Payday Loans Bad Credit
Looking for payday loans for bad credit? It can be difficult to get traditional loans with bad credit but you’re in luck. At Lending Stream, we consider people with bad credit for short term loans.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Why choose Lending Stream?
Fast
Cash sent to your bank in under 90 seconds, once approved.
Convenient
24/7 simple & online application. Instant decision. Direct lender since 2008.
Affordable
Repay in 6 monthly repayments. Pay early with no extra fees and save on interest.
Warning: Late repayment can cause you serious money
problems. For help go to moneyhelper.org.uk.
What are payday loans for bad credit?
Payday loans for bad credit are short term loans that are designed for people who have poor credit history. These loans are typically small loans, usually ranging from £50 to £1,000, but they are intended to be repaid in a short period of time, usually on the borrower's next payday.
People who have been rejected by traditional lenders due to their poor credit score, but need quick access to cash to cover unexpected expenses or emergencies, look for bad credit payday loans.
Also, it should be kept in mind that these loans come with high interest rates and fees, and if not repaid on time, it could make the situation even worse.
What can you use bad credit payday loans for?
Bad credit loans can be used for a variety of reasons. That said, bad credit payday loans should only be used for emergencies or unexpected expenses. These loans are typically lower in amount and are repaid on your next payday, so they are not suitable for long-term borrowing or any major expenses.
You can use bad credit payday loans for covering unexpected bills, such as car repairs or medical expenses. They can also be used for urgent home repairs, such as fixing a leaky roof or broken boiler.
Check your current finances and expenses before applying as failing to repay on time could put you in a more difficult situation and can even have a negative impact on your credit score.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Lending Stream's alternative for payday loans bad credit?
At Lending Stream, we understand that traditional lenders often reject loan applications from those with bad credit histories. That’s why we provide an alternative to bad credit payday loans.
We offer short term loans with flexible repayment options, and we even consider people with bad credit. We believe that everyone deserves a fair chance to access credit when they need it, regardless of their credit history.
Unlike traditional payday loans, our loans are offered for up to six months, with monthly instalments. This allows you to borrow what you need and pay it back in 6 months. The best part about our loans is that you can even repay them early if you want to and save on the interest.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How can I check my eligibility?
To see if you are eligible for a payday loan with bad credit you need to be aged 18 or over, be a UK resident and have a stable job with a regular source of income.
At Lending Stream, we understand that each customer's financial situation is unique, which is why we consider a range of factors when assessing your eligibility for a short term loan and not just your credit rating.
To apply for a loan with Lending Stream you must:
- Have a valid debit card
- An active UK bank account
- Be a UK resident
- Should be at least 18 years old
- Should be in regular employment with a monthly income of at least £400
During the application process, we might ask you to provide proof of your regular income to check that you can afford the loan repayments.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How can I apply online?
If you need money urgently but have bad credit, then a payday loan online for bad credit might help you. You can start by comparing different payday lenders who consider bad credit to see who is offering the most competitive interest rates and terms.
Once you've selected a lender, you can check your eligibility and then apply for the loan online.
At Lending Stream, you can apply for our short term loans through our website. All you have to do is fill out our online application form and give us the following information:
- Choose the amount which you want to borrow with us
- Provide all your personal details
- Give us with your employment, salary, expenses, and banking details
Once we receive your application, we will run a credit and affordability check on your profile. If approved, the loan amount will be sent to your bank within 90 seconds.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Why should I apply with a direct lender only?
If you're considering taking out a payday loan for bad credit, it's important to know the difference between direct lenders and brokers. A direct lender will provide you with the loan directly, while a broker acts as a middleman between you and the lender.
Applying with a direct lender can have several benefits.
- When you apply with an FCA authorised direct lender, you can be sure that your personal information will not be shared with third-party companies without your permission.
- Additionally, direct lenders have more control over their lending policies and can offer flexible repayment options if you're struggling to make repayments.
- A direct lender may also give you a faster decision on your application.
Contact us - Lending Stream
If you already have an account with us, you can log in and chat with us through there. Otherwise, you can get in touch on our contact us page.
If you prefer you can give us a call on 0203 808 4440#. We’re open from 9am to 6pm Monday to Fridays, and 9am to 1pm Saturdays.
FAQs - payday loans for bad credit
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Are there any loans for very bad credit?
If you have very bad credit, then traditional loans may not be available to you. However, there are other options available like payday loans, bad credit loans, guarantor loans, etc. However, these loans usually come with higher interest rates and shorter repayment terms.
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Will I be accepted for a payday loan if I have very bad credit?
It is possible to be accepted for a payday loan if you have bad credit, as most lenders will look at your current financial situation when making their decision rather than just your credit history.
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Will a payday bad credit loan affect my credit rating?
Like any other loans, payday loans can have a negative impact on your credit rating, for example missed payments will be recorded on your credit report. However, if you keep up with repayments then it can improve your credit score as the lender will always report as per the customer’s payment history to the credit reference agencies (CRAs).
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Can I get a payday loan with poor credit?
Yes, you can get a payday loan with poor credit, but the interest rate may be higher than for someone with a good credit history.
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What are the easiest loans to get with bad credit?
Payday loans are often the easiest loans to get with bad credit, as the eligibility criteria are less strict however, there are other loans such as personal loans or guarantor loans which may also be available for those with bad credit but may have stricter eligibility requirements.
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Does having a bad credit score mean I will be automatically declined?
No, having a bad credit score does not mean that you will be automatically declined for a loan. Each lender has their own criteria and may take other factors into consideration when making their decision.
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Does taking out a payday loan mean I have bad credit?
No, taking out a payday loan does not automatically mean that you have bad credit. Payday loans are designed for short-term financial needs and can be an option for those with bad credit, as lenders may take other factors into consideration when making their decision.
We don't offer loans under 60 days. We offer 6 or 12 month loans. The maximum repayment period is 12 months. Maximum APR 1721%.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk