Representative Example: Update rep APR to - Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
What Are Bad Credit Loans?
Bad Credit Loans are loans set for people that do not have a clear credit report or have a very little credit history. These loans cater to people who do not have many financing options due to their low credit scores. Sometimes, they face some challenges to get the ideal deal for the applied loan. The loans for bad credit may encounter high-interest rates and more restrictive conditions.
At FastPaydayLoans, our partner lenders do not make the credit score of a borrower the only decisive factor. Instead, they look at other aspects and aim to help the borrowers with quick financial assistance.
Applying For a Loan with Bad Credit
Are you in search of a loan to fund your daily expenditures but have a poor credit score? People with bad credit have restrictive options and face hurdles to getting a suitable agreement. The reason is that lenders want assurance from the borrower to repay the amount in the agreed time. However, bad credit scores depict a bad impact that the consumer didn't pay his bills on time.
On FastPayDayLoans, you don't need to panic as we have a special option for people having poor credit scores, that is, bad credit loans.
Different Types of Bad Credit Loans
Personal Loans
Personal loans are given on a fixed amount of money for a fixed period. The interest rates for personal loans are also fixed, and you would make repayments every month. The APR rates on this particular loan are also relatively higher.
Secured Loans
Through secured loans, the borrower will use his valuable asset or item as a collateral to secure a loan. If he fails to make repayments, the lender can get possession of his valuable asset.
Payday Loans
Payday loans are borrowed for smaller uses as the amount would be smaller and would have fewer requirements. You will be granted this loan quickly, and the repayment period is also short.
Guarantor Loans
If the lender sees a risk that you may not be able to make repayments, they would ask a guarantor which can be a family member or friend who will guarantee to repay the amount if you fail to do so.
How Do Bad Credit Loans Work?
1
Choosing the Loan
Apply for loans by submitting an application form online, which only takes a few minutes to complete.
2
Lender Decision
We do the search so you don't have to. Once you have submitted your application, you will receive an instant decision from the lender, and they will supply you with their terms.
3
Accept offers & funds
If you’re satisfied with our lender’s approval, accept it and expect to get credited as soon as the next business day. We won’t charge you any fees.
You may apply for a bad credit loan between the ranges of £100 to £5000. Our lenders consider different factors before giving you the ultimate offer such as your income, credit scores, and more. After accepting the offers from our different lenders, you can compare the terms and rates offered by our different lenders and then make an informed decision.
Which Loan Company is The Best for Bad Credit?
There is no hard and fast rule to find the best loan company for bad credit. However, the ideal loan company for bad credit would be the one that will charge you with reasonable interest rates and less restrictive conditions. The aspects that matter are your comfort zone of repayment and how much you can afford the monthly installments.
At FastPayDayLoans, we cater to people with bad credit scores as we understand that anyone can encounter a financial crisis. To relieve your stress, our lenders will provide loans with reasonable rates and terms.
Why Should I Choose FastPayDayLoans?
Easy Process
You can apply for a loan just by submitting an online form. Save yourselves from the lengthy procedures of applying for loans with banks.
Build Ideal Agreements
Our platform has a panel of lenders that can meet your demands in terms of rates and terms. We do not charge fees to our users.
High Acceptance Rate
Even with a bad credit score, we could still help – We work with a large panel of authorised lenders who specialise in assisting those with less than perfect credit.
No Hidden Costs
Unlike other brokers, we don't hide any secrets, charges, or policies. Repaying your loan on time is all that you need to do.
Data Security
The data and information you provide us in the application form would stay confidential and secure with us.
Quick Funding
Once you get the approval from the lender, you will receive the money from them into your account as soon as the next business day.
Why Use A Broker?
Choosing direct lenders on your own may be chaotic as there are tons of options out there. Additionally, bad credit makes it difficult to get a low-interest rate from a lender.
FastPayDayLoans works as a broker and can make your loan application easier. We connect you with several lenders in our network and help you find the most appropriate offer in one place. Our lenders are FCA authorized, have a decent reputation, and do not discriminate against bad credits. Furthermore, we won't charge a single penny and will keep the process transparent.
What to Consider When Taking Out a Loan with Bad Credit?
Borrowing a loan is a risky job as it involves money, so be careful while making your decisions. Make sure to take care of the following factors:
You should be able to afford the loan by making timely repayments. Don't make your financial situation worse by borrowing an unaffordable amount.
Check the interest rate and compare it to APR. Also, in some cases, the interest may increase, so do your research before making a firm decision.
As you already have bad credit, it would be suitable if you could borrow a small amount of loan. Due to the smaller amount, you can make the repayments on time.
Try to improve your credit score by making the repayments on time. If you still fail to do so, defaulting will be difficult to handle as it can involve legal action and forced repayments.
Other factors also matter for lenders apart from credit scores, like a stable job and decent income. Make sure you have a stable job with a reasonable income so that you can afford the repayments and also high-interest rates easily.
Is My Data Secure?
We have a strict privacy policy and prioritize the safety of our clients' data and information. With cutting-edge security measures in place, such as SSL protocols, your data will be highly encrypted and kept away from unauthorized sources.
1. Are There Any Loans that Get a High Acceptance Rate?
On our loan website, bad credit loans have a high acceptance rate. Our partner lenders understand that bad credit loans are applied in case of emergency. That's why we strive to give such loans high acceptance.
2. Who Would be the Ideal Lender for a Bad Credit Loan?
FastPayDayLoans has a panel of direct lenders that can help you get an ideal bad credit loan. We and our lenders’ main focus is to make financial assistance easier and more accessible for people with poor credit history.
3. Is There Any Easiest Bad Credit Loan?
Yes, payday loans are the easiest bad credit loans. Payday loans involve comparatively smaller amounts that can be repaid when the next paycheck arrives.
4. Can I Get a Loan with Severe Bad Credit?
Yes, even in the worst scenarios, you can be granted a short-term loan with a very bad credit history. You just need to make sure that you have stable employment and income to make the repayments on time.
5. How Long Does It Take To Get A Loan For Bad Credit?
You can expect to be credited within 24 hours after you accept the offers from our lenders. Check with your bank if there is any undue delay.
Manage Your Expenses Through Payday Loans in the UK!
We are a proficient loan website capable of meeting your emergency financial needs! Get payday loans online, even on bad credit, with the best possible environment and conditions.
