Which payday loan is
best for people with
bad credit?

Which payday loan is best for people with bad credit?

Strong Service Benefits

Our loans offer people with a bad credit history or no credit at all a chance to get a personal loan. With loan repayments made on time and in full our loans could help people to correct their credit score or create a good score if they have never had credit before.

Easy and Secure Application

Quick approval Process

Contactable by Email

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

Please note:
Finacerr is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.

Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances

Credit Loans and What You Need To Know about Them

What is a Credit and how is it different from a loan? Or are the two just the same? Indeed, there are many questions that comes into mind when we hear the words credit, loans, and credit loans. These words also keep popping all the time, in the Television, on the News Papers, and sometimes even on our FaceBook Feeds. Here are some of the things that you need to know about them.

What is a Credit?

In technical terms, a credit is a contractual agreement conducted by a borrower and a lender wherein the former receives something of value, mostly money, in the present and promises to repay the latter in a agreed period of time, generally with interest. Simply speaking, when you borrow money from a bank through a loan, the agreement you make with the institution is called a credit.

Different Types of Credit

There are various kinds of Credits namely  bank credit, commerce, consumer credit, investment credit, international credit, public credit and real estate. Thus when a lending institution like a bank provides their clients with car loans, mortgages, consumer loans, and the like, they are offering them with different types of credit. The most important thing to remember is when a lender and borrower agrees on a credit there is always a means of repayment at certain period of time attached to it which means every time you make a purchase in the mall using your VISA card, you are doing so with the knowledge that you are going to pay for it in the near future.

How does a credit union work?

Credit Unions are similar to banks in which they operate by accepting deposits from members and offering loans to them. The difference, however, lies in its structure and its very purpose. While banks are essentially established by big-time capitalists, credit unions are set up by individuals who share a general interest, like there place of residence or work, and provide their members with relatively low-interest loans, and savings. The institutions have been operating since the 40’s but have recently been enjoying an increase in popularity amongst savers and borrowers alike worldwide.

Key Features of Credit Unions

Both savers and borrowers must possess a common interest which means they must reside on the same area or work in the same company or belong to the same industry. They can also be of the same religion or affiliation or trade union.
“Non Profit” is always the main theme so instead of giving profits to shareholders, they are distributing the extra money to their members and for the development of services.
There are huge unions with thousands of members while there are others that operate with much fewer.
Regulated by legal authorities namely the Prudential Regulatory Authority and the Financial Conduct Authority.

Member Protection

Protecting the common interest of all its members is of utmost importance to Credit Unions so they usually make sure that borrowers don’t avail loans which are impossible for them to pay back. They deliberately evaluate the incomes of loan applicants and even assess how much they have been able to save. A cap is also issued on the interest rate that they can impose on their loans which is usually at 3% a month or 42.6% a year APR. In Northern Ireland, though, the cap is at a very low 1% a month.
How do you get a bad credit?
A bad credit simply means you possess a poor credit history and poor credit rating because of various reason namely:
Late or missed repayments of a loan
Failure to repay your loan
When a debt collection agency tries to take over on your debt
Bankruptcy
Vehicle or home repossession

What is the implication of a Bad Credit Rating?

Once you have a bad credit rating, it would be difficult for you to get a loan and borrow money from lenders since, based from your history and standing, you are much more likely to default from your repayments for a loan, credit card, mortgage and the like. Thus it is very important that you take care of your credit rating by making your repayments on time and by taking care of your overall financial health in general.
If you are having a difficulty availing for a loan from a lender due to bad credit rating, there are other alternatives that you can opt for. There are plenty of lenders that actually offer paydayloans even for individuals with bad credit. The interest rates are higher, though, but if you are really in dire need of money because of an emergency situation and your credit score just prevents you from getting a loan, this may be an option that you might want to consider.

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5 most recent personal loan reviews

Review of Totally Money

Hello, I would like to say how quick, simple and relatively easy to apply for the loan can be. The person who phoned me was very polite and any questions that I needed to ask were answered quickly and easily, they were very knowledgeable and I would recommend them to anyone. I don't think they could be better personally. And the money transfer is really fast and it was all sorted out that day.

Review posted by Stephen Hancock, Leeds

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Chirpy Loans

My partner needed a loan asap and after he was turned down by his bank for a loan and several other banks, we felt we should give Chirpy loans a try. 15 mins after filling out the application, someone called up and approved the loan within minutes. The girl was super friendly and made sure we would be able to pay the loan back. Its great that they believe in you.

Review posted by Nicola Bird, Oxford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of My Jar

At a time I needed financial help, My Jar loans took me through everything I needed to know and bent over backwards to get the money requested to me in the shortest time, really good service. Strongly recommend them to anyone.

Review posted by Peter Middleton, Barnstaple

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from TrustPilot.com for authentic quotes.