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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Easy Loans

When you find yourself needing some extra funds and you cannot borrower from a friend or family member, a loan would be the best option for you. Choosing the right loan for your personal circumstance can be challenging because you want to get the best deals and there are many types of loans to choose. While looking for a loan can be a bit of a struggle, many loans that are easy to apply for and process. Once you understand the basics of easy loans, you won’t have a hard time searching for an easy loan.

how to get easy loans

Easy Loans in the UK

In the United Kingdom, you’ll find many sorts of easy loans available for every need and different credit rating. Because of stiff competition, lenders have become more flexible and lenient over the years with their financial products. Interest rates are cheaper and loan terms are more flexible. Banks have become more open even to borrowers with bad credit rating. Many banks and private lenders now offer online service for quicker access to cash and for more convenience. You can also obtain loans from credit unions and peer-to-peer lending firms. You can easily get loans in the UK from short-term to long-term, secured to unsecured, personal to business loans, and much more. You’d be surprise that there are specific loans for specific needs. Lenders are more than willing to entertain you and offer you an option.

Easy Loan Options

It is important that you understand all the facts about easy loans before you decide to get one. You must first be certain what you need the money for, how you need to borrower, how much you can afford to repay, and for how long will you have to pay it back. If you need some cash for an emergency expense, you can opt for a short-term loan. Short-term loans can be anywhere from £100 to £1,000 over one to twelve months. There are many types of short-term loans from payday loans, doorstep loans, to personal unsecured loans. If you need a larger amount of money to purchase a property or vehicle, or perhaps use it for home renovations or pay off college, then a long-term loan is what suits your situation. Long-term loans can be up to £25,000 over three to seven years, depending on the lender. You may choose to get a secured or unsecured loan. Secured easy loans use a valuable asset or your property to secure the loan, while an unsecured loan is only based on your creditworthiness. With secured easy loans, you can get a lower interest rate because the loan is guaranteed by an asset. This means you are less risky. In case of a default, the lender can seize your asset and set it to cover the loan balance. An unsecured loan, on the other hand, may have a higher interest rate and it requires the borrower to have a good credit rating. Whether you take out a short-term loan or a long-term loan, whichever type it is, what’s important is that you get a safe loan from a reputable lender. There are many scams and loan sharks in the market today. The best way to avoid them is to take some time to research about the lender carefully. Check their website and read their customer reviews.

Easy Loans for Bad Credit

When you have a bad credit rating, getting a loan approved can be challenging. As a result, you are usually left with little options compared to those with good credit rating. However, there are many easy loans lenders who offer loans specifically designed for people with bad credit. You just need to be patient with your search for you to get a good deal. The interest rate on loans for bad credit people is quite high, but it varies from lender to lender. It is worthwhile to compare the rates and fees of different lenders for you to find out the cheapest possible bad credit loan. You might also want to consider other features of the loan such as early payment fees, if there are any. Bad credit loans include unsecured, personal loans that rely mostly on your ability to pay. Lenders will look into your employment status and monthly income. Payday loans are also marketed to people with bad credit. It is a small, short-term loan, usually payable over two weeks or a month, or usually on your next paycheck. Other small, short-term loans include doorstep loans and quick cash loans. Logbook loans are also a type of bad credit loan, where the loan is secured by the borrower’s vehicle. The loan amount can be large, usually corresponds to the net value of the vehicle used as collateral. Bad credit loans have extremely high interest rate, so make sure you can afford to make the repayments. Otherwise, you’ll end up in a deeper financial trouble. Once you get approved, use this loan to improve your credit score, so you can qualify for a better deal on your future loan application.

Easy Loans with a Guarantor

Guarantor loans are popular options for people with poor credit or thin credit history. This type of loan involves another person who will co-sign the loan. By doing so, the co-signer guarantees the loan will be repaid. In case the borrower can no longer pay the loan, the guarantor assumes the responsibility. That is why it is crucial that the guarantor fully understands the risk of the loan. With a guarantor, the interest rate is lower and the borrower can get the amount he or she needs. This loan can help the borrower improve his or her credit rating, provided that repayments are on time. Guarantor loans are available in banks and reputable private lenders.

Easy Loans Online

If you are looking for an easy loan, you’ll find them abundant online. Many lenders have embraced the benefits of online banking and technology. This help the lenders cut cost and provide more convenience to the consumers. All you need to do is go to the lender’s website, fill out the application form, and wait for their response. In as little as five minutes, you can get a feedback. If your loan request is approved, you’ll have the money in a few hours. This fast and easy money is quite tempting, but then again, you need to make sure the lender is legitimate. why choose easy loans

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Applications Accepted

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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.