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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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.
When you’re stuck in a tight situation with nowhere to turn financially, you can count on mini loans. Mini loans are short-term loans that can help you cover urgent expenses and, make sure that all your bills are paid on time.
Being short of money is no fun at all. It happens to all of us at some point or another, so don’t panic. If it happens to you, don’t despair. Just take a deep breath and start searching online for mini loans.
What are Mini Loans?
Mini loans are a very useful for making one-off payments, for anyone having to deal with an unexpected expense. Mini loans could save you when you have no emergency savings and when you paycheck fails you. Mini loans are also a viable option for people who are unemployed or suddenly lost their job, but are already working on something can benefit from mini loans.
On the other hand, when we think of bank loans, large sums of money and strict requirements and conditions usually come to mind. Substantial, long-term bank loans are for buying a car, remodeling your home, or for any huge expense. So, when you need some extra cash just to help you get through the month, mini loans are most appropriate for your need.
Mini loans are unsecured personal loans. This means you aren’t borrowing against your asset such as your home or vehicle. The borrowing amount usually start from as little as £200, and up to £2,000 or higher, depending on the lender you are working with.
Anything you can borrower for over six months to one year is a mini loan. You can also find mini loans that are payable over just a period of two weeks. They are popularly known as payday loans. They are mini loans in which you pay back in a one-time, lump sum or when you get your subsequent paycheck. The amount you can borrow usually depends on how much your income is. In general, payday loans are targeted for those with poor or bad credit history.
Another option for those with low credit scores that is a mini loan is the doorstep loan. It is quite popular in the UK today. It’s a type of credit wherein an agent comes to your home and discusses the loan with you in person, delivers the money, and collects your repayment right from your doorstep.
The agent will discuss to you the loan agreement, terms and conditions, and will complete an assessment. The assessment is to understand whether you can afford to borrow the amount you’ve applied for. The agent will be coming to your home to collect your repayments, either weekly or bi-monthly.
Online mini loans are popular in the UK. You can have the money in your bank account as quickly, sometimes even within minutes after your loan application is approved. Transaction is completed conveniently through the internet.
Mini loans are not only limited to private online credit companies. You can also find them available in peer-to-peer lending and credit unions.
Taking Out Mini Loans
These mini loans are usually offered by creditors or private lenders associated with banks, but not directly by banks themselves. Therefore, the most common way to take out such a loan is over the internet, as most of these lenders operate online. By completing a simple form online, you are usually required to provide personal details such as name, surnames and ID, account number, and so on.
To prove that you can repay the loan, you are usually required to present both a bank statement that proves the status of your account and documentation to support your income. This can be a pay slip of your salary, a receipt of a pension or benefit.
Once you are done filling out the quick and easy online form, wait a few minutes for approval and then you will have the funds in your bank account within the day. You can then breathe a sigh of relief, knowing that your expenses are covered and your day is saved.
What’s great about mini loans is that they are available at any time of day or night, even weekends and holidays. This means that whenever you need a loan to help you through until your next payday, you can apply for help from an online loan lender.
Anyone is eligible for mini loans as long as you fit a few general criteria. You must be over 18 years old with a take home of at least £500 a month, and have a UK bank account. If you meet these criteria, you are guaranteed to get a loan. If you have a low credit score doesn’t necessarily mean you will be rejected. Unlike a bank loan, you don’t have to explain or indicate what you need a bit of extra cash for.
When you are trapped in a financial emergency, mini loans can surely help you out. If you want a loan that is easy to repay in a short period only, take out mini loans. Mini loans are your best bet for emergency expenses or small and immediate financial needs, especially when you have no savings or not enough funds at the moment.
However, it is also important that you take time to look for other alternatives that would best suit your current situation. Mini loans usually come with high interest rates because they are easy and quick money that are unsecured. There is greater risk on the lender’s part. Always compare the terms and rates of different lenders, and think about whether it fits your financial concern or not.
Before accepting a loan, ask about the details of the loan and understand every aspect of the agreement. You must first check all the fees, other charges, and the features of the loan, and make sure there are no hidden charges. The only thing you need to do to avoid getting into a deeper financial trouble is to keep up with the monthly repayments and not miss them.
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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