In the world of loans, the payday loan is one of the smallest loans money wise and a popular choice of loan for people with bad credit who do not want a guarantor loan. Here we have put together a short guide explaining what payday loans for bad credit no guarantor are and how to apply for one online.
What is a Payday Loan?
A payday loan is often called a same day loan or fast loan. This is because if you are approved for the loan the funds are often paid out on the same day, usually within hours of applying.
The funds are deposited into the bank account that you told us about at the time of applying and the lender takes the repayment or repayments out each month when you are paid.
Interest is added onto the loan on a daily basis. This is because the loan is only short term, for one to three months. Therefore, the least amount of time you borrow the less the loan will cost you.
Generally, with a payday loan, you can borrow in the region of £100 to £500 and this is usually more than enough money to see you through a financial emergency or to tide you over until you are paid again.
Some of the most common reasons why people apply for payday loans include:
- Using the money to pay off a bill they had forgotten about;
- To pay for repairs to a vehicle;
- To put the car through its MOT and you forgot to budget for it;
- To get out of an unauthorised overdraft;
- To provide money until your next payday if you overspent.
It is important that you make sure you are not going to be left struggling when payday comes around and the lender takes the repayment from your account.
Criteria for Payday Loans for Bad Credit No Guarantor
With all loans in the UK, you have to meet certain criteria to be eligible to apply for a loan.
- You have to be over the age of 18;
- Live in the UK;
- Have a bank account;
- A regular income paid into the bank;
- Have a debit card attached to the bank;
- A direct debit can be set up on the bank account.
When talking about a regular income the lenders that we work with will consider some types of benefits.
Applying for a Payday Loan
It has never been as easy to apply for payday loans for bad credit no guarantor as it is today as you can apply online.
Being able to apply online for your loan means you get an instant decision and if approved money may be paid into the bank on the same day, usually within hours.
Applying is simple, you just have to give us your details, tell us how much you want to borrow and when your paydays are.
We can then try to match you with a lender from a panel of lenders and all from you making one single loan application. The benefits to this are that while you gain access to a wide panel of lenders you only have to leave your details once. If you were to search on your own with many lenders all of the applications would be noted on your credit file. These would go against you. As we are searching with a panel of lenders this does not apply and it makes loan application fast and easy.
We can help you in your search for payday loans for bad credit no guarantor as we can try to match you with a lender from a wide panel of lenders in the UK. The lenders we work alongside offer affordable payday loans with some of the most competitive interest rates based on the fact that you have a poor credit rating. Lenders consider affordability and your current circumstances.