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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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Unsecured Loan

When you need cash, a loan is most likely the best help you can get. While secured loans offer low interest rate, unsecured loan is also viable options. You can get low interest rate on unsecured loans if you have a good credit rating. If you don’t own a house or any valuable asset or if you have but not willing to put it up as collateral to your loan, then opt for an unsecured loan. Read on to learn more about unsecured loans as how to get the best unsecured loan deals.

Unsecured Loan Explained

An unsecured loan is any loan where the lender relies on your word to repay your loan rather than by securing the loan on any of your assets such as your home, car, or jewelry. Unsecured loans are usually personal loans. So, unlike secured loans, you don’t put your home at risk in case you cannot pay back your loan. The lender cannot seize your assets if you can’t keep up with the repayments. In other words, the risk is more on the lender’s side. There is nothing for the lender to do if ever you default on the loan, but the lender may bring the case to court. However, it is best to keep up with the agreed repayments for your loan, as missing payments or making late payments will have a negative impact on your credit rating. As a result, it may make obtaining credit in the future more difficult for you. You may not have any assets or property at risk in case you can’t pay your debt anymore, but your credit rating will be affected. why choose unsecured loan

Taking out Unsecured Loan

When you take out an unsecured loan, you will be assessed depending on your personal circumstances and credit reputation. Lenders will evaluate you based on your creditworthiness and ability to repay the loan. An unsecured loan use your own financial history or income as a deciding factor when it comes to borrowing. An unsecured loan is a personal loan, which is a helpful option for financing small to medium purchases or expenses.  Unsecured loans are not aimed for businesses, but they are intended for personal financial needs. Some people use these to pay off upcoming bills, while others use them to finance vacations or purchase a new car. If you’re on the hunt for an unsecured personal loan, you’ll have a handful of options, especially if you have good credit. Unsecured loans are difficult to obtain if you have a bad credit history, but there are ways to make sure you find a loan that’s right for you. Unsecured loans are generally available for those with good credit record. While it is understandable that you would want to get the lowest rate from your unsecured loan, trust me, you’ll also want the flexibility to pick a term that works for you. Seek also for unsecured loans with low or no extra fees, and a lender with whom you’re comfortable doing business. You need to consider several factors when looking for the best loan provider. If you want to get the best deals for an unsecured loan, you need to check on the APR, fees, term, loan limit, and the reputation of the lender. You can take out an unsecured loan from banks, online lenders, credit unions, peer-to-peer lending companies, and other private lenders.

What You Should Look for When Taking Out an Unsecured Loan

Compare rates. Search for lenders who offer low annual percentage rates or APRs. The lender’s advertised interest rates may be the same with or better than those advertised by the competition, so you need to make some comparison. Compare the rates offered by lenders, and go for the lowest interest rate offered to you. Find a lender who offers low or no fees at all. Some lenders charge fees other than interest. There are lenders who may charge reservation fees, service or admin fees, late payment fees, or prepayment fees. If fees are present, they should not be significantly higher than its competitors’ fees, so it’s good to look around. Get the highest amount possible. As much as possible, you want to maximize your loan by getting the highest loan amount the lender can offer you. You also want a lender who offers higher loan limits and considers your need of it. Though you want to be careful not to borrow more than you can afford, the best lenders won’t cap their loans at low amounts, and they let you borrow the amount you need. Consider the loan term. Another factor you need to think about is the repayment period. Some lenders only allow you to pick from a couple of terms, such as three or five years, but you want to have flexible terms as much as possible. You would want a lender who is flexible, allowing shorter or longer terms to accommodate a wider range of needs. Look for transparency. A good and responsible lender has a transparent, informative website. The best lenders are transparent about their APRs, loan limits, terms, fees, and other significant information. It should also be clear for any borrower where to get the loan details, and you shouldn’t have to give your personal information in order to see it. Transparency about the details of the loan is very important. Check the reputation of the lender. Good reputation is a must as well for lenders. Likewise, considered each lender’s history and background, how long it is existing, online reviews, and their accreditation status. It is a plus for the lender if it has an accreditation, though not a necessity especially for newer companies. However, read customer reviews objectively. Some customers are only ranting and bitter because they were simply not qualified for a loan.

Conclusion

While it is good to get a secured loan for you to qualify for the lowest rate, unsecured loans are also practical. You can still get a low interest unsecured loan, so long as you have a good credit rating. Otherwise, search and compare lenders’ rates. Take out the loan that is suitable for your financial need. why choose unsecured loan  

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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.