Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

Which payday loan is best for people with bad credit?

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The Important Parts

Representative Example:
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)

Note: Loanago is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.

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

Lenders Facts

Loan amount
£50 - £2,000
Loan term
3 Months Only
CUSTOMERSCORES
Good
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Loan amount
£200 - £1,000
Loan term
3 - 6 Months
CUSTOMERSCORES
Excellent
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Cash Loans

Personally, I have not known anyone in my life who does not have any form of loan. Not all people might be desperate for it, but people need some extra cash one way or another. People apply for loans for many different reasons such as for business, investment, housing, purchasing a vehicle or appliances, vacation, paying off bills and emergencies, and for just about anything that money can do.

Loans come in many forms and sizes, from small loans to large sums of money, from short-term to long-term, and much more. If you need money just to cover petty and immediate expenses, go for cash loans. Cash loans are quick and easy to access money, which is just what you need for any emergency expenditures.

What are Cash Loans?

Cash loans are small, unsecured loans that are used to cover urgent expenses until next payday. So cash loans are basically short-term in nature. Cash loans are popularly known as payday loans in the UK. Others use the term quick cash or cash advance to refer to cash loans.

Cash loans are hassle-free and quick to obtain, but they may have very high interest rates as compared to regular loans. If your credit score is not so good, expect to have ridiculously high interest rate on your cash loan. It’s what you get in exchange for borrowing easy, fast cash like cash loans. The usual amount you can borrow depends on your monthly income without compromising your usual monthly expenses.

why choose cash loans

Taking Out Cash Loans

The terms and methods of paying back cash loans depend on the lender you are working with. Note also that the loan features, the interest rates, and other charges that come with the loan vary among lenders. The monthly repayments for cash loans vary from one person to another, as they depend on several various factors.

The lowest interest rates are usually available only to people with good credit history, but you can still be approved for a loan that you can afford. What’s important is that you can obtain a loan. This way, you can use not only for your expenses, but also to improve your credit score, provided you don’t delay or miss any repayment.

Some lenders may not carry out directly any form of credit history check, but there are alternative information they will ask from you during the application such as your address details, monthly salary and employment history, as well as your banking details.

Cash loans provide instant financial relief and flexible terms. You can get the money you desire with the loan term you find most suitable for your current financial situation. For a smaller amount, you may only need three months to repay it, but a bigger amount may be settled over six months to year.

The purpose for these flexible monthly loan payment terms are to ensure that your payments fit comfortably into your monthly budget. This means you could afford them and not struggle financially further more. Being able to repay the loan comfortable also means you’ll have a reduced rate of late payments and improve, if not maintain your credit score.

The repayment period of the loan is going to have the most direct influence on your monthly loan payments. Since cash loans are for emergency purposes, interest rates are affordable because you can pay off the loan in a short period.

Cash Loans in the UK

Cash loans are credit that is typically for those who are currently in financial hardship. These are loans intended to provide instant funds to those in need regardless of credit or financial situation. Cash loans can be used for any personal purpose. It is usually for people who struggle to get a loan approved from banks and other traditional lenders due to low credit rating.

Payday loans are the most common type of cash loans. Cash loans through online lenders are the fastest and easiest way to access funds as well. Just fill out the lender’s online loan application and you can have your funds within 24 hours.

Whether you have good credit, bad credit or no credit, you can qualify for cash loans. As long as you meet the requirements, your application will have a guaranteed approval. You must be at least of legal age, must have an income and a bank account, and of course, you must be a resident of the UK. Lenders may not run a hard credit check, but they will look into your ability to make the repayments, and trust that you’ll keep your word for it.

The benefits of these cash loans, however, are also worth the cost. With cash loans, you can avoid the hassle of filling out lengthy forms and preparing required documents. There are no long waits and no tedious credit checks for cash loans because these loans are targeted to help those who desperately need them.  If you have a good credit history, it makes it even easier and faster for you to get cash loans.

With personalised financial repayment plans tailored to your budget, you can get cash loans that are easy to settle or pay off. Once you apply on their website, they will contact you and carefully form a repayment plan that best fits your needs and financial circumstances.

Cash Loans Online

Instant approval cash loans are usually offered online. You can take out cash loans online with no employment verification and no income verification as well. These loan options offer financial assistance for those in dire need of cash not just for people with high income and good credit.

It is quite common among people to have occasional money problem or unexpected expense. That’s why you’ll find lenders providing these instant cash loans that are completely processed online for added convenience. Cash loans online don’t require faxing or other documentation. Cash loans online transactions can be done outside office or banking hours, and some lenders offer 24-hour service.

Cash loans are easy to be approved for with application process that takes only three to five minutes. Moreover, most people receive funds the same day or in an hour right after approval. However, it is also important to work with a good lender. Be extra cautious when you apply for cash loans online, as there are many illegal and fraudulent lenders.

why rely on cash loans

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Return Customers

5 most recent personal loan reviews

Review of Funding Circle

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

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Savvy

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

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Capital One

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

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from Trust Pilot to ensure the authenticity of accounts.