Loans For Bad And Low Credit

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:

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:  

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?

A 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.