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

Payday Loans Direct Lenders with No Credit Check: How Credit Ratings Work

While most direct payday loan lenders conduct credit checks in evaluating their customer’s applications, they are very much open to catering those who have a low credit score. They simply won’t reject you if they see that your credit score is pretty much high risk as opposed to banks and other mainstream lenders who will automatically decline a loan application if your credit score does not reach the standard level. These lenders will put into consideration the different aspects of your application such as your overall income level to determine whether or not you can afford the loan and make the proper repayments in the agreed time. Nevertheless, it is always important that you know the nature of credit ratings and how it can impact your ability to take out a loan.

How Your Credit Rating is Impacted

Every time you successfully repay your loan, this is recorded in the Credit Reference Agency which will then be inputted in your credit history. Contrariwise, if you fail to make your repayments, it will also be recorded and will consequently deal a negative impact on your credit rating. Thus, it is always vital that you make the proper repayments if you want to maintain a better score in your credit rating. While there are plenty of lenders who will still cater you needs even if you have a bad credit score, it’s still better to have a good credit score in the end.

How Lenders Look at Credit Rating

When making a decision on whether to approve a borrower’s loan application or not, credit scores are one of the things that they will look into. So they can have an idea on how you will handle your future repayments, they will look at your credit history to see how you have dealt with credit in the past. All the data they will uncover in your credit file will be entered into a sophisticated algorithm that will make a prediction on your behaviour on how you will handle your loan based on historic data. Without a doubt, if you have a bad credit then the odds are certainly against you. Also, if you have a very minimal or non-existent credit history, it will also make things hard for a lender to make a prediction since it can’t find any or enough past data about you.

There is no such thing as being Black Listed

If you have made an application from a certain lender or a number of lenders and have been rejected, you might get the feeling that you are blacklisted or anything of the sort. This kind of feeling is pretty natural, however, it is far from the reality. The truth is, there is no such thing as a blacklist and a universal scoring system doesn’t exist either because in the end, it is still up to the lender on how it sees your evaluation. Different lenders will score you differently and put different emphasis on different aspects to evaluate your application. Other lenders are ready to take risk just to work out with a reasonable loan deal with applicant’s who have bad credit ratings.

Check For Errors

After being rejected over and over again by different lenders, this may be the right time to follow your gut feeling that there may be something wrong. If such is the case, you may want to check out your credit file for possible errors. Your file will hold a lot of data which means that you will have to look carefully for some discrepancies. The time and energy you spend on it will certainly be worth it however, because while there are errors that cannot make any significant impact, there are others that can prove catastrophic for your credit application. It is therefore vital that you go over your credit file line by line and if possible refer to at least 2 of the biggest agencies: Equifax and Experian to ensure that there are no errors.

Your Credit Score is Not Everything

Simply put, a huge part of your credit worthiness will come from the information you provide in your application such as your bank information, employment status, salary, address, marital status… If the lender verifies that the information you have provided are authentic and that your income is enough to cover the payments involved in your loan, the lender will normally take the risk associated in your bad credit report and grant you the money that you requested. And if you are a repeat borrower, then your bad credit will typically be disregarded in your future applications.

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