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There’s no need to put any collateral against your credit, all our loans are unsecured.
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Borrow £500 for 4 Months, Four Monthly Repayments of £215.81 Total repayment £863.24 Interest Rate PA (fixed) 270.10% Representative APR 997%
Payday Loans Bad Credit
Committing a financial mistake, such as missed payments, arrears, or defaults, is dreadful and frustrating. It affects not only the amount of sleep you have but your credit report as well. Even after a couple of years, the negative remark will show up, making it hard to create a new line of credit. Banks and traditional lending facilities will decline your application and they have a good reason to do so. Your credit rating is a good basis for your behavior and if there are problems with your previous accounts, it reduces their confidence in lending money to you. As a result of the rejection, your credit becomes worse.
So where do you turn to when you need extra cash? Can you still get a loan even with a bad credit?
Thanks to payday loans bad credit, these concerns are answered in an instant! The short-term loan is popular with employed individuals who need extra fund to tide them over the next month, or until their paycheck arrive. It is also known for its high-interest rate but despite all the critics, borrowers still rely on this loan.
Payday lenders do not usually conduct a credit check and if they do, they use the credit score not to come up with a decision but to decide the amount of loan and the interest rate to be charged. To successfully acquire this debt, you need to meet the loan provider’s prerequisites. Normally, a postdated check is necessary, thus you need to be employed. However, there are lenders who might consider special cases such as unemployment, pension, or benefits. On the other hand, some lenders may ask you to settle the loan using another payment option through auto-debit. Once you agreed and sign the loan contract, you can give the lender an access to your bank account so that on the loan’s due date, the lender can automatically withdraw the money from your account. There’s no need to get out or visit a bank because this is done electronically.
Payday loans sound like a good option especially when you’re aiming for a convenient way to have money. However, you need to consider a few things first to avoid further problems. Some of the things that you need to know about the loan are how it works, its pros and cons and how you can apply.
Payday Loans UK: Payday Loans Instant
Also known as cash advance, the unsecured loan offers a small amount of cash which can be used for minor or sudden expenses. It is beneficial when you have no one to turn to and you need money at the soonest possible time. Payday loans instant can be given in a matter of minutes as long as you can meet the lender’ criteria. Normally, it is payable within two to three weeks and in case you cannot give the loan in one lump sum, you can ask the lender for an extension. “Rollover”, as they call it, is the lender’s term for extending the loan’s due date. This is provided for borrowers who will agree to pay for additional charges.
The loan is known for its versatility; the lender will not ask your purpose of borrowing the loan. It has no restrictions and you can use it on anything that’s legal. However, the loan is expensive so it’s best to use as a last resort or if you are under an emergency. For instance, you need to bring a family member to a hospital or you encountered an unexpected bill that needs to be settled at the soonest possible time. Some people use it for leisure purposes, such as traveling or buying a new gadget and while this is permissible, your income should be enough to cover the debt.
Like other types of loan, payday loans UK has downsides as well. It is convenient, accessible, and quick to acquire and it sounds too good to be true. The catch is you need to handle a very expensive interest rate. Apart from this, you also have to deal with the other charges and additional fee in case you extended the loan. Therefore, be sure to look for a cheaper payday lender or a more affordable loan option. Also, be sure to repay on time to avoid late payment fees.
Comparing different payday lenders also gives you a chance to find the right payday loan provider. To do this, you need to spend time shopping and researching about the lender’s interest rate, policies and repayment term. The fees and charges are not the only things that you should consider but the lender’s terms and conditions as well. Find out any hidden charges and if the lender is not as transparent or honest about it, it’s best to look for another option. Checking the feedback from their previous clients is also important to know if the lender can be trusted or not.
Do Payday Loans Need A Guarantor
Providing a guarantor almost guarantee a successful loan application especially for people who have problems with their credit report. However, it’s hard to find another person who will handle the loan in case you can’t settle it anymore. Luckily for payday loans, there’s no need to provide any form of security – whether collateral or a guarantor. But in case you’re thinking of other loans, here are few things you need to know first about guarantor loans.
A guarantor, also known as the cosigner, is the other person who will cosign the loan contract. He increases the borrower’s chance of getting approved. The unsecured loan works almost the same as the secured one but instead of providing a property to secure the debt, it uses another individual. If you’re unable to repay the loan, your guarantor is obliged to settle it.
Although a guarantor is a huge help, not all lenders are looking for a cosigner. In fact, there are loans that you can easily get all by yourself. Nevertheless, the loan allows you to borrow more money that you can have regardless of your credit rating. It also gives you the privilege to repay the loan for a longer period. Looking for a guarantor, however, is not a walk in the park. You need to find a person who will confirm your identification and capabilities and carry a heavy task in case you defaulted. Also, the guarantor should meet the lender’s stern criteria such as an excellent credit rating and a property.
Payday Loans No Guarantor
Meanwhile, if you can’t find anyone who can act as the guarantor, you might start considering other loan options. Payday loans no guarantor is a type of quick loan that provides money with minimum prerequisites required. The given amount is smaller than the ones offered by a regular loan; however, it can suffice small, urgent financial concerns. Even when you don’t have the best credit score, you can definitely rely on the following loan alternatives:
If you have a car that is less than eight years old, you may consider getting a logbook loan instead. Aside from the car’s maturity, your car should also be free from any debt against it. Otherwise, your application will be declined. You can keep the car even before, during, or after the loan has been settled. To get the approval you desire all, simply surrender your car’s documents a.k.a. V5 logbook. The lender will not acquire the vehicle unless you defaulted on the loan. As collateral, the loan provider has the right to repossess the loan, put it on the market, and use the money to repay the original loan amount, interest rate, and fees.
Depending on their vehicle’s model, make, and condition, you can get around £100 and £50,000. The application can be done online and after verification, the lender will ask you to visit their place to personally check on the car. Be sure that you’re the registered owner and legal keeper of the car.
If you’re suffering from an illness and you can barely walk or a stay-at-home parent who doesn’t have extra time to go out, you may opt for doorstep loans. This type of debt offers one of the most convenient ways of getting money. It follows the usual online application process where you need to provide your personal and financial information. Once the lender has been notified, the company will send an agent to your home so you can proceed with the next process, answer your concerns, and give the money once your application has been approved. The same agent will visit your home to recollect repayment every week.
You can get around £100 – £1,000 which you can use to purchase groceries, necessary medical equipment, etc. Many borrowers prefer this type of debt because it allows them to fully manage their repayments according to the day or time they want. Applicants can discuss their credit concerns and current financial situation to the agent personally. This also enables the agent to talk about their terms and conditions and ensure that there are no hidden charges applied.
Payday Loans Direct Lender
When looking for a loan, the best way is to get it from a payday loan direct lender. Although there are loan brokers who can assist with your specific needs, a direct loan provider offers various advantages such as instant money, flexibility, and convenience. Be careful though as there are “fake websites” claiming that they are direct lenders. However, instead of giving money, they are asking it in a form of upfront or application fees. They have no intention of assisting you financially. Some may even acquire your confidential information and sell it to their parties to earn money. So before you send your application, be sure to conduct a research first. Make sure that the lender is licensed to operate the business and that they are from the United Kingdom. Otherwise, no one can help you in case you got a problem with the lender.
Getting a loan from direct lenders is beneficial in many ways, however, it is not easy to find the right one. There are thousands of loan providers in the UK alone and you might feel too overwhelmed. To make it less complicated, you may ask referrals from the people you trust or visit a loan comparison website. The page provides convenience by gathering all the necessary details about different lenders, such as the rate and charges, terms and conditions, and repayment method and terms.
Below are some of the advantages that a direct lender offers:
When dealing with a direct lender, there are no middlemen involved, unlike with loan brokers. This allows you to acquire quick cash because the decision comes directly from the same company. The entire loan procedure – such as completing the online application form, verification, and transferring of money – are done quickly. The same thing applies to installment loans or loans that offer big amount; the fund is given in as fast as two weeks.
The reason why you’re applying for a loan is that you need financial assistance or extra money, so what’s the sense of paying for exorbitant charges. Fortunately, licensed direct lenders will not ask you to pay expensive rates and fees. Their service fee is applied in interest rates; loan brokers, on the other hand, will ask for a commission fee on top of the original loan amount, interest, and other fees from the lender.
A direct lender offers better terms and conditions, especially to those who have a good or excellent credit remark. They have full control of their policy; in fact, they are key decision makers. They have the direct authority to modify their terms according to your needs. In some cases, they may reduce or even waive fees, extend the loan’s due, etc. With a loan broker, you cannot simply do these things. They cannot adjust the lender’s decision or policies even if you have an appealing credit remark. The only thing they can do is look for an appropriate lender who matches your preferences.
5 most recent personal loan reviews
I love CSC loans I have been with them nearly three years, need a top up as my son is getting married. They where brilliant as usual, no problems, done so quick - they were my life savers when needed most, thank you.
Review posted by Mary Hartnoll, Canterbury
Ease Of Use
Value For Money
As guarantor for my daughters, loan the service we got was quick and efficient, did checks, asked questions and all was sorted very quickly, would definitely recommend Together loans to all.
Review posted by Susan Mills, Darlington
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Brilliant service. The application process was a doddle, the Shawbrook representative who called me was polite, understanding and cheerful. The whole thing (from starting the application process to receiving the money) took around 3 or 4 hours. Very quick and efficient and no long or silly forms to fill out. Just what was necessary. Am very pleased I chose Shawbrook.
Review posted by John Marcus, Surrey
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Value For Money
Representative 277.5% APR
Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed).
The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances
Non-payment could have a negative impact on your credit rating and have increased charges and interest rates.