Bad Credit Payday Loans - Can You Get A Loan With Bad Credit?
Bad credit payday loans are one of the most sought-after forms of short-term loans that Money Pig offers. With so many people struggling with a bad credit score on one side and the traditional approach of banks on the other, there’s a clear gap that needs to be filled. In the UK, getting a loan from any premier bank with a bad credit score is next to impossible. This is absolutely unfair to those struggling to pay their bills while waiting for their paycheck. At Money Pig, we believe that everyone deserves a second chance and therefore offer several bad credit short term loan options, including bad credit payday loans. However, you need to know the pros and cons of bad credit payday loans before applying for one.
To begin with, these loans are great for anyone struggling with bad credit or experiencing liquidity issues. However, before you move any further, you need to prep-up yourself with enough information to get the best out of your borrowing. So, if you are going through a tough phase and are pretty sure that premier institutions such as banks and credit societies would turn down your payday loan application, then Money Pig is here to help. We bring you a whole bunch of direct lenders that are legitimate and licensed by the Financial Conduct Authority (FCA). However, none of their credentials hold them back from lending bad credit payday loans to you. In fact, we would be thrilled to connect you with the right direct lender and help you during these tough times.
Bad Credit Payday Loans | FAQs
- What is a bad credit payday loan?
- What can I use bad credit payday loans for?
- Does bad credit lower my chances of getting a payday loan?
- Will applying for bad credit payday loans lower my credit score?
- How do I apply for a bad credit payday loan?
- How does Money Pig approve payday loans?
- Do I have other bad credit loan options?
- Do I have other payday loan options?
- How quickly do I need to repay a bad credit payday loan?
- How would a low credit score affect my payday loan?
- What is the interest charged on bad credit payday loans?
- Why should I borrow a bad credit payday loan from Money Pig?
- I have an existing loan, so can I still borrow a bad credit payday loan?
- Is bad credit payday loan the right option for me?
- Do I need a guarantor to borrow a bad credit payday loan?
- What are my other loan options for bad credit without a guarantor?
- Are Money Pig’s bad credit payday loan lenders legitimate?
Before we discuss bad credit payday loans, you need to understand payday loans. Basically, payday loans are a type of short-term borrowing that helps deal with emergencies. Earlier, these loans used to become payable on the day when the borrower received his paycheck. Although that has changed now, the name ‘payday check’ continues to stick to it.
Primarily, bad credit payday loans are the payday loans advanced by certain direct lenders to those with bad credit history. Money Pig knows how difficult it is for those with bad credit to borrow payday loans from banks and other reputed financial institutions in the UK. Therefore, we collaborate with some of the best direct lenders that are willing to extend payday loans specifically to those with bad credit.
You can use bad credit payday loans for literally anything — an emergency, a limited period offer, a car repair, utilities, grocery or anything else that you wish to borrow it for. However, since this type of loan usually comes with a higher rate of interest, it is recommended that you use it only for things that cannot wait. Also, make it a point to repay the bad credit payday loan as scheduled, else you may end up further lowering your credit score. We always recommend those with bad credit scores to borrow payday loans for a longer duration so that a small amount from their paycheck goes towards repaying the loan. The core benefit of doing this is that the borrower does not feel burdened or miss paying loan installments.
If you are applying for a bad credit payday loan from a bank in the UK, then be prepared to face rejection. Most banks maintain a traditional approach in this regard and reject all loan applications that come from those with bad credit scores. At this point, it is important for you to understand that any loan rejection would further decrease your credit score in the UK.
On the other hand, if you put in a payday loan application to Money Pig, we can forward it to our direct lenders. As a financial intermediary, Money Pig has several direct lenders within its network that would be willing to provide you a bad credit payday loan. These direct lenders understand how difficult it is for you to manage your expenses and believe in giving you a second chance to get back on your feet.
As we know the requirements of such direct lenders, besides having your details as mentioned in our online bad credit payday loan application, we are in a position to connect you to the right lender. This brings down the chances of a loan rejection and prevents hurting your credit score.
So, to sum it up, the answer to whether bad credit payday loan can lower your credit score depends on where you plan to put in your bad credit payday loan application.
The answer is both yes and no because while Money Pig does not mind you having a bad credit score, most banks in the UK think otherwise. They usually reject all loan applications filed by those with a bad credit score. However, our direct lenders would be more than pleased to offer you a bad credit payday loan despite a low credit score. As most of the loan processing is carried our online, you can expect your bad credit payday loan to be sanctioned within minutes.
Money Pig keeps its bad credit payday loan application process as easy and convenient as possible. So, all you need to do is fill in a quick and easy online form and you are done. By submitting your details to us, you enable us to forward your application to the most appropriate direct lender. We are passionate about ensuring that our applicants get their bad credit payday loans on the same day. By handpicking the right direct lender for you, we also eliminate the chances of rejection. Finally, you and the desired direct lender need to negotiate the terms of the loan agreement such as interest rates and loan duration. However, our direct lender might run a soft credit check on you, so make it a point to furnish correct details in the bad credit payday loan application. As a financial intermediary, Money Pig has a 92% approval rate for bad credit payday loans.
Money Pig follows a simple and effective bad credit payday loan approval process, which enables you to borrow a reasonable amount based on your current employment and income streams. You may put in your applications through our website and we would help you reach out to some of the best direct lenders. As a financial intermediary, Money Pig has a large network of direct lenders who are always ready to sanction bad credit payday loans.
After the initial screening of your application and after connecting you to the right direct lender, Money Pig does not bind you in any way. At this stage, you are free to accept or reject the proposals of our direct lenders. Once you agree to a particular direct lender’s proposal and enter into a bad credit payday loan agreement, then you would be bound by that. So, you would be liable to repay the principal and the agreed interest either as a lump sum or in smaller installments.
You do, but your options are limited and heading in the wrong direction could turn out to be dangerous. As a matter of fact, payday loans in the UK are frowned upon by economists and financial advisors as it comes with higher interest rates. However, this is solely due to the short-term nature of this form of borrowing. Also, irrespective of the amount of criticism hurled at bad credit payday loans, these exist because there is a demand for it. Sadly though, reputed banks in the UK are yet to warm up to the idea of lending loans to those with bad credit. So, your only option is to approach a direct lender who is willing to advance bad credit payday loans.
Finding a direct lender willing to offer bad credit payday loans isn’t easy and may require a lot of time. So, to help speed things up, we bring you a network of direct lenders who understand this and offer bad credit payday loans with just a few formalities. However, a bad credit payday loan isn’t your only option and Money Pig offers several short term and long term loans to those with bad credit scores. This includes short term loans for bad credit, installment loans for bad credit and cash advance loans for bad credit. You may apply for any of these bad credit loan options through Money Pig’s loan application form.
Money Pig offers payday loans to those with all types of credit scores — both good and bad. So, if you have a good credit score, you can still apply for a payday loan through Money Pig. We cater to the needs of those with all types of credit scores by providing flexible payments and negotiable interest rates. So, you need not look any further for payday loan options and can conveniently custom design your payday loan’s structure with one of our direct lenders. If you clearly mention your needs and requirements in the loan application, we can help you do this by connecting you to the most flexible direct lender from our network.
Money Pig keeps things as convenient as it can, especially for those struggling with a bad credit score. Our bad credit payday loans are designed to suit your requirements and also that of the lender. Therefore, unlike the typical payday loans, you are not restricted to a week or even a month. We like to keep things flexible and therefore the exact terms depend on what you and the concerned direct lender agree to. This could be anywhere from a week to several months. As your interest for the agreed duration is added to the principal amount and is then distributed into smaller repayments, it is always wise to borrow bad credit payday loans for less than a couple of months. However, if your income streams are unstable, we recommend choosing a longer repayment period as that allows you enough time to repay consistently, without any defaults.
If you went to a typical UK financial institution like a bank, then be prepared for a rejection that would further lower your credit score. As far as direct lenders are concerned, not every direct lender would be willing to lend a payday loan to those with bad credit. So, let us assume that you apply for a bad credit payday loan from 5 direct lenders, individually. If three out of the five turn down your bad credit payday loan application, then your credit score drops further. In fact, even if one out of the five direct lenders reject your application, you still face dire consequences. Therefore, Money Pig helps ease things up by connecting you to the most appropriate bad credit payday loan lender. However, depending on your individual credit score, you may be charged a higher rate of interest, as compared to those with good credit scores.
The interest rates charged on all loans for bad credit are higher compared to those available to individuals applying with good credit scores. This coupled with the fact that all payday loans charge comparatively higher interest rates may make it appear a wee bit costly. Nonetheless, since bad credit payday loans are often borrowed for a very short duration, there is little to worry about the high-interest rates. However, the exact interest rates vary from one lender to another, depending on their internal policies and your credit scores. Since the interest rates charged on bad credit payday loans are comparatively higher, these must be borrowed only in case of emergencies.
Bad credit payday loans offered by Money Pig are brought to you in association with some of the most reputed direct lenders willing to offer bad credit payday loans. Since our lenders do not mind your bad credit scores, we can process them quickly. Also, as we have a whole bunch of such direct lenders, you can expect to cut a favorable deal.
Moreover, since Money Pig is an intermediary, meaning that we do not lend the bad credit payday loan ourselves, you need not deal with the consequences of loan rejection. Although our bad credit payday loan approval rates are as high as 92%, any loan rejection by us does not hurt your credit score. That’s because we are an intermediary and not a direct lender. So, this is yet another benefit of transacting through Money Pig. Plus, since we are fully aware of the stiff competition between our direct lenders, we can help you get the best deal.
You might be able to borrow our bad credit payday loan despite your bad credit history and existing loans. Nonetheless, we would only be able to provide a definite answer when you furnish the necessary details in our bad credit payday loan application. Depending on your current income and your monthly or weekly liabilities, we may still be able to connect you to a direct lender willing to give you a bad credit payday loan. So do not hesitate to submit your bad credit payday loan application to us and we will do the best we can to help you.
If you suddenly need some extra cash and are down with a bad credit score, then a bad credit payday loan would serve the purpose. However, since bad credit payday loans come with higher interest rates, it makes sense to borrow them only during emergencies. We do not recommend this type of borrowing for holidays or other recreation purposes that can wait until your payday.
Also, for those who wish to borrow a higher amount despite their bad credit scores, we do have certain other bad credit loan options. Therefore, make it a point to mention your requirements clearly in the loan application and we might just help you save some money that you would otherwise pay as interest. So, the exact answer to the question —whether or not bad credit payday loans are suitable for you— entirely depends on the reason for which you are borrowing it. If you are unsure of it, please make it a point to discuss that with one of our experts through phone or email.
We know that most direct lenders sanctioning bad credit payday loans require you to have a guarantor to minimize their losses. However, if you do not have a guarantor but are burdened with a bad credit score then we may still be able to find you a direct lender willing to advance a bad credit payday loan. However, to speed up the process we strongly recommend that you mention your inability to provide a guarantor for your bad credit payday loan in the loan application. This would allow us to expedite the process and help you get in touch with the right lenders.
For those struggling with bad credit, we offer several loans for bad credit through our network of direct lenders. while some of these require you to have a guarantor, there are quite a few options for those with bad credit to receive loans without a guarantor. Your options include short term loans such as bad credit cash advance, bad credit short term loans and other long-term options such as bad credit installment loans. While our short-term loans for bad credit are ideal to deal with a short-term requirement such as repairs, you may consider our bad credit long term loan options if you wish to purchase assets such as real estate or car.
We often receive this question from concerned potential customers, so if you have the same question for us, then here’s what we have to say. All bad credit payday loans offered by Money Pig’s direct lenders are legitimate. Since all our direct lenders hold an FCA license, there is little you need to worry about. Although the rules and regulations in the UK require direct lenders to mandatorily run a credit check, they do not restrict the lenders from advancing bad credit payday loans.