Bad Credit

About payday loans for bad credit

cash loans for bad credit

A poor credit rating can make it difficult or more expensive to borrow, as lenders will see you as a risk. A lack of credit history can also make it hard to get credit, as there is no information to assess your borrowing habits and determine how you handle your finances.

People with a limited or poor credit history or rating that need to borrow, can opt for a bad credit loan, however these usually charge a much higher rate of interest. You get a personal dashboard, email and text reminders, and unlimited support from our friendly customer service team. Access easy money in a matter of minutes after your sign up has been approved. The transfer is instant and service can be reused whenever you need cash.

What is bad credit loan ?

Bad credit loans are specifically created for those with a poor credit history, and anyone in employment who is over the age of 18 can apply for one. This can be a useful service if you are in need of a loan for example to consolidate debts, but a poor credit rating means you are struggling to be accepted for one. If you are hoping to improve your credit rating, then taking out a loan even a bad credit loan can help, provided you make your payments on time and in full.

Not all lenders offer these types of loans, though, and you will find that bad credit loans usually have a higher APR, as those with a poor credit history pose a greater risk. There are licensed lenders, sometimes called subprime lenders, who will lend to people who are unable to get credit from a high street bank or building society.

payday loans bad credit

Tips on how to take a bad credit loan

Borrowing is a part of everyday life however; there are many factors to take into account when taking out a bad credit loan so that you borrow sensibly.

Here are some hints on what questions to ask and what to look out for when to take a loan.

Do your research :

Spend plenty of time researching before making an application because each time you apply for a loan your credit history is checked and this can in turn lower your credit score. Gather the offers from each lender and compare the loans using the APR.

Check for penalty charges :

Read the small print carefully when arranging your loan and check for penalties for late or missed payments or for early repayment of the loan. By paying your loan off early, you will save money on the interest you would have paid but there may be a penalty charge.

Fix your interest rate :

By taking out a fixed rate loan, you set the repayment rate for an agreed period. This will vary depending on the size of the loan, and it protects you from rate increases and market fluctuations and helps you stick to the budget you work out at the time you agree your loan.

Contact Us if you need free consultation on evaluation to ascertain whether you qualify for payday bad credit loans.