How to Get Payday Loan with Bad Credit? Complete Guide

Do you have a Bad Credit History but Need a Loan? No doubt accessing cash is quite difficult at times but a payday loan aims to provide you with a convenient way to access money in need. With a bad credit payday loan history, it is more difficult to get.

Understand Bad Credit

Bad Credit term is often used to describe the financial situation of someone who has poor financial circumstances & management. People with poor credit ratings are probable to miss credit obligations such as utility bills, loans, or credit cards.

Understand Bad Credit Payday Loan

A bad credit payday loan is a short-term loan intended to help people overcome their sudden financial emergencies. 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 do. It may not be sufficient to satisfy cash or loan lenders, that you will fulfill repayments within a 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.

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.

How to get Payday Loans with Bad Credit?

Some of the banks are also concerned with the capability to repay 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 the application, you will get a quick payday loan amount within 24 hours during working days.

Considerations before Applying

Before you apply for a loan, consider some factors that will ensure you get the best-guaranteed payday loan in a 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, understand the terms and conditions of the loan and make sure it should be according to your budget. When selecting, 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

• You can pay back the loan when you receive the next salary
• Cover emergency expenses or bills between your pay cheques
• Repaying in full may help improve your credit rating
• Applications can be completed online quickly
• This maintains the cost of borrowing to a least.
• The application process is comparatively non-intrusive

Payday Loans Cons

• Short time-period to repay loan back which may worry some people. Always make sure you are able to repay what you borrow
• The utmost amount a person can borrow through a payday loan is about £1,000.
• 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 the 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%

How to Apply for a Payday Loan?

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 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.