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)
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
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.
If you are suddenly caught up short with funds before your payday, don’t panic. You may find yourself worrying about how to handle the situation, but there are still ways you can get hold on some cash.
Being short of cash can be pretty unpleasant. When unexpected expense pop-up, a short-term loan can save your day. And, there are many lenders that can actually help you even if your credit score is not so great. Many people turn to bank loans, which are long-term. But, the long-term effects of its liability can become a burden. 200 loans are designed to help people cope with emergency expenses as quickly as possible.
Taking Out 200 Loans
You can get small loans such as £200 from short-term lenders. Small loans such as £200 loans are also known as quick cash or micro loans. 200 loans are just enough to give you room to breathe when you’re in a tight spot.
The 200 loans have become popular over the years, as many people find it practical and easy to settle. However, 200 loans come with a much higher interest than traditional long-term bank loans, and must be paid off in a very short period.
You’ll find many creditors offering 200 loans are readily available in the market today. Check out the lender’s criteria for eligibility. There might be some requirements that you do not meet. Some lenders have specific requirements. Requirements and criteria vary from lender to lender.
Visit the lender’s website and click through to the information they provide once you’ve decided which loan to apply for. There, you can review the fees and loan terms, and submit your application as well. Paperwork is minimal, which is mostly limited to documents that support your identity.
Loan approvals are usually with 24 hours. The wait usually depends on the lender. As soon as your application is approved, you can expect your money in your account in no time.
General Requirements for 200 Loans
If you are planning to take out a loan, you must be 18 years old and over. Some lenders require you to be employed, but there are lenders who will consider you if you are unemployed.
You need to be earning some sort of income to be eligible for a loan. Some lenders may have a minimum of your monthly earnings, but others just need to see history of your pay over the previous three months through your pay slips. Credit history is still a requirement for most lenders, but you can still get a loan even if you have poor or bad credit.
Important Things to Consider
Take a look at the interest rate. It’s always best to compare lenders to know the rate is competitive. Choose a lender that offers a viable rate of interest, which is affordable on your part. Creditors differ according to the interest rate they offer.
Check the stipulated terms and conditions of the loan, and how soon the loan must be paid up. The term for 200 loans are usually within four weeks.
Check out the accompanying fees and charges. Some lenders charge service fees, financing fees or monthly fees on top of the interest rate. Others charge you late or missed payment fees, and certain fees if you go into default. Again, fees and charges vary according to the lender.
Avoid scammers and fraudulence. Check the background of the lender. Read reviews of previous clients. It is important to find out a little about the lender before you apply. There are many scammers nowadays, so it is important to check the status and reputation of the lender. Make sure that the lender is legitimate.
Pros and Cons of 200 Loans
Prompt loan process and approval. These loans can be processed within a couple of hours and in your account in as little as one business day. You don’t need to wait for weeks to get your needed funds.
No strict requirements. Short-term loan lenders are known for the leniency of their approval process.
No problem with poor credit score. Having bad credit doesn’t mean you can’t get a loan. Most 200 loans lenders will consider you for a loan even with less-than-perfect credit.
Interest rates for short-term loans are noticeably higher than most other loan types. Fraud and scams are rampant within the loan industry. There are many dishonest lenders. Ensure the lender you’re applying with has a solid reputation by reading independent reviews. You can also check with your local government to be sure about the lender. Take time to make extensive research and background check on the lender.
200 loans usually has short repayment period and high fees and interest rate. Before applying for a short-term loan, make sure that a loan is right for you. Be sure that you’re comfortable you can repay it on time. You should also do your research to find out which loan is best for you based on your personal financial situation. Choose the term and repayment you can afford.
When you take out 200 loans, bear in mind that it can come with risks, just like any other type of debt. Small and short-term as it is, you might have a struggle paying it up with its sky-high interest.
Have a sense of control when it comes to paying for your loan is important. Take out a loan one at a time, as much as possible. It is not good to get multiple loans at once and taking out more than you can afford.
You can avoid high interest rates by comparing different lenders. Many websites that can help you make the comparison easy and quick. Choose the lender who offered the least interest rate. Lenders vary according to their rates and fees offered, so choose the one with the lowest.
Remember to consider all costs. This means the interest rate, the fees and other charges. Go through all the terms and fees included in the loan. Choose the lender who is transparent with all the fees, no hidden charges.
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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