Payday Loans For Bad Credit
Payday loans for bad credit are emergency loans for those times of crisis when you need cash quickly and before your next payday. So, if you need need money now and if payday is a little too far away then a payday loan even with bad credit is an option but if you’re not sure that you can comfortably pay it back it may not be the right choice!
These popular but controversial loans are short term cash advances designed to help avoid cash flow problems and costly bank / credit card penalties – we stress the words short term. They are there for life’s little emergencies or as a short term fix to a temporary budget issue – maybe the car breaks down or needs a new exhaust, perhaps there’s an unexpected trip you need to make, a deposit on that bargain holiday, a new, killer, interview suit, a bill that you’d forgotten about … that’s what they’re designed for … in effect an advance on your wages.
There will be a basic criteria you’ll need to satisfy – typically being an adult, UK resident, in employment, earning a certain minimum monthly income and have a bank account with debit card. Many lenders encourage applications from those with a bad credit history but interest rates may reflect this so, as usual, check your quote and pay particular attention to cost and terms.
Satisfy the criteria, apply online and, if approved you’ll get the cash deposited straight into your bank account FAST – usually it will be transferred the very same day, often within hours and that’s what makes this form of lending so very popular.
As we have already explained, payday loans are designed as short term advances only – they need to be repaid, in full and by a single payment to coincide with your next payday. Think carefully about what happens then … will the act of repaying the loan then leave you short the next month and will you have to turn to another loan to tide you over? DON’T fall into the payday loans trap that leave you reliant on regular forms of short term, often expensive, lending.
Bad credit payday loans are available from a wide variety of UK lenders or you can apply via a broker who will try to find the best solution for you from a network of UK providers. Whilst each specific lender will vary, typically you can apply very quickly and easily online to borrow from a few hundred pounds and up to £1000 or so, depending on your individual circumstances. Interest rates are renown for being high so pay particular attention to the cost of the loan and make sure it is completely affordable.