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)
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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.
Life sometimes can get tough and you’ll get tight on your funds. You’d find yourself financially unstable with bills and emergency expenses bombarding you. It would seem like your salary isn’t always enough. Fortunately, you can take out a loan quickly when there’s no one else to turn to.
Loans come in different shapes and sizes. It is best that you familiarise yourself with at least the basics. Loans are still debts and it is crucial that you borrow responsibly. First thing you need to do is be certain of the amount you need to borrow.
For large purchases or big-time expenses, long-term loans are the answer. But, if you only need a few pounds to get you through the rest of the month or cover some emergencies, then a short-term loan is suitable for you.
Let’s talk about 300 loans.
Small as it may seem, a £300 is quite helpful. These loans are dedicated to cover immediate or unexpected expenses, and instant cash is the only solution. Repayment for these loans are usually set in less than a year. However in some cases, they can have longer terms. 300 loans are an unsecured loan, which means you aren’t borrowing against something valuable you already own such as your home, vehicle or other assets.
Short-term loans are growing fast in the recent years. Increasingly available online and on mobile phones, lenders provide convenience and quick access to those in desperate need of small, but instant cash. 300 loans also bridge the gap in the market for those who simply cannot get credit through the mainstream banks because their credit scores are too low.
When to get 300 loans?
If you suddenly find yourself with an extra expense that you feel you can’t avoid such as a home repair or a car repair,300 loans are like your knight in shining armor. It should save you for any personal or emergency expenses between paychecks such as health care emergencies or education bills, or even an urgent trip.
Short-term loans are also a viable option for people who don’t get regular work and need something to tide them over until their next pay.Even those who are unemployed or suddenly lost their job, but are already working on something else can benefit from short-term loans.
300 Loans in the UK
Anything you can borrower for over one to three years is a type of short-term loan. Anything payable beyond three years is labeled as long-term loan. Long-term loans can even stretch out for three decades.
However, you can also find short-term loans, such as £300, that are payable in just two weeks. They’re called payday loans. They are short-term loans in which you pay back in one lump sum or when you get your next paycheck.
Another type of a short-term loan that is quite popular in the UK is the doorstep loan. You can borrow as little as £300. It’s a type of financing where an agent comes to your home and discusses the loan with you once your application has been completed, and you have been approved in principle.
The agent will discuss to you the loan and will complete an assessment of affordability. This is to understand whether you can afford to borrow the amount you’ve applied for. An agent will also be coming to your home to collect your repayments, either weekly or bi-monthly.
Online installment loans are also popular short-term loans. You can get the money into your bank account quickly, sometimes within minutes after getting an approval. Transaction is done all conveniently online.
Short-term loans are not only limited to private lending companies. They are also available in banks, peer-to-peer lending, and credit unions.
Benefits of 300 Loans
Nobody wants to suffering under a loan burden for many years. Many people would prefer small, short-term loans. Imagine how long-term loans have its repayments for most part of your life. Who wouldn’t be stressed with that especially when you have limited finances?
That is why majority of people opt for small, short-term loans such as 300 loans. Although the loan repayment duration depends on the type of loan, 300 loans usually provide the duration that suits your ability to repay and personal circumstances.
If you have a bad credit rating, you cannot get a regular loan from banks, but you can definitely rely on £300 loans. If you qualify for a short-term loan, it is a chance for you to improve and rebuild your credit score.3
300 loans are quite useful especially when your financial position is weak. With a short-term loan, you can make repayments in a few months. It will save you from burdening your finances for so many years as such with longer duration loans. These loans are suitable for those without regular jobs and could not afford yet substantial long-term credit.
Furthermore, with 300 loans, you are actually paying less interest than on longer duration loans.Although lenders tend to charge higher interest rates on short-term loans like £300, the total cost is lesser. At the end of the loan term, you pay less interest as compared to longer duration loans, which though have lower rate of interest.
When a financial emergency hits you, 300 loans can truly be your saviour. If you want a loan that allows you to pay it back in shorter period, take out a £300 loan. These loans are best for emergency expenses and immediate financial needs, especially when you have no saving or not enough funds on hand.
Nonetheless, take time to look for other alternatives that would best suit your current situation.Never forget to compare the terms and rates of different types of loans, and contemplate on whether it suits your financial concern or not.
Before accepting a loan, ask about the details of the loan you are planning to obtain. Do not make rush decisions. You must first check all the fees, other charges, and the features of the loan.
The only thing you need to do to avoid getting into more debts and financial trouble is making payments on time and not missing any. Just be prompt on your repayments, and everything will work out just fine with you, as your credit score will eventually improve.
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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