Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk
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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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Long-term or Short-term Loans

A payday loan is typically a short-term loan that you can get in order to fund unexpected purchases that you will not be prepared to face during the end of the month. A good thing about payday loan is that you can pay the person to involve along with the interest and you will be free of any loan obligations. However, these loans tend to be of very high interest due to the risk factor involved in providing you with the loan.  They do not require collateral and are also said to be done in a short period of time. You can repay the borrower on the next pay day and can these loans can be used as a buffer till your wages arrive.

Amount to be Borrowed

Though you are eligible to apply for any amount of money that you deem fit, there are some restrictions on the money that you have access to. This is mainly because of the limit of the salary that you are earning. Moreover, your credit history will also play a good part in helping you secure the loan without any issues. Most lenders give a payday loan that lasts only a few days from 15 to 25 days to get the repayment along with the interest, on time. If you are willing to repay the money early, there will not be any repayment charges, but you will be charged for setting up the loan.

Long Term Loan Vs Short Term Loan

When you are looking for a loan product, there are a couple of things that you will have to remember:

  • Long-term loans are always a better option than short-term loans when you require a large amount. These loans also tend to have a longer period to pay back when compared with the short-term loan. The drawback is that the process of coming up with the necessary cash to repay the lender every month is a bit tasking. But short-term loans are to be repaid when the next payday comes without any extensions. Moreover, if your application process is approved, you will find your money in your account by the end of the day.
  • When dealing with long-term loans, you will have to give a detailed explanation on why you need to loan and how you will put it to use. On the other hand, you do not have to explain yourself to anyone on why you have taken the loan. It also protects your privacy and will quicken the processing speed of your application to help get you the loan.
  • To meet long credit problems, long-term loans are a preferable means than short-term loans. The rate of interest for long-term loans is also reasonable while it is very high for the latter.

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Applications Accepted

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Return Customers

Expensive or not

All loans are expensive and payday loans are no exceptions. However, if you repay the loan on time, you will not have to lose money on extra charges and avoid penalties. If you are not able to repay the loan, your loan will start to pile up with extended dates and means of repayment. This will lead to a cycle of loans and at one point, you will have a large loan amount which has gathered over the years and will take you more to pay back. What started as a small amount of loan would harbour into a lot of fees and interest are added to it.

If you are finding it hard to manage your everyday expenses with the salary that you are receiving, you will not be able to bear the extra weight of the payday loan and is best to not take the loan, rather than pay a sum that is greater than the one that you are in need of right down. The problem here is that some people tend to borrow more money to keep the payday loan away and end up in a cycle of debt that they will never be able to repay. When you need a small amount of money, the payday loan is the best choice but as far as larger amounts are considered, it is always best to use the personal loan that is more trust worthy and reliable comparatively.

You can get the application processed for fast payday loans in 15 mins if you are using the right website, for the right lender. Though personal loans and payday loans sound alike, they are very different from each other and you need to choose the one that will suit you.

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.