If you have been met with a sudden financial outlay and need to get hold of between £100 and £500 in a rush but your bank funds are depleted, a payday loan may be the ideal solution. There are online lenders who offer 100 loans for bad credit with a fast payout, typically within hours.
The benefits of taking out a small payday loan include:
- It is a way to get back on the borrowing ladder and prove you are capable of borrowing and repaying on time. By doing so you can help to improve your credit rating while at the same time deal with a financial outlay that was unexpected;
- You can apply for the loan online with no paperwork involved;
- Lenders are more lenient with people who have a bad credit rating as the loan is only small, so you are more likely to be approved;
- With payday loans you know within minutes if you are approved;
- The money may be paid into your bank account on the same day;
- The loan is repaid within one to three months.
No Paperwork = Fast Approval and Pay-out
If you need cash fast you do not want to be left waiting for hours to see if you have been approved for a loan. You certainly do not want to wait until paperwork is sent out to your home for you to sign so you can return it. It could be a couple of weeks or more before money is paid into your account.
When applying for a small payday loan you can undertake the entire loan application online. There is no paperwork involved, which means the entire loan application is undertaken online.
Just A Few Details Are Needed From You
You do have to pass some eligibility checks so you do need to be over 18 and have a regular income. You are required to have a bank account, so the money from the loan can be paid into it, and a direct debit set up so the lender can take the repayment or repayments when they are due. Within minutes, you know if the loan has been approved and money could be paid into the bank account on the same day.
The lender will check your credit score when you apply for a loan. You should not worry too much about this as they will also take into account your income and outgoings. They use the data to make sure that the loan is going to be affordable to you. Again, as the amount you want to borrow is relatively small they may not look too deeply into your credit file.
We work with lenders who do not put too much focus on your history and credit score but they do have to check it by law. Providing the lender believes that you could repay the loan on the date you said, they would more than likely offer you the loan.
How We Work
We do not offer loans ourselves. Instead, we work alongside a panel of lenders and people who want to borrow a small sum of money. We work to match borrowers with lenders who are willing to offer small loans even if your credit rating is poor.
You simply have to choose the amount you want to borrow, for instance, £100 and whether you want to repay it in one single payment or spread it out over two to three paydays. When considering this bear in mind that the longer you take the payday loan over the more you will pay in interest as interest is calculated on a daily basis.
Usually, lenders will allow you to pay off the loan earlier than agreed but you cannot extend the loan for a longer period.
When you have told us how much you want to borrow and when you intend to repay the loan we will then try to match you up with one of the lenders from our panel of lenders. There is a big advantage to allowing us to match you with lenders and this is the fact that you only have to enter your information once to be eligible to search with multiple lenders.
The lenders we work with offer some of the most competitive rates on payday loans, along with ensuring loans are affordable.
Reasons Why 100 Loans for Bad Credit May Be Taken
Usually, lenders will not want to know why you need the money. Payday loans are loans that should be classed as emergency loans and should not be relied upon for living on from month-to-month. There are numerous reasons why you might suddenly find yourself short of money and need a helping hand.
You might be on regular benefits but have changed your bank account and the money has not been paid into the account yet. In this case, you could borrow a small sum of money to tide you over until the money is paid in then pay it back straight away.
You might have been out shopping and realise when you get home that you have overspent and gone into an unauthorised overdraft. Overdraft fees can work out more costly than taking out a payday loan so borrowing a small sum of money to pay off the overdraft can work in your favour and save you money.
You might be out driving and suddenly your car breaks down. Roadside assistance comes to tow you to a garage but you do not have the money to pay for repairs until the next payday. Instead of going without a car and paying for public transport, you could borrow a small amount of money and have the car repaired then pay it back on your next payday.
Your cooker might break down and you need to have it repaired but payday is still some time away. Borrow the money to repair it and repay the loan when you are paid next.
100 loans for bad credit are available online, they are quick and easy to apply for and you could have funds from the loan paid into the bank on the same day. Whatever your reasons for wanting to get hold of money quickly apply with us and we can try to match you up with a lender from a panel of UK lenders who don’t focus too much on your past credit history.