Which payday loan is best for people with bad credit?
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The Important Parts
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
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Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Loans subject to status. Over 18s only. Minimum loan amount may apply.
Rates from 4.5% APRC to 500% APRC are available – the highest rate is for customers with severe credit problems. Loans available from 1-25 years. TYPICAL 10.9% APRC variable
Representative APR 278%
Representative example: £500 borrowed for 90 days. Total amount repayable is £672.60. Interest charged is £172.60, interest rate 140.0% (variable).
Representative Example: If you borrow £400 over 6 months - payment 1: £162.66, Payment 2: £, Payment 3: £, Payment 4: £, Payment 5: £, Payment 6: £, Rate of interest 0.80% per day. Total repayable £736.00. Interest Rate 292% per annum (fixed). Representative 1,256.5% APR.
There may be times when you need to come up with cash immediately, whether it’s to cover urgent repairs or a medical bill you weren’t expecting. If you don’t have enough savings to cover emergency expenses, there are lenders you can consider.
1500 loans are a perfect solution to settle unforeseen expenditures. The loan amount is enough to pay off what you need to pay and could possibly leave some extra cash in your pocket as well. If you are considering 1500 loans, read on to know the basics of these loans.
What are 1500 Loans?
It’s easy to obtain 1500 loans when you have a good credit rating because these loans are unsecured type of credit. However, most 1500 loans offered by online lenders are targeted for those with low credit scores. On the flipside, these loans often come with higher interest rate as opposed to regular loans.
1500 loans in the UK are personal, short-term, and unsecured loans, as they are not guaranteed by any of your assets. Loans at this amount would also fall under the category of payday loans with specific lenders.
1500 loans are short-term with a repayment period that’s usually up to one year. Many lenders offer flexible repayment period for 1500 loans. You can choose to pay in as short period as three months or pay the loan for up to three years.
Applying for 1500 Loans
If you are searching for low-cost 1500 loans in the UK, you can find many loan brokers and direct lenders showing you the best loans on the market. You’ll be able to borrow £1,500 over a loan term period of six months to three years.
To ensure you get the lowest cost possible, you need to consider a number of things before applying. Check out the lenders loan features and terms included in the agreement. Take note of the interest rate and your projected monthly repayment due. Some lenders impose fees and charges on top of the interest, so it’s a good idea to check it out, too. Lenders differ according to the interest rate and fees they offer, so it is important to take your time to shop around.
Most lenders, if not all, use risk-based pricing to identify the interest rate an applicant can get. This means that you might not get the same rate as the one advertised because the rate you get is based on your own credit score.
Work with a lender who does not do a hard pull so your credit rating will not be affected. If you think there’s a chance you might be able to repay your loan early, look for a lender who does not charge any early repayment fee.
Qualifying for 1500 Loans
You can definitely get a loan if you meet the requirements. To qualify, you must be at least 18 years old and have some sort of income. Some lenders require you to be employed, but others will consider you if you are unemployed, as long as you have other sources of income such as rental or benefits. Non-regular and part-time workers can also qualify for loans.
Some lenders may have a minimum of how much you need to earn to qualify for a loan, but others just need to see history of your pay over the past three months. Credit history still matters for most lenders, but you can still get a loan with bad credit, even if you’ve filed for bankruptcy.
Comparing your Options
Comparing your options largely depends on whether you’re taking out a payday loan or a regular personal loan. However, the basic things you need to look into are the same.
Interest rates for payday and personal loans can vary significantly from lender to lender. It usually depends on whether the loan is secured or unsecured. Secured loans are much cheaper, as they are tied to your asset. Payday loans and personal unsecured loans have much higher interest rates.
Term of the Loan
Payday loans have terms that are usually four weeks, but can extend up to one year, depending on the lender. Some personal 1500 loans have repayment period of over three years.
Fees and Charges
Some lenders may charge service fees or admin fees in addition to the interest rate. Other charges may also include late or missed payment fees, and fees if you default on the loan. If you think you’ll struggle repaying your loan, you may want to reconsider getting one.
Reputation of the Lender
With the help of the internet and technology, online lenders are significantly growing in number. Finding out about the lender you’re planning to work with can be a good place to start before you apply. Visit the lender’s website and read its customer reviews. You can also check you’re your local government if the lender is authorised to operate in your area. Make sure you go through the terms and conditions of any loan offering as well.
The main purpose of short-term loans such as 1500 loans is to offer you access to cash as quickly and as easily as possible. You can get these loans from banks and traditional lenders if you have good credit score. Otherwise, work with online lenders and payday loan lenders who offer 1500 loans.
Choose a loan term that suits your financial capability without compromising your other monthly obligations. Remember that the shorter the loan term is, the lower the total cost of your loan. Longer terms may have lower monthly repayments, but you’ll be paying more interest rate over the period of the loan, giving you a higher total loan cost.
As a human nature, you may start seeking the options easily available when you are in the midst of a financial crisis. No need to panic because there’s a wide and exclusive range of deals that can really help you to get rid of your cash issues. Whether you have good or bad credit history, help is around.
Shop around and compare lenders to get the best deal possible because lenders vary in terms of interest rate, fees, charges, loan features, and criteria for eligibility. Also, take caution when applying for a loan online because you could fall into scams and loan sharks.
With Bad Credit
5 most recent personal loan reviews
Very quick response and good safety features. Speak to real people once the application has been logged. Very simple to fill out. Would definitely recommend Funding Circle to anyone.
Review posted by Gary Craigs, Dumfries
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Really Great Service! Thoroughly recommend! Have dealt with several loan companies & Savvy is definitely the best, easiest, professional & they do exactly what they say unlike many other financial companies that lead you up the garden path!
Review posted by Helen Stern, Sheffield
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I have poor credit and really needed the money to pay a court fine or be up against the magistrate again. Really helped me out and I found the charges for the credit very reasonable. Would highly recommend if your in a pinch. Great customer service and went out of their way to help get the loan out the same night I applied. Started 6pm and had money in the bank before 10pm. Great service.
Review posted by Blake Harrington, Margate
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