Which payday loan is best for people with bad credit?
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Our Payday Loans
Here at Loanago, we specialise in Payday Loans. We are proud of the options that we are able to provide to you and other customers. If you need help deciding what kind of payday loan would be best for you then read on below to get a small understanding of each variety.
Why not start by looking at what a Payday loan actually is and what benefits they have over other loan varieties.
If you suffer from a bad credit history and are concerned you won’t get the funds you need this is the perfect place to look.
There are so many benefits that you can take advantage of, let us help you get the most out of your lender.
No Credit Check
This is a great option for those that have a poor credit history and don’t think that they will be accepted for loans elsewhere.
Find out which of the countless online lenders would be best for you. We can help you narrow down the options today.
We work with over 40 of the very best lenders from across the UK. Let us help you choose the most reliable lender for you.
Applying for Loan
If you are new to the lending scene then why not take a look at who can and how to apply for the right finance plan to suit you.
Get the general gist of how payday loans work with an overview of who they are good for and what you need to get one.
The toughest decisions when borrowing money is who to borrow from. Allow us to help you find the very best lender.
Make the most out of being online, why not use the fully online process to take the stress out of your application.
Find out what the pitfalls of payday loans are and to see if any of them would apply to your situation.
We have put together some of the most basic pointers for those that are new to the lending market.
Applying for Payday Loans
Learn what is required when you are going to apply for a payday loan and how to get the best out of any situation.
Find out how you can get online and make the most out of entirely online lenders. Get the best out of your internet service.
Long Term vs. Short Term
This highlights the differences between a short term loan and a long term loan and will help you make the right decision.
Online Application Process
Applying for a loan can be a difficult thing, especially if you are inexperienced at borrowing. Learn how to apply easily here.
The best option for those that are in need of a fast route to take in order to get the quick cash they need.
Ways to get a Loan
There are several different ways to get the finance you need. We can help you evaluate which of them suits you the most.
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.
All about Payday Loans
If you are looking for a short-term payday loan, you might want to think if you will be able to repay the loan and the interest without it affecting your monthly expenses drastically. If you are positive about it, you can go ahead and get the loan that you want.
Why Short-term loans
Short term loans may not be the best option, but for cash-strapped consumers, a payday loan is the best way to get the money that they need till their next payday. Since the amount that is approved in payday loans are substantially small, they will not be the perfect way to meet your major demands or expenses. Your income source and your job status are two of important details that will be required from you when you are applying for payday loans. This is to ensure that you will be able to pay back the loan after the money is spent by you.
Payday Loan Finance charges and Fees
If you are unable to pay the loan partially, there will be finance charges as well as additional fees for the amount. Based on CFPB, for an amount of $100 borrowed, the finance charge could be within 10 to 30%. Though payday loans may look like the ideal option to help you get the cash when you do not have a good credit card score or have bank savings, they could also end up as a costly way to borrow. Moreover, the finance charges, as well as the high fees involved in these loans, will push you into a long cycle of debt in no time. But, if you think that you will not be able to cover the entire loan during your next pay check, this loan is not in your best interest.
Benefits of Payday Loans
- Payday loans can be used as a good tool to borrow cash easily and quickly when an emergency arises and you do not have any other option.
- If you do not have a savings or a credit card, payday loans are the best way to get a loan.
- If you are facing financial problems now or previously, payday loans do not require a traditional credit check and will be easier to get loan approval.
Disadvantages of Payday Loans
- Payday loans should be repaid on time to avoid falling into a debt cycle. Many people tend to fall prey to this when they are unable to repay the debt on time which will result in increasing the amount of money due to additional fees charged.
- If you get stuck in payday loan cycle, it will be very costly to come out of it and will lead to further financial problems.
- These loans are very expensive when compared with other loans with about 400% annual percentage rate (APR).
It is always best to make use of your credit card or dig into your savings account if possible and take the payday loan only as the last resort.
In order to regulate the lending industries, usury laws are practised in many counties. These laws define permissible lending rates and terms which can be set by the lending companies. The amount of money lent by the lender as well as the charge on the loan is also regulated by the usury laws. Before actually getting the loan, it is best to read and understand your rights before you get to sign the papers.
With Bad Credit
Here are some alternative methods that you can use to meet your financial need.
- Ask more time from your creditor.
- Apply for a traditional loan if time is not a constraint.
- Make use of the bank’s overdraft protections.
- Get an advance from your employer.
- Negotiate with the creditor a payment plan.
- If you have a savings account, borrow money against it.
Taking a payday loan is not an easy decision to make and when all other options fail, it will be handy. The loans are not only approved easily and quickly but your money will also be transferred into your account by the end of the day. This is one of the biggest advantages of getting the loan as you will not have to wait for a prolonged period of time. A good way to find a lender would be to search for fast payday loans near me and narrow down your search from there. You could also use online websites to directly apply for a loan and meet with lenders online.
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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