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26 Jul 2019

How Easy Is It To Get Payday Loans Bad Credit No Guarantor Needed?

Payday loans are a very popular type of loan for people who need to get hold of money fast as they are quick and easy to apply for online without paperwork. However, how easy is it to get payday loans bad credit no guarantor needed?

Is it possible for someone with a poor credit rating to get a loan? We cannot answer that question outright and give a definitive answer yes or no, as approval would depend on several factors. However, what we can say is that you can apply for a payday loan with our help regardless of your credit stance and there is no guarantor needed.

How Much Do Payday Lenders Offer?

How much you might be able to borrow is going to depend on several things, they include:

  • Your credit rating;
  • Your affordability to repay the loan;
  • Your income and outgoings;
  • The lender – some might offer more, some less.

Generally, lenders will allow you to borrow money in the region of £100 to £500. This is what they term a small loan and so they do not worry too much about your credit history.

Loan affordability is considered and the lender will work out what you have left each month from your monthly income and this goes towards deciding if the loan is affordable.

Payday loans are short-term loans and they are paid back between one and three paydays, with lenders assuming you are paid on a monthly basis.

Interest is added onto the loan on a day-to-day basis, so the least amount of time you take to repay it, the less the total cost of the loan.

Payday loans bad credit no guarantor may be an ideal solution for anyone who has come up against a financial outlay not budgeted for and you have no money to pay until the next payday comes around.

Common reasons for taking out payday loans include paying off unexpected bills such as repairs to the home, a vehicle or a large appliance that you cannot manage without. They can also come in handy to get out of an unauthorised overdraft if you overspent by mistake.

Payday loans should not be considered as a way of getting through each month. Nor should they be taken out to cover the cost of other payday loans or loan repayments. It is also essential that you have done your homework and you know that you can repay the loan as agreed with the lender and pay it off on time. If not and the loan is rolled over, the costs and fees can soon add up and it becomes an expensive way of borrowing.

If you want to borrow more money than what is offered with a payday loan you might consider a short-term loan, which offers up to £1,000 and which can be spread out for as long as 12 months.

Do Lenders Check Credit Ratings for Payday Loans

Payday loans are easier to find approval for than most other loans as only a small sum of money can be borrowed with the loan and you are not taking the loan over a long-term.

This means that lenders are more lenient and are more likely to approve a loan for a small sum than thousands of pounds. However, lenders in the UK still do have to check your credit rating and file when you apply for a loan, regardless of the amount you want to borrow or how long you want to borrow.

There is a difference in credit checks and with payday loans, lenders only look very briefly at your credit score and this is not the only thing they take into account.

Lenders we work alongside will also factor in your ability to be able to repay the loan if it is approved. They will ask about your monthly income along with what you have to pay out each month. From this, they will be able to determine if the loan is affordable to you.

Apply Today For Payday Loans Bad Credit No Guarantor

We have made the application process for payday loans, along with other types of loans, as simple as possible.

It takes just minutes to apply for a loan with our help. We are brokers; we do not lend money ourselves. Instead, we work alongside a large panel of UK lenders.

There are some requirements that are set out by lenders in the UK before they will allow you to place a loan application and they are as follows:

  • To borrow in the UK you must be at least 18 years old;
  • You need to have a regular amount of income paid each month either from work or some type of benefits;
  • You need to give us an address in the UK;
  • We also need to know your bank account details, including debit card;
  • The bank account will have a direct debit set up to repay the loan so the account needs to be one that accepts them.

Once you have ensured you meet the criteria for borrowing in the UK you can begin your application by following the steps below.

  1. Go to our website and enter the amount of money you want to borrow.
  2. Tell us how long you want to repay the loan. With payday loans, this is one to three months.
  3. Provide us with your pay dates.
  4. Tell us about your income and outgoings.
  5. Enter other personal details.
  6. We can then search to try to match you up with a lender from our panel of lenders, moving from one to the next.
  7. If we match you with a lender, you can then take over and visit the lender’s webpage to check out the details of the loan.
  8. Once you have determined that a loan is a good option for your needs and you can repay the loan as agreed go ahead and sign up.
  9. The lender will pay the money into your bank account and you can use it as you want.
  10. Make sure that there are enough funds in your bank to cover the loan when payday comes around.

It is that simple to apply for payday loans bad credit no guarantor required with our help. Just a few steps and you get an instant decision.