Interest Rates from 43.1%APR to 1333% APR. Minimum Repayment Period is 1 month. Maximum Loan Repayment Period is 36 months. Representative Example: £1,200 loan 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 Example APR: 49.7% (variable).
No obligation quote and APR will be based on your personal circumstances. *Once approved, your cash could be sent within 5 minutes. The time that it takes for the cash to be received in your account will depend on your bank’s processes and procedures.
If you are in need of Short TermLoans For Bad Credit, you may be wondering if there is any way to get the money you need. Luckily, there are a few options available for people in this situation. Keep reading for more information on short term loans for bad credit.
Bad Credit Payday Loans
A bad credit payday loan is a high-cost, short-term credit solution that is specifically designed for borrowers who have a poor credit history. Today, Short term Loans For 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 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.
About Short Term Loans For Bad Credit with Payday Loans UK
Short term Loans For Bad Credit are designed to tide you over until your next payday to help you through short term financial hardship, or to cover any unexpected expenses. But here's where the similarities with payday loans end.
Our Best Short term Loans For Bad Credit are more flexible than payday loans, meaning you can choose the amount and repayment period that suits you. Borrow between £50 and £5000 and pay it back in monthly instalments. A projection of the monthly repayments will be displayed on the screen, allowing you to be sure you can afford to make the repayments before you sign the agreement. If our experts approve your loan, we will usually process it the same day wherever possible.
Short term loans are an expensive form of credit and are designed to help with short term money problems or unexpected expenses – if you think you are experiencing more long-term issues, rely on payday loans and short term loans regularly or need financial advice, please visit the website.
What’s The Difference When Applying To A Lender Or Through A Broker?
Applying for Best Short term Loans For Bad Credit can be challenging if you struggle with bad credit. There are several ways to go about making an application, but the two most popular approaches are to apply either through a credit broker or directly to a lender.
Applying To Brokers
When looking for a quick cash injection, people often feel that applying directly to a broker is the most straightforward thing to do. The problem with this is that there are hundreds of different options available when applying for a loan in the UK, and choosing which to pursue can be a thankless task.
Even though some lenders claim to offer loans without the need for a credit check, all UK credit providers are obligated to conduct these checks by the Financial Conduct Authority (FCA). If you’re applying directly to a lender who then rejects your request for a loan, the hard credit check they conducted on your file could damage your credit rating further and numerous checks within a short space of time (if, for instance, you applied directly to multiple lenders) could result in your credit score taking a significant hit.
Applying With Direct Lender Like Us
Applying for Best Short term Loans For Bad Credit via Payday Loans UK could help you to secure the money that you need. Following a quick affordability checker, our application process involves only a soft credit report check which means that your credit rating will not be impacted until you make an application directly to one of our lenders (at which stage we will conduct a full credit check).
1. What Are Payday Loans AndShort term Loans For Bad Credit?
Payday loans are small and unsecured short term loans, but can also be referred to as quick loans, personal loans or instalment loans. They are traditionally designed to help you with financial stability until payday and are usually easy to get, but the interest rates can be very high. Our short term loan alternative to direct payday loans allows you to borrow amounts between £50 to £5000, dependent on affordability checks, to be repaid over the course of up to 36 months with flexible repayment terms. This makes them easy to manage and you will have longer to pay the loan back, so our Short term Loans For Bad Credit are more convenient than most payday loans in the UK.
2. What Criteria Do I Need To Meet To Be Approved For A Loan?
To qualify for direct payday loans or Short term Loans For Bad Credit, you must be a UK resident over the age of 23 at the time of applying, be in full time or part-time employment, and receive a regular salary of over £1,300 per month. You must also be able to provide legitimate debit card and bank account details, and extra documentation may be required for the affordability checks.
3. Are There Any Hidden Fees?
At Payday Loans UK, we pride ourselves on full transparency and being the payday loans direct lenders that all applicants can trust. Our application page is completely straightforward, allowing you to see how much you will repay each month on payday loans in the UK, which means that there are no hidden costs or charges. The number that you see is all that you have to pay with no hidden fees on top.
4. When Will I Receive My Short term Loans For Bad Credit?
Unlike other loan lenders, we are unable to offer guaranteed same day loans. While most of our loan applications are processed, approved and delivered within the same day, we pride ourselves on full transparency with our applicants. Your application may be slowed down if we find that there are mistakes or pieces of missing information on your application form. If any issues are flagged up during our checks, this can also slow the process. However, we aim to get your Short term Loans For Bad Credit to you as quickly as possible.