Bad Credit Payday Loans (UK) | Direct lenders | Quick Decision

Easily utilise a substantial lending panel for bad credit payday loans with loanbird. Do you need your money today? Use our application form to get a loan best suited to you, if approved you could have the cash in 24 hours. 

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Do You Offer Bad Credit Payday Loans to Everyone?

What can we say about bad credit payday loans? Well, you’d apply for a payday loan as you normally would before it’s actually deemed a bad credit payday loan. This transition from one product type to another would solely rely on your credit history. With that being said, unfortunately not everyone will qualify for one.

As we work with so many loan providers you’re matched with the best options based on the information you give us. This filters out any lenders that will categorically say no to you. But yes, we do have lenders who can help with this loan type.

A Short Guide To Bad Credit Payday Loans

Previously payday loans use to be an umbrella term that swept in all the different types of short term lending. The lending world has now become more refined and offers a lot more options/subcategories of short term debt. 

Bad credit payday loans are ideal for people who need a quick fix to some form of emergency. This can be anything from a car repair to medical expenditures. You will be able to choose a term that suits you, as most lenders cater to longer periods. 

a short guide to bad credit payday loans

Is It Okay To Have A Bad Credit Score?

I mean it’s not ideal but it’s not the end of the world! Having a bad credit score is okay, it’s repairable. Not everyone has a perfect life with the ideal credit score; hardly anyone ever does.  

A bad credit score does not signify a closed door policy with all companies. Financial hiccups can happen, and yes you may pay a higher-interest rate when lending but if it gives you what you need, say no more. So, if you’re in a situation where you can only apply for a bad credit loan or mortgage at least you have that option.

What Exactly Are Bad Credit Payday Loans?

Bad credit payday loans are a unique form of loans, and are usually inaccessible from banks and traditional lending institutions. These loans naturally facilitate the payday lending model by including bad credit as part of the acceptance profile. We refer to them as a bad credit and payday loan sandwich.

Most bad credit payday lenders are specialist in this field and you can easily find them online. Unlike conventional loan lenders, some online bad credit lenders will often not need to perform hard credit checks straight away. Most lenders will not even look at your credit score or ask for collateral. 

can anyone qualify for bad credit payday loans

How Do I Qualify For A Bad Credit Payday Loan?

There are a number of different lenders available online. All these different types of lenders have a range of lending requirements and diverse lending conditions. However, there is a particular set of things that each lender will require:

Must Have A Bank Account

UK Lenders will only lend to individuals that have a UK bank account, it’s a must. Having a bank account lets lenders deposit the cash somewhere it’s recorded. Plus, this tells them they will be able to set up a direct debit with you for your repayments. 

Also, the application information you pass onto the lender will able them to assess your financial status effectively. It will help lenders to determine your ability to repay the loan you are requesting.

Having an Income/Job is always a positive

Having a job or regular income is a clear determinant to whether you’ll be able to get a loan approved or not. There’s hardly any lenders who would offer a loan if you don’t have a job or any sense of affordability. Having a steady source of employment is always a positive sign for payday loan lenders. 

Be Of Legal Age And Be A Resident

To qualify for a loan in the UK, you need to be of legal age (18+) and be a resident of the United Kingdom. However, if you’re looking to use a guarantor they must be 21 and over and also a UK resident.  

how to apply for bad credit payday loans

How To Apply For A Bad Credit Payday Loan

There are multiple ways through which you can apply for this loan type. Most people prefer applying for bad credit payday loans online. Applying for loans online is preferred because of it’s convenience, plus the ease with comparing multiple loans/offers all from the comfort of your home. 

50% of online users are now using their mobiles to surf the net, they expect a slick process from all websites. So, i think it’s fair to say online use is dominating. 

You can also apply for a loan by visiting your local bank. This process, however, can be considerably more lengthy, and it may take around a week to get your loan approved. 

What Are The Benefits Of Bad Credit Payday Loans?

They Are Fast, So They Are Ideal For Urgent Needs

The turnaround is quick, so if you have an urgent need for a short term loan but have bad credit, online is where you need to be. Suppose you have a water leak at home or your toilets beyond repair. Having bad credit credit can be difficult upon approval but there are lenders that will still deal with you.

Applying online for a payday loan is normally an easy process. Usually it’s just a simple form, you’ll need to include all relevant information, and you should be done. In most cases, the loan amount is dispensed in your account within 24 hours! 

No Hard Credit Check!

The reason you’re probably applying for a bad credit payday loan is that your credit score is below average. The last thing you would want to do is to decrease your credit score even further by getting a hard credit check.  

Many forms of smaller loans now only carry out soft credit check, which doesn’t impact your credit score. The reason for this is they want to understand your financial situation, to gauge your ability to pay back the loan within the agreed time period.  

High Chances Of Approval

Not only are conventional forms of obtaining a loan slow, they also have a high chance of getting rejected. With short term loans, you can have more confidence as they have a higher approval rate due to it being a less value of money. This is provided that you have filled out the application form correctly and supplied accurate information. 

There’s also hardly any paperwork to deal with, so no need for digging out copies of bank statements and whatever else is required for other loan types. 

bad credit payday loans and lenders

Bad Credit Loans and Payday Lenders

Bad credit payday loans come in many different values and forms. You should always check that your lender is fully authorised to give you a loan. Also, look at third-party customer reviews related to your lender. You can then make an informed and accurate decision.

It’s a must that you use licensed lenders, unlicensed lenders may end up charging you a high-interest rate or unnecessary fees. To prevent yourself from paying for things you shouldn’t, carry out a loan comparison so you can accept the offer that works out best. 

All the loan offers you get should be under no obligation. So, you can choose to decline any loan offer if you want, and simply walk away.

The lenders focal point is your affordability, they want to know you can repay the loan. Also, most work with high acceptance business models, meaning taking out a loan and being accepted can help your low score increase.

bad credit payday loans and brokers

Bad Credit Loans – Credit Broker

You can easily find the services of a credit broker, there’s so many options these days. Credit brokers are a quick and simple way to find multiple bad credit loan lenders in a short amount of time. Credit brokers are there to work for you and to provide relevant options for what you require. 

One of the most apparent advantages is that you’ll have a better chance of some suitable option. They tend to search all the best lenders with the lowest APR and highest acceptance rates. There are plenty of credit brokers available online, and many websites offering loans and other credit brokerage services. 

Popular Loans For People With Bad Credit

Short Term Loans

Short term loans are ideal for customers looking for on-the-spot cash fixes. Typically the amount gets deposited directly in your account, so you’ll have immediate access to the money. If you’re someone that has a bad credit score, short term loans are know to be easily accessible.  

People with bad credit scores often find it challenging to get approved for larger loans. Therefore, short term loans are an ideal alternative.  

Secured Loans

This option requires you to use a specific asset as collateral for the debt you are taking on. That collateral acts as a form of security and a guarantee when paying back the loan.  

Secured loans are comparatively at a lower interest rate to other loan types. However, they carry a huge risk with them. If you’re unable to repay the loan amount, the collateral that you have deposited will be collected as payment. 

Another example are logbook lenders. They also require you supply vehicle assets as collateral before issuing a loan. The conditions of secured loans, however, are highly subjective and is significantly influenced by your current financial situation. We’d always suggest studying other options first.

bad credit payday loans or credit cards

Credit Cards

A credit card could be the reason why you’re in a situation of debt in the first place. However, they are a useful and convenient option to use in case of emergencies. Some companies do offer credit cards to people who have a bad credit score.

Owning multiple credit cards can actually help bring up your credit score (as long as you’re paying back what you owe). Also, their introductory 0% interest rates could help you pay off your short term debt relatively quickly. 

Guarantor Loans

This loan type has proven very popular for people with bad credit over the last few years. As you know the loan is essentially guaranteed by another individual. If you have an awful credit score and don’t want to pay the high interest, then this type of loan is a winner. 

Usually with guarantor loans, it’s a friend or family member that guarantees the loan for you. They basically sign a contract that transfers the liability of paying back the loan to him/her. The transfer of responsibility essentially means that the guarantor will now be liable to pay back the loan if you’re unable to.  

Should I Take On A Loan To Pay Back My Current Loan?

Taking another loan out to pay back your current loan is always a bad idea. Unless you have multiple debts then consolidation could be an option worth entertaining.

Getting into this system can cause your credit score to suffer. It could also place you in an endless credit loop that will become impossible to break out of in the future.  

Is There An Alternative?

A good alternative is to talk to your lender and explain your financial situation to them clearly. Most times, lenders want to help, and they might be able to give you a solution that can help you bring control your debt.

Lenders themselves will want their money back by the due date so that they can invest that money in other areas. 

Whats The Conclusion And Whats Consolidation?

Some people prefer consolidating all their debts, meaning they only have to pay back one loan instead of multiple. Debt consolidation is a good option only if you’re seriously looking towards paying off all your debts as soon as possible.  

Taking on a bad credit payday loan to pay off the repayment of an existing loan may not be the best idea. As we’ve explained, bad credit payday loans typically carry a very high-interest rate and it can become tough for any individual to be able to repay the amount.

There are many services online that offer free help to assist in getting out of your debt situation.

Related Topics For Bad Credit Payday Loans

Bad credit payday loans direct lenders only

Applying for bad credit payday loans with direct lenders only could hinder your approval chances. It’s not always best practice to pick the first advert you see, be savvy and look around.

Instant payday loans bad credit

Unfortunately not all customers will be as fortunate as others, instant payday loans for bad credit are few and far between. Usually the process will take a little longer than that of a person who has a decent credit rating.

Guaranteed payday loans for bad credit direct lenders

Has a direct lender guaranteed you a payday loan for bad credit but then you never got the money? Yes,well, this can happen a lot actually, so you need to be vigilant. Anyone contacting you with this proposal is most likely a scam artist, stay well away and never pay upfront for a loan!

Emergency payday loan bad credit

Emergency payday loans aren’t just available for good credit score holders, they apply to bad credit as well. At loanbird we understand emergency loans need to be quick! Whatever your credit history, we cater to deliver a service with speed for all visiting customers.

Very bad credit loans direct lenders

We get asked a lot – Do you have direct lenders that deal with very bad credit loans? Yes we do, but as we always say every loan request is different to the other. Not everyone’s circumstances are the same, one person might get the nod with a very bad credit history yet another might get the shake.

Payday loans bad credit no guarantor

Payday loans with bad credit are normally applied for with no guarantor. A lender will only ask if you can provide a guarantor if they don’t think you can afford the loan you desire. It’s always best to see if you can get a loan without a guarantor anyway as this can be tricky because of the potential repercussions.

Very bad credit loans direct lenders uk

There’s probably a handful of direct lenders in the UK that will take on very bad credit loans. You’ve got to expect a high interest and APR rate if you fall under this category as your deemed high risk.

£100 loans for bad credit

Our loans start from £100 for bad credit loans, continuing all the way up to £25,000. £100 loans are very popular, thousands of bad credit applicants request this loan amount every day. Lenders are more likely to lend £100 to people with bad credit as it’s less of a risk with smaller amounts.

Representative APR: 279.5% | Representative Example: Loan Amount: £300 | Borrowed for 60 days | Total Repayment: £420.82 in 2 monthly installments of £210.41 | Interest Charged: £120.82, interest rate 120.8% pa (Variable).

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Loanbird.co.uk is a registered Trading Name of RJW Assist LTD. RJW Assist LTD is registered in England and Wales (Company number: 09470548). Registered Address: Brook House, 40 Cuthbert Road, Stockport, Manchester, SK8 2DT. Licenced by the Information Commissioners Office: registration number: ZA436430. RJW Assist LTD is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under the reference number: 788094. We are a licenced credit broker, not a lender. Loanbird.co.uk does not provide any loan or consumer credit products directly.

Timescales on receiving your funds may vary from lender to lender and depends if your bank accepts faster payments. The loan amount and interest rate offered is subject to the lender’s requirements and approval.

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