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. It would be much better to be able to borrow money from a friend or family member, use an interest-free credit card or use a planned overdraft to get you out of a tight spot. Unfortunately, this is not always possible. It can also be difficult to make the decision to apply for a loan when we think we have bad credit and believe that any credit check will hinder us from getting a loan. Whether it’s a broken-down car, a big MOT or a new boiler, solving an issue that requires finance can be very stressful. This can be made worse if we don’t have the best credit score. This is, however, more common than you might think and can happen to anyone. You may have been bad with credit in the past or you may have lost a job that meant you couldn’t pay your bills and it plunged you into debt. But previous bad credit does not mean you can’t get a loan if you need one. Bad credit payday loans can help you when you need it the most however, you should only take out a loan amount you are confident you can pay back in the agreed time frame, interest rate included.
Bad credit payday loans are loans that are designed to help those who may not have the best credit. They typically range from £100 up to £1000 and can last from one month up to 12 months. With many lenders, you can pay back in weekly, fortnightly, four weekly or monthly instalments. In many cases, the application will be 100% online with no need to speak to anyone or send in any documents which make the application process very quick and simple. 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.
Before committing to applying for a loan you need to be sure that you actually need the loan and you are in a position to repay the loan in the agreed time. It’s important to understand that bad credit payday loans are expensive and should only be considered if you really need it. Furthermore, if you miss a payment, you may incur fees and end up owing a higher total interest amount than you initially expected. The most important thing you need to do is to understand if you can afford to repay a loan. To assess whether you can afford to repay any loan fill out an income and expenditure form. Once you know you can afford a loan, you could apply.
My Payday Loan Broker works with many payday and short-term lenders in the UK who may be able to help you get finance. You can simply apply now with My Payday Loan Broker, using our simple one-page application form. We will ask you to fill out your personal information and your work details. If you are accepted by a lender, you will need to complete the application with them and if approved they may pay your money out on the same day. See our How it works page for more information.
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 of your loan will be high. (perhaps we could put an average amount or the most common one). If you can cut down on your spending or put off buying something until you’ve saved for it, do that. If you are borrowing money to make repayments on other loans and debts, you may be in a vicious circle and it might not be the best thing to do. If you think you need help with your debts, you can contact the Step Change Debt Charity service at StepChange.org.