Which payday loan is best for
people with bad credit?
Which payday loan is best for people with bad credit?
How Much Cash Do You Need?
Get Money Quickly when You Need It
When you have to have funds, you don’t want anything to stand in your way. Your bank may want to run a credit check on you and make lending into a long, drawn out process. You may not have time for that. Getting the funds together on your own may not be an option. You have a looming bill, and it needs to be paid right away. How do you get the funds for that?
It’s easy. Just apply for the loan you need through Power Funder. We make lending so easy that anyone can do it, no matter what their credit or financial situation is like.
How to Get Paid
Once the lender the loan comes from approves you for the loan, you can have your money deposited directly to your banking account in the next day or so. It can take from 1-3 days for the money to transfer. Once it does, you can start using it immediately.
Almost everyone who applies for one of the loans offered by our many lenders is approved for at least one loan. You may not have a lot of options if you have made some serious financial mistakes in the past, but we will try to ensure you qualify for a loan that is close to what you are looking for. The better your financial situation, the more likely you are to qualify for the loan you want. That’s because lenders are looking for people who aren’t risky for them. They want people who are likely to pay them back on time, and when they take a look at your finances, they will determine if that applies to you.
How to Repay the Loan
The lender will make repayment arrangements with you. You will be responsible for sticking to the arrangements and repaying the loan in full, including any interest and fees accrued. If you pay late, then additional fees and interest may be added, increasing the cost of the loan. Be sure you make all payments on time and notify your lender if you are having problems doing so.
There a hundred loans available online and offline but still, it’s not easy for a bad credit borrower to score an advance. Banks and conventional loan providers are the primary sources of a loan but they are easy to decline anyone with a poor credit remark. For them, it’s very risky to attend to their requests because it only means that they have committed arrears, defaults, late payments, CCJs, or bankruptcy in the past. There’s a chance that it might happen again and one way to put their business at risk is to avoid such applications. The same thing happens to anyone without a credit history since they have no basis about the borrower’s previous financial activities.
Fortunately, there are other options to choose from when you’re credit score as well your income is an issue. Secured loans or guarantor loans are some of the feasible options but if you feel like working on a new advance, and you have what it takes to be accepted, you can opt for joint loans.
Sounding almost the same as guarantor loans, you need to get another person involved with joint loans to cosign the contract with you. However, instead of obtaining and using the loan all by yourself, you will share the fund and the responsibility to settle the debt of the other party involved in the agreement. Below are a few considerations before you get the loan.
How Do Joint Loans Work?
Joint loans –as the name suggests – allow two or more people to borrow one single account and share the obligation of giving the loan back. The principal debtors should be financially-linked with one another, so it can be your spouse, parents, or siblings. Both parties should meet the lender’s criteria to be qualified.
In case the other person is not blood-related, you must be bind by marriage. Engaged couples might be entertained but in some cases, they need to tie the knot first before they receive the actual fund. On the other hand, some borrowers may still accept other forms of relationship as long as they are both capable of the loan.
How To Apply?
You may start the application over the phone, by visiting the lender’s office, or by submitting an application form online. The entire application process is almost the same as regular loans; the only difference, however, is that both parties are required to fill out the application form and submit basic requirements shown below:
- Personal Details
This includes the full name, birth dates, email addresses mobile numbers, etc.
- Employment Information
This includes the monthly/annual income, job position, company name, etc.
- Financial Details
This includes the bank statements, credit card, etc.
It’s necessary that both of you provide honest answers as there are ways to verify the details. This influences the lender’s decision, the interest rate to be charged, and the maximum amount you can obtain, and any inaccuracies may result to rejection.
Finding The Right Join Loans For Bad Credit
It’s a must to conduct a background check first before you submit an application. This reduces your chance of being scammed or dealing with a high-interest loan. It’s also imperative to know the reason behind the application and the exact amount you need.
In addition, it’s important to find out the repayment term and the loan’s due date before you submit the requirements. This will help you assess whether your incomes are enough to cover the monthly repayments. Choose a shorter period rather than a longer one; the sooner you settle the loan, the lower the interest rate applied.
That being said, you should the interest and other fees involved with the account. Opt for joint loans with cheapest Annual Percentage Rates (APR) so it won’t be difficult to settle. Moreover, find a lender who is transparent enough with all their fees.
Joint Loans Options
Finding a joint loan is easy and here are the options to choose from:
To be qualified, you will need to pledge collateral under you and your partner’s name. The property will be used as a security for the loan. This increases your chance to get approved because the lender has something to hold on against you should you decide to default. This means that you can lose your property if you stopped repaying the loan.
Joint Bank Accounts
With a joint bank account, you can use the overdraft option when you’re in need of fund. However, make sure that you can handle it since it’s a more expensive than actual joint loans.
If you’re not willing to risk your property or you have no asset to pledge in the first place, an unsecured loan is a perfect option. There’s no need for a property to secure the loan and the application process is easier and quicker. Only a few things will be verified, thus reducing the length of the application process. However, one or both of you should have a high income and an excellent credit rating to impress the lender.
What Makes Joint Loans Different From Guarantor Loans
Most people think that joint loans and guarantor loans are similar because there are more than one people involved, however, it works differently. With joint loans, both parties signing up the loan agreement are considered as principal borrowers. They both have the right to use the cash provided and the responsibility of repaying it.
With guarantor loans, on the other hand, only the principal borrower is allowed to use the loan. The guarantor is not responsible for the monthly repayments unless the original debtor defaulted.
Do You Need To Be Married To Become Eligible?
For most lenders, it’s necessary to become married first before they are approved with joint loans but, this is not the case all the time. Some joint loans providers won’t require marriage; some may even be approved even if there’s no intimate relationship at all. Nevertheless, both parties should trust and know each other, understand their obligations and the liabilities they have afterward. In case of unemployment, sickness, or even death, the other party must still continue on repaying the loan. Meanwhile, a divorce or breakup doesn’t mean that the other principal borrower can end his obligation towards the loan.
The Lenders List
REPRESENTATIVE EXAMPLE: Borrow £500 for 6 months. Annual interest rate 238% (variable). 1 instalment of £142.10 & 5 equal instalments of £142.42. Total amount to repay £854.20. Representative 788% APR.
5 most recent personal loan reviews
Since the very start coming to PCU back in June 2016 I have been 100% happy with the way the whole staff have looked after me and helped to make my future a lot happier for myself and family thank you PCU.
Review posted by David Green
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I have used the AA twice now and on both occasions they were extremely helpful and courteous to deal with. I would certainly not hesitate in recommending them to anyone.
Review posted by Patricia Greaves, Warrington
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My daughter applied for a loan with me as her guarantor. I only got a call to confirm a few details on the application form and money was in my account within 24 hours. Fantastic service and would recommend Future Finance loans to anyone refused a loan by the high street banks. Thanks for taking the financial stress from my daughter.
Review posted by Freda Humphries, Maidstone
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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)
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