PaydayLoansUK Review: Best Payday Loans Online with Guaranteed Approval in the UK
- 1 What Is Payday Loan for Bad Credit
- 2 What Is PaydayLoansUK for Bad Credit?
- 3 What Are the Benefits of Getting a Payday Loan?
- 3.1 Convenient and Quick to Access
- 3.2 Suitable for Borrowers with Bad Credit
- 3.3 Availability of a 14-day Cooling-off Period
Your Credit score may be an essential factor that many direct lenders use to determine whether they can approve your request for a payday loan. What is also crucial is whether your current personal and financial will realistically permit you to pay the loan on time and in full.
This means that whether you can access a payday loan depends on how closely you meet the eligibility conditions of the many payday lenders. Therefore even though no one is guaranteed to get approved for a payday loan, applying with a reputable credit broker such as PaydayLoansUK gives you a better chance of connecting and getting lender approval for the best payday loans online.
What Is Payday Loan for Bad Credit
When you have bad or poor credit, securing a short-term loan from traditional lenders may be far from possible. And that is why lenders for payday loans for bad credit exist- to help risk borrowers or otherwise those with negative features in their credit history access funds they wouldn’t have otherwise accessed from traditional lenders.
Payday loans for bad credit are short-term borrowing options where the principal is typically a percentage of your next paycheck. They usually have high-interest rates as they are meant for high-risk borrowers. The amount you can borrow generally depends on how much you earn. Check here for the amount you can get after connecting with a lender for bad credit through PaydayLoansUK.
And while interest rates for these loans are high, they also tend to vary by lender. Nevertheless, the Financial Conduct Authority (FCA) stipulates the maximum fees a borrower should pay. For example, a borrower should never repay more than £24 monthly for every £100 borrowed.
Furthermore, even with changes in regulations, expect to access payday loans for bad credit that can go for periods up to 12 months, besides the usual payday loans that expect the borrower to pay during their next payday.
What Is PaydayLoansUK for Bad Credit?
Getting rejected for a payday loan during an emergency due to a less-than-perfect credit history seems to be everybody’s nightmare. What adds to that is when the lender you finally borrow from brings up hidden charges down the path.
With PaydayLoansUK, you don’t need to go through all the trauma to overcome an unexpected financial emergency, especially when you live paycheck to paycheck and your credit history is not really good.
As an experienced credit broker, PaydayLoansUK can help you connect with your satisfactory direct lender and be able to access payday loans ranging from £50 to £5000 for any of your quick emergencies.
Your credit score may be essential to these lenders. However, when it is not so great, they will consider whether your current financial and personal situation will really permit you to repay the loan on time and in full.
By submitting your details via PaydayLoansUK, you will connect to a lender from their network that is more likely to approve your request. Even though nobody is guaranteed to access a loan with a bad credit score, applying through PaydayLoansUK betters your chance of securing the loan you require.
And no, there are no hidden costs down the path because PaydayLoansUK is a transparent broker. Therefore before signing up for a loan, you know exactly what you’re into, and you are not compelled to eventually accept the offer.
What Are the Benefits of Getting a Payday Loan?
Convenient and Quick to Access
Unlike most traditional loans, payday loans can be requested online, and the funds can be accessible on your UK account within minutes or hours of a successful request. This makes them perfect for emergencies.
The loans are also convenient as they are accessible in cash instead of the form of credit.
Suitable for Borrowers with Bad Credit
Payday loan lenders are more inclined to approve a loan for borrowers with bad credit – something that most traditional lenders may not even consider. And that’s because payday loan lenders are more interested in whether the loan is affordable to the borrowers here and now. They also perform stringent affordability checks, but they usually charge higher levels of interest than other lenders to compensate for the high level of risk.
Availability of a 14-day Cooling-off Period
Payday loans similar to other borrowing options that fall under the Consumer Credit Act 1974 have a 14-day cooling-off period. During this period (within 14 days of borrowing), you have the right to cancel the arrangement should you decide to change your mind.
However, when you cancel the loan, you have to repay the loan, including any interest accrued. The lender will also refund you any charges that you have paid.
How to Get Approval for a Loan with Bad Credit on PaydayLoansUK
When you have a bad credit score, lenders may want assurance that you can comfortably pay the loan. Using the following ways, you can multiply your chances of getting lender approval for a bad credit loan on PaydayLoansUK:
Giving a Collateral
Using collateral to secure a bad credit loan increases your chances of securing the loan. The collateral assures the lender that you can repay the loan comfortably. The collateral can also offset the risk associated with bad credit loans, and you may pay lower interest rates than other borrowers.
Get a Co-signer
A co-signer can be your friend, parents, or any other family member who pledges to pay your loan if you fail to do so. Most lenders ask for a co-signer when your income or income-debt ratio is not enough, making them feel insecure in lending you the loan. Be sure to get a co-signer with a good credit score.
Boost your Debt-to-Income Ratio
Your debt-to-income ratio is an essential factor that lenders use to judge your eligibility for a payday loan, especially when your credit score is low. When your credit score is low, work on bettering your debt-to-income ratio, as it gives your lenders a look at how much your income settles debts. Remember that lenders usually prefer a DTI that is under 36%. Therefore aim for a DTI that is below 36%.