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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Pitfalls for Payday Loans

When an emergency situation occurs such as a mortgage on house or auto repair or even medical expenses, you will have to resort to getting a loan from a source that will be able to provide it within a short span of time. There are a number of personal loan options available and you can take your pick if time wasn’t of the essence. This is why people turn towards getting payday loans. However, there are some down sides to getting these loans as they have a large interest rate and if you default, you will also have to pay penalty for it.

A typical payday loan is composed of three features:

  • You should be repaid once you get your pay on the next payday.
  • The loan borrowed should be of a small amount.
  • You should provide the lender with a check that he can use to draw the money on and after you get your salary.

Potential Pitfalls for Payday Loans

Here are some potential pitfalls that you may be trapped into when choosing the right lender for you.

  • Consistent high rate: Keep in mind that borrowers will have to pay similar fees as the ones that don’t repay, irrespective of month or year.
  • No customer protection: The customer tends to lose protections and rights when lenders avoid regulatory scrutiny with the help of US law outside.
  • Opaque terms: Your terms and conditions should be transparent. If there is anything unclear during disclosures, it will lead to a delay in repayment by the borrowers. The lenders also will not mind since this means that they get their share of profit from hidden fees.
  • Debt traps: Sometimes, you might find it easier to simply pay the interest without actually repaying the loan. However, these type of rollovers are ways for lenders to earn get money from the borrowers.

Credit Decisions

In general, most companies believe that the creditworthiness of a person cannot be read completely from the credit history especially the ones for borrowers with limited or damaged credit. Hence a number of FCRA compliant data sources such as public records, traditional and non-traditional credit bureaus and other such information is used to verify the identity of the applicant. It will also help to assess the ability of the borrower to repay the money. However, if it is not possible to get the identity of the people verified based on these sources, their application will be rejected.

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Applications Accepted

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With Bad Credit

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Return Customers

How is money deposited?

All funds are deposited directly in your bank account. Once you are approved for the loan, this should take anywhere from one to three days to process. Once the loans show up in your account, you can start using them right away.

What will need to pay for the loan?

Each lender has their own loan repayment terms, and you need to pay careful attention to those terms to ensure you are keeping up your part of the agreement. If you pay late or miss a payment, then you can experience a few additional fees and an increased interest rate. In general, though, you will pay back the base amount of the loan, the interest for that base amount and sometimes a fee or two for various services. Were we able to answer your question? If not, please let us know and we will get back to you as soon as possible.

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.