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Loans For Bad Credit

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Borrow a Loan From £100 – £5,000*

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Rates from 12.9% APR to 1625.5% APR. The Minimum Loan Term is 1 month. Maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Total amount repayable is: £1564.59. Interest amounts to £564.59, annual interest rate of 59.97%. Representative APR: 79.5% (variable).

WARNING: Late repayment can cause serious money problems. For help, visit moneyhelper. LoanBird are a licenced credit broker, not a lender. LoanBird does not make credit decisions.

Search for Bad Credit Loans Online with LoanBird

Step 1
Application
Firstly, select the loan amount you want and how long you would like to borrow it for.
Step 2
Decision
Once you’ve submitted all your information, you will receive a fast decision. We'll show you your options from our panel of direct lenders – review and choose the offer that suits your needs!
Step 3
Cash
Finally, once you have accepted the loan, the lender will send the cash straight to your bank account. Most customers receive the cash on the same day, within 60 minutes.

We offer loans for individuals with less-than-perfect credit histories, providing a much-needed lifeline during difficult financial times. These specialised loans come from our panel of FCA-approved lenders and are tailored to support you if you need some short-term financial stability following an unexpected expense. Despite any past credit issues you may have, our loans for bad credit borrowers provide a chance to secure necessary funds for pressing needs or emergencies, helping you move forward positively.

Bad And Low Credit Loans – No Credit Check Required

Whether you have a history of poor credit, or a lack of credit history built up, you may have found getting a loan when you need it difficult. That’s where we can make your search simple at LoanBird, quickly matching you with bad credit loans direct lenders that can help you today.

With a suitable loan for bad credit, you can get approved and have the cash you need in your account the same day, helping you to resolve a financial emergency or an unexpected expense fast. This type of loan presents a higher chance of approval compared to a personal loan or other short or long term loan for those with a low credit rating. As Financial Conduct Authority (FCA) authorised brokerswe can connect you to very bad credit loans UK direct lenders who are in a position to help you.

Easily connect with our FCA approved lending panel specialised in providing loans for those with bad credit through LoanBird using our FREE intelligent search. We can help you find the most competitive rate and increase your chances of a positive decision in seconds, showing you multiple offers in one place with just one application.

So, whether you’re looking for small payday loans for bad credit that can help you in an emergency, or require a larger, longer-term loan of up to 36 months to spread the cost of an unexpected expense, click apply now to fill in our application form today and find offers of bad credit loans personalised to you.

LoanBird mascot for bad credit loans

How Can LoanBird Help With Loans For Bad Credit in the UK?

We have a committed group of direct lenders who specialise in lending to people with low credit scores at LoanBird. Each are FCA authorised and can look to help you where other lenders may have turned you away in the past. This is possible because we’ll match you to lenders who are in the best position to help you – as long as you have plenty of affordability, there’s a chance you’ll find the loan you need today and get approved for UK bad credit loans.

Once submitted, your application will be quickly matched to our panel of lenders, pre-approving you based on your details, and finding large or small loans for bad credit most suitable for you. This is made possible by a ‘soft search’ of your credit file – no ‘hard search’ is required until you have chosen a lender offer to continue with. This way you can browse and find bad credit loans whenever you need to, 24/7, with no obligation to choose an offer. Review and choose the best option for you every time.

Not only that, but when you apply using LoanBird, you won’t pay a penny to use our service. We will never ask for a fee for finding you a loan online as a credit broker, saving you both time and money when searching for loans with bad credit.

LoanBird displaying a list of the advantages of bad credit payday loans.

Why Customers Choose LoanBird to Find Bad Credit Loans

Quick and easy online application

Find bad credit loan offers up to £5,000

Apply for loans with bad credit online from anywhere

Instant decision quick loans for bad credit finder

Choose from payday loans for bad credit, guarantor loans, instalment loans and more

Find loans for bad credit with no credit check required

Over 30 FCA authorised bad credit loans direct lenders in the UK

Fast approval, same day bad credit loans available

Get cash in your account 10 minutes after approval

No brokerage fees – completely FREE to use!

Minimum Loan Term is 1 month. Maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Total amount repayable is: £1564.59. Interest amounts to £564.59, annual interest rate of 59.97%. Representative APR: 79.5% (variable).

(This won’t affect your credit score)

Your Guide To Loans For Bad And Low Credit Scores – Everything You Need to Know

If you have bad credit, you may be unsure of where to turn when you need financial help. Where payday loans for bad credit may be helpful in the short term, having bad credit doesn’t necessarily mean you can’t get approval for other types of loans. In this guide, we cover some of the main questions asked about loans for bad credit and what LoanBird can do for you as a customer.

a pretty woman introducing what a bad credit payday loan is

What is Bad Credit?

The term ‘bad credit’ can refer to two types of borrowers; those having a history of missed repayments, defaults, arrears or even CCJs, and those who have no credit history at all who have never borrowed money. Both present a risk to a lender, so if you have a track record of not paying your bills on time, or have never borrowed before, you may struggle to apply for credit.

Having bad credit also means you have a less than average credit score. In general, anything around 550 and under can be deemed a low or ‘bad’ credit rating. Individuals facing this situation will unfortunately have fewer credit opportunities than those with a good credit history and score.

However, the good news is there are lenders who can help those with bad credit – some of which we can connect you with here at LoanBird. This form of bad credit finance refers to short-term lending that is usually not provided by high-street banks and traditional lending institutions. Bad credit loans in the UK are possible if you seek out the right lenders, and we can make your search very easy with our simple online application.

Loans for bad credit can be ideal for those who need to borrow money when they have no other available options. They can be a type of emergency loan, ideal for anything from a car repair to an unexpected bill, whilst very bad credit loans direct lenders can sometimes offer longer-term loans for higher amounts where affordable.

Here at LoanBird, we can help you find a loan for bad credit that matches your needs, so whether you need a £300 loan or a £3,000 loan, you can choose up to 36 months of repayments and see if you could be approved today. As long as your affordability is good and your financial difficulties are firmly in the past, having ‘bad credit’ doesn’t mean you can’t get the money you need today.

someone applying on their mobile for a bad credit payday loan with loanbird

Can Anyone Get Very Bad Credit Loans?

Not everyone with bad credit will be fortunate enough to get the finance they need. However, at LoanBird our service works differently to others, which is why we are often able to help customers with very low credit scores find an appropriate bad credit loan or payday loan for bad credit to match their needs.

As we partner with many trusted direct loan providers, you’re matched with the best options based on the information you provide us. This filters out any lenders that will categorically say no to you based on your credit score alone and improves your chance of getting a positive decision.

Our panel of very bad credit loans direct lenders in the UK won’t agree to assist just anyone that needs this type of credit, as certain criteria needs to be met. You can find the essential requirements to apply for urgent loans for bad credit here on this page.

Should I Apply For A Low Credit Score Loan?

Depending on your circumstances, a low credit score loan can be the ideal solution. Checking your credit score should be one of the first steps you take before applying for any online loan or financial product.

If you’re already aware of your credit status and you fall into the low credit score category, applying for small loans for bad credit through regular lenders or banks can prove a difficult task. If this is the case, finding a lender that specialises in loans for bad credit could be your best option. Otherwise, we’d advise you to review your other credit options first.

If you decide to go ahead and need a loan today, at LoanBird we’re ready to help you for FREE. So whether you need quick loans for bad credit to help in an emergency, or looking for payday loans direct lenders who are willing to help with a small £100 loan, start your search with us today.

Minimum Loan Term is 1 month. Maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Total amount repayable is: £1564.59. Interest amounts to £564.59, annual interest rate of 59.97%. Representative APR: 79.5% (variable).

(This won’t affect your credit score)

many applicants can qualify for a small loan even with a bad credit rating.

How Do I Qualify For A Bad Credit Loan?

Many online lenders provide loans for bad credit in the UK that you may qualify for, and we can help connect you to them for FREE. Just fill in our application form and we’ll check your eligibility against over 30 FCA approved lenders. These lenders all have a range of requirements and diverse lending conditions, however, there are a particular set of eligibility criteria that each lender will require to be able to offer loans for bad credit:

Aged 18 years or older

A current UK resident

Hold a UK bank account in your own name with a valid debit card

Have a regular monthly income (e.g. from full or part-time employment or self-employment)

To support your application, some lenders will require additional documents to help perform credit and affordability checks. This can include recent bank statements, proof of identity and proof of address.

Is Applying For Loans With Bad Credit Easy?

An application for an online loan if you have a low credit score is straightforward and we’ve ensured our application form is as simple and convenient as possible to complete.

Most people prefer applying online and that’s where you can mainly source bad credit finance. This is preferred because of its convenience, plus the ease of comparing multiple loans/offers all from the comfort of your home or wherever you are when accessing from a tablet or device. Finding loans for bad credit is much easier than ever before from wherever you are, and we’re happy to help show you the most suitable options through just one application.

bad credit lenders discussing payday loan applications.

Bad Credit Loans With An FCA Authorised Direct Lender

Bad credit loans come in many different forms, so you should always check that the lender you choose is fully authorised to help provide this type of finance. Look at third-party customer reviews related to your lender also, as these will help you make an informed decision. When using our FREE online service, you can trust that each lender of loans for bad credit we connect you with are FCA approved.

It’s important that you always use licensed lenders, as unlicensed lenders may end up charging you a high-interest rate or unnecessary fees. To prevent yourself from overpaying or receiving hidden charges, use a loan comparison so that you can accept the offer that works out best for you. This is something at LoanBird we provide for you as standard.

Each finance offer you get should be under no obligation. This means you can choose to decline any loan offer if you want to, and simply walk away. With us, you can review your lender offers and if none are the right fit for you, there’s no obligation to continue. You can use our intelligent search for FREE whenever you need to and see what is available.

Below is an example of low credit score loans for lenders that can cater to both payday loans for bad credit and short term loans for bad credit. We’ve arranged these payday loans by their APR and borrowing amounts:

a list of direct lenders that deal with bad credit and short term loans.

 

an infographic showing how a bad credit payday loan works with a credit broker

Loans For Low Credit Scores With A Credit Broker

Credit brokers are a quick and simple way to find multiple lenders of bad credit loans in the UK within a short amount of time. At LoanBird, we’re FCA authorised credit brokers that work for you to provide relevant options fast, so you can make a financially savvy decision that’s best for your situation.

An advantage of using a credit broker like us is that you’ll have a better chance of finding a suitable loan for bad credit thanks to our pre-approval process. We will search all the best lenders with the lowest APR and highest acceptance rates from our panel to match you with loan offers you have a high chance of being approved for. We can’t guarantee approval, but we can filter out those lenders that cannot help you, showing you only the ones that can. Simple lending is done faster using our smart search at LoanBird.

What Are The Advantages Of Loans For Bad Credit?

There are many reasons loans specialised for low credit scores might be suitable for some borrowers, but what are the advantages of applying for one? Here are a few reasons:

  • Ideal for urgent needs –the loan amount can be dispensed to your account within 24 hours of approval, sometimes as quickly as under 60 minutes.
  • No hard credit check to view offers – avoid having a hard search of your credit file straightaway, with a soft search able to check your suitability before continuing.
  • Higher approval – thanks to a soft search, you’ll be matched to lenders best placed to help you today, meaning a higher chance of 100% acceptance loans.
  • Less paperwork – apply quickly and conveniently with very bad credit loans direct lenders with only a few essential supporting documents, with your loan paperwork all done digitally.

a girl considering the pros and cons of a loan with bad credit.

What Are The Disadvantages Of Bad Credit Loans?

As much as bad credit loans can help people, those applying with low credit scores should be aware of what the disadvantages could be. Here are a few to consider:

  • Form of short-term credit – they are most ideal for short-term situations, so are not suitable if you have long-term financial issues or are looking for longer repayment terms over 12 months.
  • Not using as intended –  payday loans should only be used when you’re in a financial crisis and other options aren’t available. Some applicants may use a payday loan or bad credit finance to fund something unnecessary which is not recommended.
  • Higher interest charges – in comparison to other credit options, bad credit loans may cost more to borrow. Being fully aware of what you are due to pay back is always a must with loans for bad credit.

Will Applying For Loans For Bad Credit Affect My Credit Rating?

Applying for loans for bad credit with LoanBird will not affect your credit rating at all. We conduct what’s called a ‘soft search’ which briefly scans the information you provide to present to some lenders interested in your loan request. If you’re worried about a credit footprint, this is a great option for checking whether you will be approved or not before applying, as this won’t appear against your credit file.

Once you choose the loan option you want to continue with, that particular lender will carry out a more in-depth credit check. This ‘hard search’ is what can impact your credit rating. If you’ve been creating numerous loan applications, this is something that can negatively affect your credit score in the long-term.

loanbird exhibiting five alternative borrowing options to a payday loan with bad credit

Alternatives To Loans For Bad Credit?

There is a range of alternatives to bad credit loans. Reviewing these options may be a good idea for your circumstances, with some of the main product types available as follows:

Short Term Loans

Like payday loans, short term loans are ideal for customers looking for quick cash. They also give you longer borrowing periods than the payday option. Typically, the loan can be deposited swiftly in your account, so you’ll have immediate access to the money.

Secured Loans

Secured loans allow you to secure a loan whilst putting up something of value as collateral to secure the debt on, if you fail to repay the loan you may lose the asset it is secured on. These loans can typically be accessed with a low credit score but may put your assets at risk.

Logbook Loans

Another example of a secured loan is a logbook loan. They also require you to supply vehicle assets as collateral before issuing the loan. The conditions of secured loans, however, are highly subjective and are significantly influenced by your current financial situation.

Guarantor Loans

With guarantor loans, another individual guarantees the loan repayment. If you have a bad credit score and don’t want to pay the high interest, then this type of loan is a good option.

Minimum Loan Term is 1 month. Maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Total amount repayable is: £1564.59. Interest amounts to £564.59, annual interest rate of 59.97%. Representative APR: 79.5% (variable).

(This won’t affect your credit score)

Bad Credit Loans – FAQs

What credit score is needed for a payday loan? 

The quick answer here is – you don’t actually need a specific credit score to qualify for a payday loan, each loan company can work differently to another. One main positive in this industry is that there are plenty of options to choose from. So, even with having a zero or low credit score there should be a lender available that is happy to let you borrow from them.

The thing is, you might actually have a low credit score as you’ve not been able to build on it as yet. Meaning, lenders will always look at other key factors (like affordability) as their main sense of security.

With that being said, this doesn’t mean you will definitely get a payday loan. As we advised above every lender is different, however, they all have to adhere to a responsible loan borrowing policy.

Are there any payday loans that don’t do credit checks?

Pretty much every payday loan lender will require a credit check when you apply with them. You might have heard of a soft credit check approach; this is as close as it gets to a no credit check process. Essentially, the loan company can act on a watered-down version of a hard credit check. Thus meaning, you can view your acceptance chances without a credit footprint.

There are brokers (like us) that have adopted this business model whom search through a panel of lenders for you, which can save you a lot of time.

What is the easiest loan to get with bad credit online?

Obtaining a loan with bad credit online can always be changeling, however there are lenders who specifically purvey these loans. The criteria of loan you would be most likely to get with bad credit might be that of a payday loan or that of a smaller value.

These loans typically start from around £100 – £5000 depending on the lender of course. It might well be a brisk application process but normally with bad credit comes a higher interest term. In addition, you should look at the figures in order to understand if it suits what you’re happy to repay.

Why did I get denied for a payday loan?

There are a number of grounds in particular that could warrant your payday loan to be denied. The most common reason is that the loan company didn’t think you could afford the loan. Again, this could boil down to a range of reasons, so here’s a few things to be mindful of next time you apply:

  • Check your application form for any mistakes
  • Have a look at your credit score first
  • You could have very bad credit
  • Don’t apply for more than you can afford to repay
  • Need to have a source of income
  • Don’t apply if you already have a payday loan
  • Need to be over 18
  • Don’t apply with direct lenders one after the other

We would always suggest that you use tools that can advise on your approval or not before trying with a lender directly. Being rejected by a lender for a payday loan when you already have bad credit can once again impact your score negatively.

Who can I borrow money from with bad credit?

There’s a wide selection of lenders that will borrow money with bad credit, all offering different loan values and tenure terms. You can find these loan companies by searching for them directly, looking on comparison websites or even through a loan broker.

All these platforms will present you with an application form in order to fill out your request for a loan with bad credit. We give an example below of a few direct lenders that advertise for bad credit:

Lenders 

Representative APR & Loan Amounts 

CashASAP  1390% | £100 – £400 
DotDot Loans 1228.67% | £300 – £1000 
Loanpig  1261% | £100 – £1500 
Money Boat 939.5% | £200 – £1500 
Drafty  89.7% | £50 – £3000 
Cash Float  1294% | £300 – £2500 

How do I get emergency money?

Emergency funds can sometimes be hard to come by, not everyone has a surplus of cash lying around just in case. You can quite easily get an emergency loan online, with many lending companies working with a same day funding business model. But what other options could you consider first? We’ve listed a few that you might not have thought of as yet:

  • Ask for an increase on your credit card
  • Request a wage advance from your employer
  • If it’s a large amount – equity release
  • Again, for a large amount – pension draw down

If you have studied all options and a quick loan is something you’re now contemplating, the process from start to finish is quite simple:

  • Apply online from any device
  • Wait around a minute for a decision
  • Once accepted have a quick chat with the lender
  • Sign your paperwork (they can usually do e sign)
  • Get your funds in 24 hours, normally on the day

LoanBird actually deals with a large number of the UK’s direct lenders, giving you access to a multiple selection in under a minute.

How can I get instant bad credit loans online? 

In general, there’s a few contributing factors to consider in order to get instant bad credit loans online. You’ll definitely need to have a source of income, normally this would entail some sort of employment. Whether this is a part-time position or a full-time one, as long as you can prove that you can afford the loan, this will be a great start to your application. The other key requirements are:

  • Owning an active bank account
  • Must reside in the UK
  • Be 18 and over

Once you’ve ticked all these boxes you will then fall into the assessment stage, this will quickly check your ability to afford the loan. You will then get an instant online decision from the lenders we work with.

Once you’ve picked your lender, they will crack on with a light credit check and call you to discuss your loan and conclude your application.

Here’s an example showing how LoanBird could help you online with instant bad credit loans:  

What We Can Help With 

What Are the Terms 

 

An instant decision   Complete our quick form 
Short or long-term repayments  1 months – 36 months 

 

A range of borrowing amounts  £100 – £5,000 
Low APR  Will need good credit 
Soft search only  Fill in our application 
Bad credit   Afford repayments 

Why Choose LoanBird? 

                                                   

Smart search technology 

         

Large panel of lenders 

 

More borrowing options 

 

We aim to find the best APR 

 

No impact on your credit 

 

We deal with most UK lenders 

 

How can I get a loan fast with no credit check?

It’s always going to be a difficult task to get a loan fast with no credit check. Reason being, loan companies have to follow some pretty strict guidelines to ensure they are lending safely.

In spite of that, there are companies (like LoanBird) that can give you immediate access to a swift loan service with only a soft credit search. So, in essence you can apply with confidence knowing your credit score is safe, also finding out what your options are with no obligation.

If a company tells you they can provide a loan fast without a credit check they are obviously not doing their job properly. In addition, we would always suggest you look into the loan company if they don’t fill you with confidence.

Where can I get an instant cash loan?

Instant cash loans come in many different forms and values, it’s all about searching in the right places. For instance, if you need to use some cash right now, applying for a credit card wouldn’t be a useful option for you. Credit cards can take up to anywhere between 7-10 days, and that’s actually business working days as well.

Another example you might struggle with getting your cash ASAP would be traditional high street banks. The process of getting to the bank, waiting around to see someone and filling in the loan application is definitely not the most time efficient.

Online lending is where you need to be focusing your time. Credit brokers will work as fast as they can to get you an instant loan, most offering clever tech that does all this for you. LoanBird is one of these companies, our smart loan lenders search can give you an answer in seconds.

Can I get a loan with a 450 credit score?

With a 450 credit score you will definitely struggle to find a lender, however if you know where to look, you’ll have a better chance. Typically, with this credit score you will come under a bad credit profile. So, finding companies that advertise for bad credit would be where you need to focus your attention.

Another contributing element in lenders deciding if they will accept or not is your income. For example, if you apply for a smaller bad credit loan, your chances will be higher as it’s less of a risk to the loan company.

If you’re looking for a larger loan this might be a waste of time really. The only viable option would be that of a lender that deals with guarantor loans.

Can I get a loan with a 500 credit score?

credit score of 500 is not the worst rating lenders have actually loaned money out to. You just need to make sure you are applying with the loan companies that are most likely to accept you. Bad credit or payday loans are usually the go-to as they generally tailor to lower amounts.

With a lower credit rating (unfortunately) comes a higher APR and interest rate. However, while you’re searching for the best option you can work out the interest to calculate what you can afford. To add to that, smaller loan amounts (even with a high APR) are obviously a lot more manageable financially.

Lastly, the Financial Conduct Authority put a price cap on payday loan companies. This means that you shouldn’t pay over 0.8% of the total loan amount per day. Further caps include a maximum fee and any charges of 100%, plus missed payment fees are set at £15.

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

Another thing to note – not every payday lender will offer their service to assist with bad credit. If you do end up applying for a loan with a direct lender not knowing this it could really restrict your borrowing options. Reason being, once you’ve been rejected this shows on your credit status for other lenders to see.

Unfortunately, not all customers will be as lucky 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.

However, numerous companies out there can supply what’s called an “instant decision”. You can basically find out if you’ll be likely to get the loan you’re applying for. LoanBird can act on an instant decision process for anyone whom visits the website. Just fill in our application form and let us do the rest.

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.

Unwanted bills can surprise us at any time, and when they do they always seem to come at a really inconvenient time. Unfortunately, not everyone has a piggy bank full of spare cash, however, this is where an emergency payday loan could be useful. With a fast application and payout process, you could easily attend to that bill before the deadline.

Can I get a small loan with no credit?

You will be able to get a small loan without a credit rating, you might have to expect a higher APR though. The reason for this is that lenders like to know who they are borrowing to. Having a credit report keeps a record of this, so it gives the lender something to work off.

If there’s no credit history to view, it’s difficult to gauge whether you are a responsible borrower or not. Nevertheless, once you’ve showed you can repay on time this will increase your credit score. Meaning, moving forward it will lower the APR and you’ll have more scope when you want to borrow again.

Another thing to consider is the loan amount you will be able to get. You might consider £5000 as a small loan. However, if this is the maximum value that lender provides, they might not feel confident lending to you with no credit history. If you have a guarantor worthy of that amount then this could definitely be an option worth exploring.

Can I get approved for bad credit loans online?

Getting approved for bad credit loans online might actually be a lot easier than you’d think. As long as you fit a very basic form of requirements set out by the lenders, you’ll have a really good chance of approval.

This criteria will mainly consist of having a residence in the UK, being over 18 and an income – which will determine you can afford to repay the loan. A quick way to get a general idea if you can cover the monthly repayments might be to:

  • Decide how many months you want the loan for
  • Divide the total loan amount by that time period
  • This will give you a rough monthly cost (without interest)

If you know the monthly calculated figure is achievable (with a surplus), this can give you a ballpark example of affordability before you apply for your bad credit loan online.

In addition to that, you could always utilise a loan service that operates on a soft search only. Meaning, you can essentially window shop with your options.

Can I get a payday loan with bad credit?

There are a vide variety of payday loan lenders that deal with bad credit in the UK. Most examples of smaller loans with higher interest have been arranged to assist individuals with a less than average credit score. Furthermore, every loan that is applied for is evaluated on each person’s circumstances. Meaning, approval can never be guaranteed.

A positive with applying online is that there’s plenty of payday loan options to choose from. This sure does beat walking around the high street, popping in every bank to make an inquiry. When applying online you should ask yourself some questions to reassure your decision:

  • Is this payday loan company FCA regulated? (Never use an unregulated firm)
  • Do they provide the loan amount I need?
  • What APR will I be charged?
  • Are they asking me to pay upfront for a loan? (If yes, avoid at all costs)
  • Do they have a good review rating?
  • Do they cater to bad credit?
  • Can they do a light credit check first?

Some individuals can act on impulse and just apply with any sort of company without research. Taking that extra bit of time to assess could not only help your decision but make it a safer one.

Will my bad credit prevent me from being approved?

Having bad credit will ultimately thin out your chances of a loan approval. The key factor here is that your previous credit activity shows you’ve not kept to those repayment agreements. Subsequently to the loan company, this means you’re not the most perfect candidate to lend to.

Even though this is the case, lenders can look past this if you can show a decent example of affordability. Also, through a clever sense of management upon your application, you can actually use free websites to do a quick check to calculate your chance of approval.

In conclusion to this, your bad credit report can obviously improve and benefit if you’re accepted for a loan. To achieve this, you’ll need to ensure that you are taking strict measures to always pay your monthly loan repayments.

Will my payday loan application be approved if I have bad credit?

When applying for a payday loan remember that this loan type is tailored to assist people with bad credit or low value credit ratings. Meaning, the lender will then look to focus on what you earn to make sure you can repay the loan. Furthermore, being approved is never a guarantee as every application is assessed individually.

Another point to remember is that there’s always other options available, even with bad credit. If you are approved, a low credit score is always something you can work on. Improve this and you’ll notice more loan companies offering to lend to you later down the line. Remember, the higher the credit rating the better the rates.

How quickly will my loan be paid out?

If you want your loan to be paid out quickly you need to ensure all your details are correct when you fill in your application. We would advise that you check over all your information at least once to avoid any errors or potential stalls in the loan process. Providing that all checks (identity etc.) are successful, you could actually get your loan as quick as on the same day you apply.

Here’s some common mistakes made on application forms resulting in a slower process:

  • Selecting the wrong loan value (might not match affordability)
  • Misplaced digits for sort codes and bank account numbers
  • Incorrect date of birth
  • Giving the wrong contact numbers (the lender will need to speak with you)

When the lender calls you, they will go through your information to check it themselves. However, the more amendments the advisor has to make the longer you’ll be on the phone.

Does having a bad credit score mean I will be automatically declined?

A lot of people do get declined automatically with having a bad credit score. This could be down to a number of things, most of the time it’s because the lender you’re applying with probably doesn’t deal with bad credit. If you choose carefully, you’ll have a much better chance of being approved.

The ideal credit score for most of us will never really exist. Subsequently, lenders know this and if they didn’t cater to a bad credit category, they would be missing out on the option to profit from it.

Will my poor credit profile affect my loan?

Having a poor credit profile won’t always affect your loan application process, lenders will still deal with you. On the other hand, it really does depend on how poor your credit is, the worse it is the more limited your options are. The sub-prime lending industry is worth billions, so one thing to always note is that there will always be options, even with a very poor credit profile.

Below we list some examples of how poor credit could actually affect your loan:

  • Higher interest rates
  • Your APR is likely to be higher
  • It could limit the loan amount you can apply for
  • Certain lenders will never deal with you

Try to ensure you go over your finances prior to applying for the loan you want. If the lender thinks you can’t afford it, plus having poor credit, you’ve got no chance. Don’t damage your credit rating further by applying for something that just isn’t feasible.

Can I get loans for bad credit with no guarantor?

There are a number of payday and bad credit lenders offering loans with no guarantor needed. In general, the majority of loans all come under a no guarantor lending option. When applying with a loan company they will always prefer to deal with the person who wants the loan. We have noticed the term “no guarantor loans” has evolved into a product advertising to individuals with bad credit who can’t find a suitable guarantor.

In relation to that, if you do have a guarantor to use there are some major advantages to this loan type, such as:

  • Your credit score doesn’t matter (the guarantors does)
  • Very likely to get accepted (as long as the guarantor meets all requirements)
  • Doesn’t impact your credit score
  • You can apply for higher loan amounts (providing the guarantor has great credit)

If you’re looking for a bad credit loan without a guarantor, go through a step by step evaluation of what your options are before you commit to anything.

Does it matter how bad my credit is?

The judgment of how bad your credit is will depend on the payday lender you apply with. In addition to this, educate yourself on the loan companies that are most likely to lend you money. There are websites (like ours) where you can see what your options are in advance of applying with any lender directly.

Not everyone has a perfect relationship with creditors, many people don’t. A bad credit score doesn’t 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 credit card at least you have that option. You can increase your credibility by making all future repayments a paramount importance.

Does taking out a payday loan imply bad credit?

There are lots of people that take out a payday loan that have good credit, so no it doesn’t imply bad credit. Furthermore, taking out a payday loan can actually have the opposite impact. As long as you keep to your agreement and repay on time, it will leave a positive view in the lender’s eyes. Meaning consequently, your credit rating will receive a favorable boost.

The payday loan industry has altered quite a lot since the FCA enforced new rules and regulations. Gone are the days of unachievable repayment amounts and ridiculous interest charges.

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 approved with a very bad credit history; yet another might get rejected.

When applying for a loan with very bad credit you’ve got to expect that your options will be limited. The best thing we can advise is to be smart with the way you apply. At the end of the day, you want to improve your credit score, not make it worse off.

If you’ve tried all available options, the only loan type we could suggest would be a guarantor loan.

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 due to the potential repercussions.

Most of the UK payday lenders only deal with no guarantor payday loans. One of the main advantages of getting accepted for a bad credit loan without a guarantor is the impact it has on your credit score. If you can keep the lender happy by completing all payments on time, this will work in your favour.

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 much higher interest and APR rate if you fall under this category as your deemed high risk. Research is key when you’re restricted with loan lenders to apply with.

Try comparison websites or loan brokers before you put an application in with a direct lender. The majority of these examples all offer you the chance to peep through the lenders door before you go in. Also, doing this won’t push your credit score down any further.

If your credit score is pretty much none-existent, the guarantor route is probably the only option with a lender.

Our lending amounts start from £100 for bad credit loans, continuing all the way up to £5,000. £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 of money.

Applying for this amount of money will be deemed as a payday loan or short term loan. You will be expected to pay this loan back at a much earlier time than that of a loan valued in the thousands.

Other Helpful Tips On Bad Credit and Payday Loans:

Minimum Loan Term is 1 month. Maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Total amount repayable is: £1564.59. Interest amounts to £564.59, annual interest rate of 59.97%. Representative APR: 79.5% (variable).

(This won’t affect your credit score)

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