We understand that not everyone has a perfect credit history, but don’t believe that should stop you accessing money in your time of need. At My Payday Loan Broker, we partner with a network of loan companies who offer short term loans for people with bad credit.
**Please note that although most people receive their loan funds within 1 hour, individual banks may require funds to be held for up to 3 days while the funds clear. For questions about this clearing hold, contact your bank.
Bad credit loans are designed to help those struggling with a poor credit history overcome unexpected financial emergencies. Whether that’s a small urgent home repair or a replacing a flat car tyre, you could borrow between £100 to £1000 to cover the cost of the expense and repay in weekly, fortnightly, four-weekly or monthly instalments - whatever suits your budget!
My Payday Loan Broker only work with trusted payday loan direct lenders, who are authorised and regulated by the Financial Conduct Authority. Our applications are completed 100% online with no need to speak to anyone or send in any documents, making the application process quick and easy. In some uncommon cases, a lender may want to speak to you on the phone or ask you to send in documents such as a bank statement or a pay slip.
Financial emergencies can occur at any time and a survey by the Money Advice Service has found that four in 10 adults in the UK do not have £500 or more in savings to cover an unforeseen circumstance. In these cases, using an interest-free credit card or planned overdraft could help you out of a tight spot. Unfortunately, if you have poor credit, this is not always possible. Payday loans for bad credit can help when there are no other available options.
When disaster strikes, resolving a financially straining issue can be stressful. This can be made worse when you don’t have an excellent credit history. However, previous bad credit doesn’t necessarily mean you won’t be able to secure a loan. Though records of credit arrears stay on your credit file for six years, our lenders look at your most recent credit history, employment information and income and expenditure to make a loan decision. It’s important to note, you should only take out a loan amount you are confident you can pay back in the agreed time frame, interest rate included.
At My Payday Loan Broker, we only work with lenders who offer unsecured loans. We don’t require a guarantor or a form of collateral to help you secure a loan, so if you miss a payment you won’t risk losing valuable possessions - although there may be other financial consequences.
All loan application require a credit check. Before applying, it’s important to take time to consider whether you require the loan, what other options may be available and if you’re in a position to repay the loan within the agreed timeframe. Bad credit payday loans are expensive and should only be considered if you really need it. Furthermore, payments can incur fees, resulting in owing more in interest than initially expected. This is why it’s essential to check whether you can afford to repay a loan. To assess your affordability, complete an income and expenditure form. Once you know you can afford a loan, you could apply.
My Payday Loan Broker works with several different short term loan direct lenders in the UK who may be able to help you out of a tricky financial situation. To apply for a loan, you must meet the standard eligibility criteria. You must be:
- Over the age of 18
- A UK resident
- In full-time or part-time employment.
Lenders will also require a mobile number and UK bank account to transfer funds into. To apply, simply complete our one-page application form. We require your personal details, employment information and monthly income and expenditure. If you are accepted by a lender, you will need to complete a similar application with them. If approved they may pay your money out on the same day. See our How it works page for more information.
As we only work with lenders authorised and regulated by the Financial Conduct Authority, you can rest assured that your application will be submitted only to reputable and responsible lenders.
Taking out a payday loan for anything should be considered carefully and you should explore all the options available to you including family and friends, cheaper credit options and comparison sites.
Be advised that monthly instalments to pay off your loan will be high. Comparing the top 15 UK bad credit payday loan provider, the average represented APR falls around 889.25%. Therefore if you take out a £500 loan and spread the repayments over 12 months, you could be paying up to £412.18 a month. If you can cut down on your spending or put off buying something until you’ve saved for it, do that.
We don’t recommend borrowing money to make repayments on other existing loans and debts, as this can lead to a vicious debt circle. If you think you need help with your debts, you can contact the Step Change Debt Charity service at StepChange.org.
Warning: Late repayments can lead to a poor credit rating and/or money problems