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- Payday loans are available from UK direct lenders to people with bad credit.
- In many cases the money can be available on the same day, with some as fast as 15 minutes!
- No guarantor is needed, and the application process can be completed entirely online.
Getting Loans With Bad Credit Payday Loans Direct Lenders
Having a bad credit makes things a little more difficult especially when you are aiming to stretch your cash through loans. Banks and traditional lending facilities will likely decline your application since credit scores are one of the critical requirements. However, most Bad Credit Loans Direct Lenders nowadays boast about lending money even to those who have unfavourable credit remarks.
But the question is, what do the direct lenders mean exactly? Does it mean that anyone can easily apply for a loan without any restrictions? Does it mean that direct lenders can lend money without performing a credit check? Truth is, it isn’t. All lenders only lend money to those who are capable of repaying.
What do the Lenders Really Mean?
Introduction To Credit Scores – Prior to defining what a bad credit score is, let us first talk about credit scores.
A credit score, or also known as “credit rating,” is a financial parameter that indicates the amount a person can be trusted in regards to financial matters. To be considered as an individual with “high credit rating,” you need to be someone who can responsibly fulfil your financial responsibilities. On the other hand, an individual with “poor credit rating” is someone who fails to commit to his financial obligations. This is the reason why banks and traditional lending companies reject those who have poor credit remarks since they find it risky to trust the person in terms of his economic aspect. Thus Bad Credit Loans Direct Lenders enter the market.
As the person reaches an appropriate age, perhaps on his 18th or 21 years, he starts to venture his economic life. Since there are no details found in the local public database about him, the financial institutions will have no basis on the person, therefore, they will use their belief and trust only. For instance, a bank allows the person to open a bank account however, he will not be offered a credit card immediately. In cases where he is given a credit card, the bank will provide a small limit to it. This is the bank’s way to see how the person will fulfil his financial obligations.
Where To Find Bad Credit Loans Direct Lenders
In case you failed to acquire high credit remarks, there will still be a chance for you to borrow money. The Bad Credit Loans Direct Lenders can lend a fund without checking the credit history. However, since the lender needs to protect the company and the fund provided, it will require the borrower to write a paycheck.
Since this is a payday loan, the borrower needs to write the amount borrowed plus the interest rate on his check which will allow the lender to have it encashed on the agreed period, basically on the next payday.
Payday loans are one of the best choices when there are emergencies or urgent matters since it will only take 3 days or less for the funds to get transferred. There are even Bad Credit Loans Direct Lenders who send the funds on the same day as the application.
While payday loans come in very convenient, it’s important to know more about this short-term loan to avoid falling to a financial burden. So it is worth doing a little research on Bad Credit Loans Direct Lenders before signing a contract.
Direct Lender Bad Credit Loan FAQs
How much does it cost to apply for payday loans through direct lenders when you have bad credit?
You do not pay any fees upfront for applying for and obtaining a loan. The only additional fees or charges you will pay will be in the form of the interest that is charged on the amount of money you borrow. Interest rates will be disclosed to you at the time of application.
What information will I need to provide when applying?
You will need to provide your full name, a UK-based physical address, proof of employment (or other forms of income you receive, such as disability benefits), contact information, how often you get paid, banking details for the account you want your loan funds to be deposited into and a list of your recurring expenses. All of this will be used to determine how much you will be able to comfortably repay each week or month.
How old do I have to be?
You will need to be 18 years of age or older before an application will be considered for approval.
How do I know what the repayment amount is going to be?
When applying for payday loans the lenders will always be upfront with regards to disclosing interest rates and repayment amounts to you. This ensures that you repay fixed instalment amounts until such time as your loan has been repaid in full.
Can I borrow smaller amounts of money?
You most certainly can! We understand that there are times when you may only need £100 to tide you over until the next payday or to catch up on an outstanding bill. As a result, you can apply to borrow as little as £100 at a time from our network of lenders.
Over what timeframe will I have to repay my loan?
This will depend on the type of loan you apply for and the amount of money you require. Smaller loans can be repaid over shorter periods of time than those made for larger amounts.
See How We Compare to Some of Our Competitors
Representative Example: Amount of credit: £500 for 12 months at £58.74 per month. Total amount repayable of £704.00. Interest: £204.00. Interest rate: 53.58% pa (fixed). 68.7% APR Representative.
5 most recent personal loan reviews
Responsible, Trustworthy and Thorough Boy are they everything I've mentioned in the title. These people have a very thorough process of money lending and repayment from the start to throughout the process on repayment. I'm a guarantor and I'm always told if there are any problems with the repayment. If not, I don't hear from them. They are very professional in the approach of lending money. They will advice a budget plan is completed so you know exactly how much needs repaid. Staff are very friendly and helpful. Things are pretty straight forward with Danske.
Review posted by Justin Browne, Burnley
Ease Of Use
Value For Money
Applying for a loan from Albemarle; the process was very easy, filling a form out online and then phoning Albemarle. A very nice young lady took the call and dealt with the application in a quick and efficient manner, after supplying the relevant information, and having it checked the loan was approved and the money was in the bank within a couple of hours. All in all an excellent company, the staff were very helpful polite and very efficient.
Review posted by Barbara Valkeith, London
Ease Of Use
Value For Money
Amazingly quick, just 24 hours. They check to make sure you can really afford the repayments. My guarantor wasn't a home owner just had a good credit history. Very pleased with every aspect of the service they have provided. Would definitely recommend to anyone.
Review posted by Tracy Egerton, Rushden
Ease Of Use
Value For Money
Representative example: £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)