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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).

Payday loans for bad credit are a common solution for people who need cash quickly. Although they can be expensive, these loans are an efficient way to get the money you need with no hassle of applying or waiting for approval. With many lenders vying for your business, it's easy to find one that offers competitive rates and terms.

What Is Payday Loans For Bad Credit?

A bad credit loan is a high-cost, short-term credit solution that is specifically designed for borrowers who have a poor credit history. Today, payday loans for people with bad credit often refer to loans where repayments are stretched out over several months, but that still come with significant interest rates which can add up to a fairly expensive total repayment sum.

Payday loans for bad credit were a common form of borrowing that became the subject of particularly bad press during the mid-2000s. They were designed to be a short-term solution that was paid back when the borrower was next paid by their employer. Nowadays, the term is more frequently used to reference short-term credit that comes with high levels of interest attached.

Many lenders in the UK are willing to work with borrowers who have a less than credit perfect history. Whilst you may therefore be able to get a payday loan with a bad credit rating, that doesn’t necessarily mean that doing so is the best decision, as it can be expensive and failing to pay what you owe on time can be even more detrimental to your credit score.

Whilst your credit score is still important to many direct lenders, what also matters is whether or not your current personal and financial circumstances will realistically allow you to repay what you owe in full and on time.

Types Of Payday Loans Offered By Us

There are different types of payday loans, including Online Payday Loans For Bad Credit, being offered by Payday Loans UK. Here are some of them:

1. Personal Loan

This type of payday loan is unsecured, which means that you don't need to put up any collateral in order to qualify for it. The amount that you can borrow usually ranges from £50 to £5,000, and the repayment term would usually be 3 to 36 months.

2. Vehicle Loan

This type of payday loan is secured, meaning that you need to put up an asset such as your car as collateral. The amount that you can borrow usually ranges from £50 to £5,000, and the repayment term would usually be 6 to 36 months. The APR and loan repayments will depend on poor or good credit history and you can repay the loan early as well.

3. Travelling Loan

This type of payday loan is for people who need to finance their travel expenses. For this kind of loan, the applicants do not have to pledge any asset but still, credit checks are done at the initial stage in order to approve or reject the application form. Usually, it takes only 2 hours before transferring the funds into your bank account with a simple processing fee structure.

4. Startup Loans

Are you looking for some financial help in order to start your own business? If yes, then this type of online loan is perfect for you. At Payday Loans UK, we offer startup loans with different time durations so that you can easily get the funds required for starting your business. The amount that you can borrow usually ranges from £50 to £5000, and the repayment term would usually be 12 to 36 months.

5. Student Loans

These types of loans are specially designed for students who want to pursue their higher studies but they lack financial resources for this purpose. This type of online loan is unsecured so no need to pledge your assets as collateral against the money received as student loans. The processing fee is also low as compared to other types of loans and these funds can easily be used for different kinds of educational expenses like tuition fees, books etc.

Eligibility RequirementsFor Payday Loans For Bad Credit

You can involve in a fast loan with Payday Loan if you:

  1. Are a UK resident and over 18 years old
  2. Have a bank account with a debit card
  3. Have stable income
  4. Have earnings paid into your account

What Is Bad Credit Report?

Having a bad or poor credit rating usually means that there are negative features in your credit history that indicate to lenders that you could be a risky borrower. Your credit score is the product of many factors, and some that can cause a person to have poor history include high debt balances, recent bankruptcy or other insolvency solutions, or a history of late payments or defaults on outstanding debts. These will be taken in to account when applying for Online Payday Loans For Bad Credit.

Although a ‘bad’ credit score could be the result of financial mistakes you made in the past, it could also be that you simply haven’t taken out enough credit over time for credit agencies to build up a picture of your borrowing habits. Poor credit history is something that can be improved upon, but it won’t necessarily prevent you from accessing credit when you need it.

It used to be the case that payday loans for bad credit were high-cost credit that people used to keep them going until they next got paid. On receipt of their paycheque, borrowers would then be required to pay back the amount they borrowed in addition to any fees and interest charged.

Nowadays, when people talk about online payday loans for bad credit, they’re often actually describing high-cost short-term credit that is repayable over several months rather than just on the next pay day.

Wrapping Up

It can be hard to stay on top of your finances when you have bad credit. If you're worried about making it to your next payday, online payday loans for bad credit may be the answer you're looking for. These loans are designed to help people with poor credit get the money they need quickly and easily. So if you're in a bind, don't despair and contact us today.


Other articles: is not a lender and does not make credit decisions. matches customer loan applications with lenders in a network based on the information you provide, in exchange for a commission paid by the lender for advertising services provided. We do not guarantee that you will be accepted by any lender or that you will be offered terms suitable for your financial requirements. Not all lenders will be able to provide amounts up to £5000. This website does not directly endorse any individual product or service. Any information on this website is opinion only. As a condition of extending credit, some lenders may make a credit check from a credit reference agency. Late repayment or missed payments may be subject to increased fees and/or interest rates.
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