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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

What Everyone Ought to Know about a Guarantor Loan

Let’s say you need a loan to finance your dream house, purchase a new car, or start a business but because of a poor credit history due to missed payments on past debts or a credit history that is none existent at all – because you have just graduated and still embarking on your first job – you simply can’t convince the Banks and other mainstream lenders to lend you the money that you need. For them, it’s a risk that they are simply not willing to take. This is where a guarantor loan comes into play.
A guarantor loan is a type of unsecured loan where another person is required to act as a guarantor on behalf of a borrower. The guarantor agrees to repay the debt should the borrower default from his payments giving the lender the assurance that it needs to grant the loan.

Who can be a loan guarantor?

Guarantors are commonly family members, relatives, or trusted friends who possess far better credit histories than the people availing for the loan. Most often they are parents who are very much eager to give their young adult children a hand in their first steps towards independence like seeking a deposit for their first home. For an individual to become a legitimate guarantor, there are several requirements that lenders will look into.

Loan Guarantor Requirements

Should be residents of the United Kingdom, whether homeowner or none homeowner.
At least 21 but not more than 75 years old at the onset of the loan.
Having a satisfactory or near perfect credit history is a must for someone to be a guarantor
Must have a bank account and Visa or Mastercard debit card. The account must be independent from that of the borrower.
Whether employed, self-employed or retired, a guarantor must have a minimum monthly income of £400

Loan Guarantor Responsibilities

Being a loan guarantor is clearly not for everyone and aside from the requirements mentioned earlier, the title also comes with obligations and responsibilities such as:
Playing the role as a co-signee to the loan agreed by the borrower and the lender
Receive the agreed amount of loan from the lender before handing it over to the borrower. Banks and lenders usually do this as a means to counter identity fraud
And most importantly, will have to carry the burden of making the payments to the lender if in case the borrower defaults from paying his dues.

Loan guarantor vs Cosigner

The guarantor and co-signer are pretty much similar in a way that they both are needed in strengthening an individual’s credit application and are both just as liable to make the repayments once a borrower defaults from his payments. The big difference, however, lies in the overall responsibility and level of liability in making the repayment that each will shoulder once the loan goes bad. Overall, a co-signer bears more risk than a guarantor because:
When the borrower defaults from his payments, the lender has the power to seek out the co-signer and impose legal action immediately.
On the onset of a legal action from the lender, the co-signer’s entire income and assets automatically falls at risk even if he is not in any way directly linked to the collateral of the loan.
On the other hand, the guarantor enjoys lesser risk because the lender can only pursue legal action on him if all possible means of collection on the borrower becomes exhausted. A co-signer is just as liable on all agreed terms, conditions, and obligations as the borrower once he signs the documents while the guarantor is merely a secondary form of repayment.
There are approximately 7 million people in the United Kingdom who are not qualified for a loan due to bad credit ratings or insufficient credit history. There may come a point in your life when a friend, a family member, or someone close to you will come knocking on your door asking for your help on becoming a guarantor after the bank rejected their bid for a loan. When it does come, you already know what the requirements are, the different obligations and responsibilities attached to it, and the risk involved when you agree to become one. You have the knowledge and it’s up to you the make the intelligent decision.

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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.