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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%
A quick glance at payday loans for poor credit in the UK
Payday loans for poor credit are what many of todays credit consumers in the UK are consistently relying on to enjoy quick and seamless funding despite having a bad credit. Lenders providing the types of financing have also become a refuge for borrowers who have been rejected by banks and othe mainstream lenders because of ther poor credit histories. This is because the bad credit loans are based not on your credit score but on your level of affordability and other factors that can signal a borrower’s credit worthiness. If you wan to know more about the types of loans, then stick around and read on.
Payday loans for poor credit and no credit check
Almost everyone in the UK will have their own fair share of financial difficulties from time to time. And if you are part of the majority, you can put all your worries and anxieties to rest with payday loans no credit check given the fact that your credit history won’t become a frustrating hindrance in getting approved for borrowing especially in times of dire financial needs. In fact, borrowers with bad credit, no credit or have been black listed can still be accepted so long as they can satisfy the two primary eligbility requirements that lenders are looking for such as:
A steady source of income that can afford the loan’s repayments
An active bank account that can accept direct deposits
Payday loans for poor credit are designed for instant funding
Bad credit payday loans are designed to help people with poor credit histories overcome different unforeseen financial emergencies. When there is an unexpected medicall bill or car repair that you need to address urgently but the money available in your account is just enough to tide you through the end of the month, the financial products can give you short-term financial relief, anywhere from £100 – £2,000, that you desperately need in the moment.
Once your next paycheck arrives, simply pay back the entire money that you borrowed plus a fixed interest rate and you will be completely free from your debt obligation. Now if you want something that you can pay back for a longer period of time, like 12 months, there are also installment types of short-term loans that you can consider as a viable alternative.
With payday loans online, there are no restrictions whatsoever even if you are someone who has the most adverse credit rating there is. Again, your level of income and affordability is the most important criteria in getting approved and majority of lenders won’t even bother running a credit check on your credit history.
Benefits of Payday loans for poor credit in the UK
The type of online loans for bad credit are made especially for borrowers who have been rejected by banks and other mainstream lenders simply because they are unable to meet the stringent eligibility requirements of borrowing. There are also plenty of advantages that you can expect to enjoy from the financial products in the UK such as:
1. Seamless application process – When you apply for payday loans for bad credit, you can start by filling out a brief online application form that will require you to share some of your personal and financial details. There are no paperwork, faxing and any kind of tedious step whatsoever involved in the process.
2. No conventional credit checks – Payday loan lenders won’t conduct any kind of traditional check that can leave negative marks on your credit report. Instead, they use what is known as a soft credit check that won’t affect your report no matter how many times they run it.
3. Safe and private – Because you will be relaying sensitive information online when you apply, lenders offering payday loans utilize advanced encyption and data protection technology to ensure that all your personal and financial details are 100% confidential.
4. Quick approval decisions – Once you have successfully submitted your online application form, getting a response is almost an instant. Often, it takes just less than two minutes to receive a decision from your lender.
5. Instant processing – If you are qualified and have been approved, the funds that you requested for will automatically be deposited into your bank account in a matter of hours. You can expect loan transfers in the same day or the next business day at the soonest!
6. Minimal requirements – Payday loans are short-term personal loans for bad credit which means that you don’t need to have a good credit rating or an asset that you will offer as collateral to become accepted. If you are employed and have a verifiable source of income like a paycheck, getting apparoved is almost always a guarantee.
Taking out payday loans for poor credit from a direct lender
Generally, you can become eligible for different borrowing amounts depending on your level of income. Keep in mind though, that these are small types of credit which means you don’t necessarily have to be a high income earner to become qualified. They can also be accessed online at any given time and day with the use of a smartphone, lap top, tablet or personal computer.
To ensure the best chances of approval, you need to determine what the basic eligibility requirements are before you start making an application and they generally include:
Being at the legal borrowing age of 18 or 21 years old depending on the lender.
Employed for more than 3 months at the least.
People who are unemployed, self-employed or living under benefits can be eligible so long as they can provide the necessary documents that support and verify their income level.
You are also required to share your checking account details
Finding the ideal payday loan lenders for poor credit when you have bad credit
While payday loans for poor credit are completely legit and recognized by the FCA or Financial Conduct Authority in the UK, there are sadly dubious lenders and elicit groups that exist in the market purely to exploit unsuspecting borrowers who are depserate for quick and easy funding.
If you don’t wan to fall prey from these criminal entities, you need to ensure that the lender you are applying for is reputable and licensed by the FCA. You can go about this by checking the lender’s website for proof of license and registration. Try to visit forums and review sites as well so you will know what past clients are saying about a particular lender. If the lender is genuinley licensed and has a long list of satisfied customers, then you can consider it as a
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
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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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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.