What Are Bad Credit Payday Loans?
Bad credit payday loans are a type of short-term loan for workers and non-workers who have a poor credit history. When you have an emergency, you can reach out to a direct lender through a loan broker like FastPaydayLoans to access affordable credit despite having a bad credit. You can use a bad credit payday loan to settle expected expenses like your child medical bill, car maintenance costs, and any other emergencies. Before you apply for a bad credit payday loan, ensure you check through the eligibility criteria to be sure you are eligible for a bad credit payday loan.
| Why Trust FastPaydayLoans? | ||
|---|---|---|
| How much can I take out? | £100-£5000 | No obligation quotes |
| Representative APR | 49.7%(variable) | Competitive rates |
| Will bad credit be accepted? | Yes | Lenient requirements |
| What are the repayment periods? | 1-36 months | Flexible loan term options |
| How can I apply? | Apply online | 24/7 available |
Where to Look for Bad Credit Loans From Direct Lenders Only?
The biggest benefit that comes with applying for a bad credit loan is that you can send in your application from the comfort of your home or office and receive the requested funds directly into your checking account. The process would not take you up to 5 minutes and the funds will be credited into your bank account.
To look for a bad credit loan lender, you can use Google to search for the best bad credit loan direct lender in your location. Google will highlight the best loan lenders in your location. It is now your responsibility to research and compare each of these lenders so that you can pick one that is suitable to your borrowing capability.
Once you have settled for a lender, the next step is to fill out an application form and supply your genuine information to the lender for consideration. You'd be asked things like your name, age, physical address, phone number, bank account details, and so on.
Submit the application form and wait for the lender to review your application and either approve or reject it. When your application has been approved, you will receive the requested amount in your checking account within 60 minutes.
Benefits of Online Payday Loans for Bad Credit From Direct Lenders
There are so many benefits if you choose to apply for an online payday loan for bad credit from other lenders, some of which include:
Fast Funding
Once you apply for an online payday loan for bad credit from direct lenders, you will receive the requested funds as fast as the same day loans.
No Paperwork Involved
One of the biggest benefits of applying for an online payday loan for bad credit from direct lenders is that the process does not involve any paperwork. Unlike traditional lenders that will bug you with so many papers for you to sign before approving the money into your checking account, applying through a direct lender online means there are no papers to sign or document to photocopy. Ultimately, since there is no paperwork, the process is quickly completed so that you receive the money in your checking account to settle unexpected bills.
Flexible Repayment
Unlike traditional lenders or financial institutions like banks, obtaining an online payday loan for bad credit from direct lenders comes with a flexible repayment schedule. If, in any situation, you are not able to repay the loan amount within the stated period as stipulated in your loan terms, you can communicate your financial situation to an online direct lender and then adjust your repayment schedule to fit your current financial standing. The good news is that most of the online lenders in the UK will understand your financial situation, and work with you until you are able to repay the loan.
Get Cash When You Need It Most
Get StartedWhat Are The Eligibility Criteria?
There are eligibility criteria that you must fulfill before your loan application will be approved by a lender. As you know, the lender will not check your credit history, but you must satisfy other conditions before funds will be credited into your account. The good news is that the requirements are lenient for the average person to fulfill. Find below the eligibility requirements for taking an online payday loan for bad credit:
- The borrower must be at least 18 years of age as at the time of application.
- The prospective borrower must have a verifiable source of income.
- The person must be a resident in the United Kingdom with proof of address.
- The borrower should have a checking account in any of the banks based in the United Kingdom.
If you are able to meet all of the above requirements, then you are one step away from getting an online payday loan for bad credit to settle expected expenses.
What Happens if I Am Unable to Repay a Loan to the Lender?
If, in any case, your budget or financial standing cannot repay a loan to the lender, the first thing to do is to communicate your situation to the lender in advance. The implication of not repaying a loan on record time is huge. The lender may be forced to report you to the three credit bureaus in the country, which may hurt your credit score and prevent you from taking further loans in the future. At FastPayDayLoans, we usually encourage borrowers to be responsible enough to talk to their lenders and seek professional assistance in advance. Most lenders in the United States will find ways to come to your aid.