though. To save time you can get a poor credit payday loan broker to help you separate the wheat from the chaff.
Are there payday loans for very bad credit from direct lenders instantly?
The short answer to this question is- yes, there are payday loans for people very bad credit scores but no, it’s unlikely you’ll get an instant payday loan because the auto decisioning software relies on credit scores. Also, you must be able to fulfil this criteria: be at least 18 years old; a UK resident; currently employed and have a bank account. If you tick all these boxes then there are payday loans out there for you even if you have a very bad credit score. However, if you still have outstanding loans, you might find it difficult to attain any type of financial help.
What are the important things to know about bad credit payday loans before taking one out?
It is important that you are sure you can make all the repayments required before accepting a loan from a direct lender, and that you know what the penalties you will face for missing payments are. There are several important things you need to know about payday loans before borrowing and the resource linked is a must read before making an application for a loan. Blindly going into a loan agreement without proper knowledge is always a very bad idea. This could very easily lead down the path to more problems. On the other hand, a properly managed payday loan can be just the thing you need to help you out of a temporary financial hole and get you back on track.
Has your payday loan lender treated you fairly?
The problem with bad credit payday loans is the sheer number of people that find themselves in desperate situations. They tend to make mistakes when borrowing money. Almost all lenders are careful to avoid causing financial problems for those who are vulnerable but if your think you haven’t been treated fairly you have the right to complain about your payday loan lender. The Financial Ombudsman Service will help you. While we try to make payday loans as fair as possible, naturally, nothing ever quite goes perfectly in life and knowing reasons to complain about your lender will help as well. The Citizens Advice Bureau have made an excellent and well balanced article on this to help consumers.