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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Basics of Payday Loans

You will be able to get cheapest payday loans UK quite easily. You can either visit a local store or look for direct lenders online. No matter which service provider you choose, as long as you are looking for a short-term lending industry, it will not be an issue. However, finding one that provides flexible repayment terms and one that you can afford without any excessive fees will be very difficult. Hence it is very important that you find the best lender in order to protect your credit report. If your credit report is yet to be built or if it falls into the subprime category, the options of getting a loan will be limited. Though you might be given a credit card, if you use the credit card, you will find that the interest imposed on it will be very high and the limit on your card will also be low. This is because your bad credit is seen as a risk by the companies.

You are eligible for Higher Amount

The amount of loan that you get is generally limited by most payday lenders, especially when you are a new borrower. You will be allowed to access only the amount which falls within your lender’s range as well as your salary range. However, after you pay your initial payday loan on the first month, on time, you will be provided access to subsequent applications. A good example is: If you are able to pay $500 as you have applied, your limit will be subsequently increased to $1,000 by the lender based on your salary and the lender’s policy. The maximum, as well as the minimum amount that is sanctioned for your payday loan, will vary depending on your state laws. During the processing time of the application, you will be informed about the amount that you will receive. When you have a payday loan, you will be provided with a quick solution to all of your financial emergencies.

Credit Ranking

If you wish to protect your credit rating, the short repayment period will be an advantage for your payday loan. On the other hand, you will have about a year or two to repay the loan when you apply for an installment loan. The drawback is that within this period of time, anything may happen which means that the possibility of you defaulting the loan because of loss of income is also possible. If you are dependent on a single source of income, you will miss some instalments which will reflect badly on your credit score. This might also result in you getting fines or penalties. This will, in turn, increase the loan’s cost. Though a credit card is an easy way of using the money, in order to keep your credit rating intact, it is best to use cash.

Why Payday Loans

One of the most convenient and quickest ways of handling financial emergencies is with payday loans. You will be able to get your cash within a matter of few hours and you will not have to use any collateral. As long as you are able to repay the loan with your next salary, you can borrow money for just about any purpose. But in order to avoid lawsuits and penalties, you will have to pay on time. In general, almost also state laws do not allow lenders to extend or renew their payday loan. Paying your loan will protect your credit score and will also ensure that you are able to get a higher loan amount later on.

If you are looking for a quick way to get a personal loan that you will be able to pay off soon and do not mind the interest rate, a payday loan is the best loan that you can opt for. If you cannot pay off the loan soon, it is possible to expand the terms but it is necessary to check the provider.

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Applications Accepted

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With Bad Credit

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Return Customers

Loan and Repayment

In general, depending on the size of your loan and the repayment duration, there is a standard fee which is imposed and the credit activity is not used to determine the rate of interest. In order to get a better interest rate, you will have to look for lenders who are able to give you competitive prices. Before signing for the loan, you should ask as many questions as possible to get answers before you seal the deal and get a proper explanation. When you are properly aware of your situation, you will be able to sign it without any hesitation.

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.