Fast Online Loans For People With Bad Credit
You have already paid off your rent or mortgage and every utility bill that’s been hanging in your refrigerator door. You have also finished constructing a sound budget on the money that’s left and you are confident that you have more than enough until payday. Your finances are well in order and everything appears perfectly fine until your child suddenly gets rushed to the hospital and you are charged with a large medical bill that you will need to pay off in the next few days.
When you become caught up with unforeseen costs that you have not prepared and budgeted for, you can normally ask your family and friends for financial support. But if they too are strapped for cash, you are left with no other option but to take out a loan.
You apply for a loan from your bank but with a bad credit rating, you are 100% sure that your application won’t bear fruit and will only get denied no matter how hard you convince the bank manager that you are worth the risk. The same goes for credit unions and other traditional lending institutions that put a premium on good credit rating.
Fortunately, the internet has opened up a new market for bad credit borrowers who are looking for quick loans to address different emergency cash situations. What’s more, the process involved in applying for online loans are a whole lot faster and easier than that of traditional bank loans. In fact, you can get approved in just a matter of minutes and enjoy same day funding even if you have bad credit!
Payday Online Loans in the UK
Among the online loans that provide instant approval and same day funding to bad credit borrowers in the UK, payday loans online are the most widely used. The financial products are basically cash advances where in you borrow money and pay it back in your next payday. They are also short-term loans online that offer small amounts of borrowing with brief repayment periods.
The types of online loans also have their own set of features that make them unique from other loan products in the market:
1. Fast and seamless access to funds – Payday loans online are designed to help borrowers deal with urgent but temporary cash needs and for this reason, lenders have tailored the application process for the online loans to be as quick and seamless as possible. Instant approvals and same day funding are among the things that you can expect to enjoy from the financial products.
2. Small borrowing amounts – You can secure extra funding through a payday loan anywhere from £50 to as much £2,000. The borrowing amounts that you can qualify for will depend on your income level and overall creditworthiness and on the lender’s evaluation as well.
3. Expensive forms of credit – It’s important to note that despite having amazing processing and funding features, payday loans online are also quite pricey. They have higher interest rates than many of the available options in the market which means it would be best to use the loans only when needed.
4. Loan Amounts – When you apply for payday loans online, your will generally be required to issue a post dated check or setup a direct debit in your account. This gives your lender the right to automatically withdraw the payments of your loan from your bank account according to the agreed terms and conditions.
Payday Loans No Credit Checks
There are also online loans like instalment loans and payday loans no credit checks that won’t examine your credit history or credit score when you submit an application. Some lenders conduct checks but they come in the form of what are known as “soft checks” that won’t pull your credit file from UK’s credit reference agencies and will only scan the surface of your credit history.
In the end, your credit rating will still be a none-factor in getting approved and your credit score will also not be affected if the lender conducts a soft check. Payday loans no credit checks and other similar short-term loans online are popular options to borrowers with poor credit histories or those that don’t have one because they have yet to take out a loan or use a credit card.
There are also a number of great advantages that you can expect to enjoy from payday loans no credit checks and other similar options:
• Easy application – Simply complete a brief online application form that will ask some basic personal and financial information on your part and wait for a decision from your lender which can take no more than 2 minutes after submission. The requirements are also minimal and pretty basic and there is no paperwork and any kind of tedious step involved in the application process.
• Easy to qualify – Credit rating is not a factor in getting qualified for the online loans and you also don’t need to provide collateral or a guarantor as they are unsecured forms of credit. So long as you have a reliable source of income that is suitable to the payment terms, getting approved would be easy regardless if you have bad credit, no credit or are self-employed, partially employed, unemployed, or are a single parent.
• Safe and secured – Payday loans and other short-term loans online are transacted in a safe and secure online platform. Every data you sent will be encrypted and protected by advanced data security tools and systems to ensure that any sensitive information pertaining to your personal profile and finances will be strictly private and confidential.
• Fast processing – Once you have successfully completed and submitted your online application, you will normally receive a decision from your lender in a matter of minutes. And once you are approved, the funds that you requested will be deposited to your bank account in the same day or the next day.
Online Short term loans UK
Among the short-term loans online in the UK that provide instant approval and same day funding features, payday loans are certainly the most well-known. But there are also other online loans that you can consider such as doorstep loans and short-term instalment loans that will help you enjoy the same impressive features. They are however, not as accessible and readily available to borrowers with unappealing credit ratings the way payday loans are.
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Loanora is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances