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How to Get Payday Loan with Bad Credit? Complete Guide

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Last updated on November 5th, 2018 at 07:14 pm

Do you have a bad credit history but still want to receive a fast online payday loan directly to your bank?

No doubt accessing cash is quite difficult at times but payday loan aims to provide you with a convenient way to access money in your time of need. With a bad credit payday loan history, it is difficult to get an instant payday loan.

What is bad credit?

Bad Credit term is often used to describe the financial situation of someone who has poor financial circumstances or management. People who have a poor credit score are probable to have missed credit obligations such as utility bill, loans or credit card.

What is a bad credit payday loan?

A bad credit payday loan is a short-term loan intended to help people overcome their sudden financial emergencies. On a bad credit payday loan, the interest rate can vary from lender to lender. The FCA caps on fees and charges by HCSTC providers will be applied. These caps indicate that you must not pay more than £24 per month for every £100 borrowed.

A few loan companies offer no credit check loans, but not all does. It may not be sufficient to satisfy cash or loan lenders, that you will fulfil repayments within given time. Anyhow, some banks in the UK offer fast payday loans with bad credit rates but they can charge a heavy amount of interest along with. This guide will help to get same day loan in UK.

For example, if you want a loan of £1000, repayment will be £1100 and this is for a user with good credit history. On the other hand, if you want a payday loan with bad credit; then you will have to pay £1200 in return for £1000. Check Top Lenders Requirements

Related Reading  Sunny Payday Loan Review - Unbiased Customer Feedback

How to get Payday Loans with Bad Credit?

Some of the banks also concerned about your capability to repay then your credit history. So, for what you are waiting. Apply for a short-term loan from direct lenders, online or go to your nearby franchise. Submit a quick application and after the confirmation of application, you will get quicken payday loan amount within 24 hours during working days. You should go through with direct lender bad credit payday loan if you have a bad credit history.

WHAT TO CONSIDER BEFORE APPLYING FOR A PAYDAY LOAN

Before you apply for a loan, consider some factors that will ensure you get the best-guaranteed payday loan in few minutes.

  • It is suggested that the loan has a purpose. You should not apply for a payday loan without any reason or just for getting funds. Constantly applying for payday loans without any reason can be harmful to your future credit score.
  • Before applying for a payday loan, understand the terms and conditions of the loan and make sure it should be according to your budget. When selecting payday loan, select the instalment amounts and repayment time. Keep in mind the longer the time, the higher the interest will be.
  • Before engaging in any financial business or lending agency, always make sure that they are FCA authorized. Check company’s credentials and registration on the FCA.
  • Check out all the options and then choose smartly what fits best with your needs.

Payday Loans Pros

  • Payday loans are short-term commitments. You can pay back the loan when you receive next income
  • Payday loans cover emergency expenses or bills between your paycheques
  • Repaying the payday loan back in full may help improve your credit rating
  • Bad credit payday loan applications can be completed online quickly
  • Payday loans are for small amounts of money. This maintains the cost of borrowing to a least.
  • The application process is comparatively non-intrusive
Related Reading  Top 10 Payday Loan lenders in UK

Payday Loans Cons

  • Payday loans have short time-period to repay loan back which may worry some people. Always make sure you are able of repaying what you borrow
  • The utmost amount a person can borrow through a payday loan is about £1,000.
  • Payday loans are often offered to consumers that might have applications rejected somewhere else. This makes a loan alluring in non-emergency situations. It may be wrong to treat them as a handy substitute for a usual long-term loan

Few Bad Credit Payday loan lenders in UK

Below is the list of established FCA regulated Bad Credit Payday Loan Lenders in UK.

Lender APR Representative
Lending Stream 1333%
Quick Quid 1294.1%
SwiftSterling 1298%
Wageday Advance 1281.8%
Mr Lender 1256.4%
Sunny 1293%
Uncle Buck 1250.4%
Cashfloat 997%
Ferratum 1270%
Satsuma 535%
Safety Net Credit 68.70%
118 Money 99.90%
MyJar 788%

Wonga instant payday loan

Wonga instant payday loan direct lenders helping you to make more money. One of the popular lender in UK but still people try finding wonga alternatives. With Wonga, You can borrow £50- £600 within 5 minutes into your account. This will be repaid within 6 months on 0.8% daily interest rate.  Just after an online application, you can get better payday loan services in your comfort zone. You can make repayments using your debit card or through Online banking. Consumers can Claim Wonga Refunds.

Always go through with a direct lender bad credit payday loan if you don’t have a good credit history.

How to apply for Payday Loan?

Here are a few steps that may help you to apply for a Payday loan even with your bad credit history;

Check Eligibility for Payday Loan

Before applying for a Payday loan, you must:

  1. A permanent UK resident
  2.  Be 18 years of age
  3. Have a satisfactory source of income
  4. Be Willing to repay on time

Personal Information

Applying for a Payday loan, you have to provide the following things:

  1. User ID and password
  2. Contact Details
  3. Bank account information
  4. A valid proof of your income

If you want to borrow money for any reason and find yourself unable to approach typical finance options because of a poor credit history, a bad credit payday loan might be useful. If you are can afford to pay back your payday loan repayments every month, you may start to see your credit score increase. This may possibly mean access to improved loan offers in the future and access to more conventional credit products.

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