Bad Credit Loans.

Bad credit loans work just like any other payday loan. However, when someone with a poor credit score is applying for a loan, they do represent a higher risk. This can sometimes mean they’ll pay a higher rate of interest, or that a guarantor will be required. Every lender will have their own set of conditions depending on your circumstances. We don’t believe you should be excluded from the loan market because of a past mistake.

Our broker has several lenders on our panel that specialise in bad credit loans. If you accept a loan offer and stick to the scheduled repayments, it will improve your credit rating. Our brokers system automatically shows you the loan offer with the best rate of interest available to you. This means you know you’re getting the best deal from a panel of lenders, meaning we do the legwork for you.

Some people are entirely unaware of their credit rating, either because they’ve never needed credit, or they’ve never been refused borrowing. However, a growing number of people are actively managing their credit rating using services offered by credit agencies. They can view their full credit report, see what areas are causing them problems, and the companies even make suggestions on ways to improve your score.

From a direct lender’s perspective, there are several companies they turn to when they want to know a person’s credit history. It is often one of the same companies that offer the service to individuals.

People are under a misconception that applying for a loan will worsen their credit score. This is only true under specific circumstances. If you apply for a loan where the lender performs a full credit check, then get refused, it will show on your record and put off future lenders when they see you’ve already been denied. However, when you apply with our service, lenders only perform a soft credit search, which leaves no visible mark on your record that other lenders can see now or in the future.

The point of the soft credit search is to allow us to find the best deal you’re eligible for with no obligation to proceed. If you decide to go ahead and accept the loan offer, a full credit check is required by law. However, the soft credit check will already have matched you with a loan your eligible for, so it’s a much safer bet. If you then proceed to make the agreed payments on time, the bad credit loan will only improve your credit rating.

If a lender is saying, they can give you a loan without performing a credit check; you should be cautious. The full credit check is a requirement of the FCA (Financial Conduct Authority), so any lender that says they can avoid it is either misleading you or not registered.

The easiest way to check your eligibility is to apply. The soft credit check will verify you meet the criteria required and match you with the best loan available for you. This also means any loan offer made to you is made with an understanding of your situation, even if you have bad credit. We have many specialists in lending to those with bad credit amongst our panel of direct lenders. Our varied group of lenders is one of the reasons we have such a high success rate of providing loans to applicants.

Our broker provides access to a range of bad credit payday loans. A borrower with bad credit can apply for a loan the same as someone with good credit. We offer loans ranging between £50 and £5000, and you can select a repayment period of between 3 and 36-months to suit you. While it’s crucial to choose a term that suits you, it is common for smaller loans to be repaid quicker, while larger loans will be repaid over a longer period. When you’re choosing the loan amount and repayment period, it’s important to be realistic.

Selecting a repayment period that makes the payments too high could land you back in trouble. It’s also important to contact your lender straight away if you foresee any problems with making a payment. Most lenders will help you resolve the issue but will get suspicious if a payment isn’t made and you ignore them as well.

A low credit score can be for several reasons, and at varying levels. However, a small enough score will attract higher interest because lenders will see you as a higher risk. Some people think a high APR rate is just because they have bad credit, but high APR on payday loans can also reflect the shorter term.

If you’re searching for a bad credit loan, then you’re probably already aware that you have a poor credit history. This increased risk is usually enough to put off all high street lenders, as they’re likely to refuse your application. However, our panel includes several lenders that specialise in bad credit loans. They will provide you with access to the funds you need, but if your credit score is too low, you can expect to pay a higher rate of interest to reflect the increased risk.

Most traditional lenders will only lend money to people that they consider to be low risk. To get money from some of the stricter lenders, you virtually have to prove you don’t need it before they consider you. They use your credit report to establish how much of a risk you represent. Some banks will take any history you have with them into account, but most traditional lenders will approach it in the same way as if they were lending to a stranger. In this situation, your credit report is all they can use gauge your trustworthiness.

Many people are left feeling victimised because they think the system is unfair. In some cases, a genuine mistake or poor management led to a one-off situation that can hinder their ability to obtain credit for years to come. This is one of the reasons we’re committed to matching you with the lender that can offer you the best deal.

Although two separate customers might both have bad credit, their circumstances can still be substantially different. This means the best lender for one person might not necessarily suit the next. Many lenders are fighting for the business of new customers. This means the landscape can often change, which is why a service like Payday UK can be so invaluable. You will know you’re getting the best deal for you at that time from a panel of specialised direct lenders.

People with bad credit frequently turn to payday loans as a last resort to deal with an unexpected expense. We appreciate the urgency most of our applicants are probably feeling, so have streamlined the process as much as possible. This has resulted in a process that can be completed very quickly, from a user-friendly online application, an instant decision on your eligibility and the best offer if you are eligible, to the money being in your account on the same day^*.

Access to the service Payday UK provides is free to all applicants. Our brokers panel of direct lenders will also be upfront about any interest or charges associated with the loan you’re applying for. Remember, you should never pay an upfront fee for a loan.