Payday loans for bad credit, how does it work?

Payday loans for bad credit, how does it work?

Representative 49.7% APR

Representative example: Borrowing: ?1,200 Interest: 0.34% per day for up to 75 days (124% per annum, variable) Representative: 49.7% APR (variable)

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Representative APR 8%

Representative example: ?500 borrowed for 90 days. Total amount repayable is ?. Interest charged is ?, interest rate 140.0% (variable).

Payday Loans for Bad Credit

A bad credit history should not affect your ability to apply for a loan. In fact, millions of payday loans are granted each year in the UK. Because your day-to-day running costs may be thrown out of kilter by life events, a fast, no-fuss solution should always be available to you in order for you to finance the extra expenditure. It could be that you have just been made redundant or that you require urgent medical treatment. Or you simply may wish to plan for a holiday that you could otherwise not afford. These, and more, are all valid reasons for turning to payday loans for people with bad credit.

In order for you to find the perfect fit, read on about the ins and outs of considering bad credit payday loans in the UK and discover the bonus of using a loan broker as a calculating tool, a safety guarantee and a means of banking on the funds you need fast.

Payday loans are also referred to as short-term loans or cash advance loans because their timeframe is usually around 30 to 35 days. Depending on your individual circumstances https://paydayloansohio.net/cities/akron/, the lender may offer you a payback plan stretching over months.

Reasons why you may want to apply for a payday loan

A payday loan for people with bad credit is designed to help you bridge the gap until your next paycheck. Some months can be laden with extra expenditure and you might find yourself short of cash in the run-up to Christmas, coming up to a family wedding or just because your new job won’t issue you with your first paycheck until you’ve accrued a full month’s worth of work.

These are all situations where a payday loan can finance extra costs ahead of your next instalment. It’s best to pencil in these costs when planning your budget for the coming month or months so as to keep afloat.

Some lenders will allow you to take out a payday loan despite a very bad credit history. Sometimes that’s even their field of expertise so you will be able to get a quick response to your query.

Types of lenders on your broker’s panel

Nowadays most lenders offer online services. While you can still find direct lenders that require your presence to physically collect your funds from a post office and again several weeks later when your payment is due back, the convenience of online lenders means you can get started any time, anywhere. These are the types of lenders that your broker is working with.

Although it may seem counter-intuitive not to seek a loan directly with a lender, but rather turn to a loan broker to review your options, it really is a sure-fire way to have those pounds in your account fast, as you’re about to find out in the next few lines.

The approach whereby you put your query through a broker’s platform enables you to get a good outlook of what’s available to you and choose a tailor-made agreement for your specific needs. Please note the contract per se will only be entered once the lender you settle on approves your application. Having said that, the results you will receive within 2 to 5 minutes from the loan broker are a pretty safe indication of which lenders have already stated they are fine with conditions matching yours.

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