Why Is It Hard To Get A Loan With Bad Credit?
It becomes difficult for you to get loans when you have bad credit, as your default history makes it hard for the lender to trust that you will repay the loan. However, this does not mean you can't get a loan if you have a bad credit history. Many lenders out there will give you loans even when your credit score is terrible. The trick here is to do some research before applying for such a loan so that the lender does not take advantage of your poor financial situation by imposing a high-interest rate.
We all find ourselves in situations where money is tight, and we can’t make ends meet. Applying for a bad credit loan might seem like an intimidating prospect for many people, especially those with bad credit. PaydayLoansUK is here to help you find the best loan lender for your specific needs.
With direct lender matching broker services, it is easy:
1. Fill out our online application form (less than 3 minutes)
2. We pass it to our network of potential lenders
3. You get your quote from them directly.
The process is entirely secure and 100% confidential, and there are no upfront fees or charges involved in the process. Money will be transferred to you directly by our lenders. Suppose you are not happy with the terms offered by a particular lender. There is no obligation to accept the offer, and we can proceed to match your application with another lender (if available).
Want to Get a Loan?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
Why Choose PaydayLoansUK To Get A Loan With Bad Credit?
There are other loan lenders that you can turn to if you want a loan with bad credit, but why would you choose any of them over PaydayLoansUK? These are the four main reasons why:
We're swift to act.
We know that when you need a loan in a hurry, it can be stressful. That's why we streamline the process to make it as simple and straightforward as possible. It should only take a few minutes to fill out our online application form, and from there, we'll do our best to match you with one of our many lenders.
We're fair.
We don't believe in using schemes like rolling interest or hidden fees to swindle money from our customers. We don't have any fees of our own, and we only work with lenders who we know are trustworthy and reputable.
We work with many direct lenders.
This means that we can compare terms from multiple lenders and find the best deal for your situation—no need to wade through dozens of websites doing all the research yourself! It also cuts down on processing time drastically.
Are you in a hurry to get some money? Is your bad credit a concern? What if you could apply for a loan online fast with minimal requirements?
It sounds too good to be true. But many direct lenders offer Bad Credit loans. As such, each company has its criteria for deciding who qualifies for a loan. If you're looking for bad credit loans from direct lenders, here are the things they look at when deciding whether or not to approve your application:
- You must be 18 or older
- You must be a UK resident
- You must not be bankrupt
How Does Payday Loans UK Compare?
 | Why Use Us? | |
|---|---|---|
| What is the maximum amount I can borrow? | Up to £5000 | Instant approval |
| Will I be considered if I have bad credit? | Yes | Bad Credit Considered |
| Interest rates (variable) | 49.7% | Zero paperwork |
| Loan repayment terms | 1-36 months | Flexible repayment |
| Will I be credit checked? | Yes | Will perform credit checks as for financial regulations |
| How do I apply? | Apply online | Simple application form |
Alternatives To Bad Credit Loans You Might Not Have Considered
Having bad credit can be a severe burden. If you're looking for an alternative way to get the money you need, consider some of these options.
Check out building societies and banks
High street banks and building societies may offer support when you're struggling with your finances. It's worth checking with them first.
Support from the government
Government-funded social funds are designed to help people who are struggling financially. While it's not suitable for everyone, it's worth checking into if you're in a tight spot.
Friends, family and loved ones
If you don't qualify for any government programs and don't want to take out a high-interest loan, consider asking family members or close friends if they'd be willing to lend you money. While this can feel awkward at first, remember that it's normal to ask for help sometimes.
Peer-to-peer lending (P2P)
Peer-to-peer lending is an online method of borrowing and investing, where lenders pool money to fund loans for borrowers. It's a more modern alternative to traditional banks.
Tips To Improve Your Credit Score
You can do some simple things to ensure your credit score stays as healthy as possible—and even improve it over time.
Pay Your Bills and Mortgage Payments on Time
This may seem like a no-brainer, but one missed payment can make all the difference in improving your credit score.
Register on the Electoral Register
The electoral register allows lenders to see where you live—this will help them verify who you are if they ever need to contact you.
Check for fraudulent activity on all of your accounts.
Contact the financial institution immediately and ask them to investigate if you see any questionable charges or withdrawals.
FAQs
Why Do Lenders Check My Credit Reports?
FCA requires lenders to check your credit report as part of their process, including who you are and where you live; also, they need to be aware of any bankruptcy orders.
Is It Possible To Get A Bad Credit Loan From Direct Lenders In The UK?
Yes, it is possible to access direct lenders who offer online applications through a broker matching site such as PaydayLoansUK. We have a pool of partner lenders who provide bad credit loans.
Can I Get A Fast Loan With Bad Credit?
Many things can go wrong in life, and sometimes you might need to borrow money urgently. If your credit score has dived due to your circumstances, PaydayLoansUK lenders will still consider you.
What is the Maximum Loan Amount for Bad Credit?
If you have bad credit, you can still be accepted for a loan. Our lender can offer loans from £50 to £5000. The amount that you can borrow varies for different lenders.
How Soon Can I Get A Bad Credit Loan?
The bad credit loan can be approved in as little as 60 minutes, on the same day or the next business day. This may depend on the time of application and the lenders themselves.
