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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.

Who Qualifies?
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.

Payday Loans

Loans, loans, loans – they have been increasing dramatically in the United Kingdom over the years, and lenders have been popping up everywhere like corn kernels in a microwave! So, if you are in need of cash now, don’t panic. Even if you have a bad credit history is, you’ll find a lender that’s willing to offer you a loan. While you have many options to choose from, payday loans are worth considering.

What are payday loans?

Payday loans, also referred to as cash advances, are a type of small-scale, short-term loan. The interest rate of payday loans are known to be extremely high, depending on the lender. Normally, how much you can borrow is based upon how much your income is. It is computed by the amount of your paycheck to make sure you can afford the repayments.

The terms and conditions of repayment also depend upon the creditor, and can greatly vary from one lender to another. You can write or draft a post-dated check or leave your ATM card to the lender as a means for repayment. Some lenders allow installment repayments for several weeks until the total amount of the loan including the fees are covered.

Payday loans are getting more common in recent years as more people desperately need immediate cash. To qualify for payday loans, you have to have a stable income or job. Most payday loan lenders would look past your credit score, so you won’t have to worry if you have a low credit score.

why choose payday loans

Why apply for payday loans?

Payday loans are an easy and quick way to get your hands on extra cash. You can never tell the future. You may encounter instances you simply cannot avoid such as unexpected bills or emergency expenses. There are days when you need funds, but your next paycheck is a long way off, and there’s no one who can lend you money either. If this happens, you know a payday loan can be very helpful.

Speedy Transaction

The process for payday loan application and approval is much faster than conventional or regular loans. You do not have to fill out long forms and wait for several days or even weeks. Many loan providers are emerging in the market today, and this is why payday loan creditors maintain quick services to keep them on the lead. Lenders provide feedback promptly. This way, you can seek elsewhere right away, in case your application is declined.

Simple and Hassle-free Loan Process

Majority of payday loans can be applied online. With online loan application, appointments or prearranged visits are not necessary, and you don’t have to wait in line. With this convenience and efficiency, you don’t have to be physical there to process your loan. Loan applications can be sent remotely with only a computer and internet, and only minimal paperwork involved.

Minimal Documents Required

You don’t have to worry if you have low credit score or no credit at all because it will not hinder your loan request. Payday loans do not usually require credit checks. Traditional loans call for a collateral, but you do not need one with payday loans. The most basic requirement for payday loans is for you to have a regular income or whether it’s from a job or a benefit.

Cheaper Option

Come to think of it, if you just compute the late charges on your bills and bounced check fees, they’re more costly than taking out a payday loan. Payday loans may have very high interest rate, but if you pay on time, there won’t be any problem. You’ll be back on track with your finances the next month.

Many people would choose credit cards to cover extra expenditures over payday loans. The small payments are much easier for them to make than paying back the full amount along with the loan fees for payday loans. Paying small amounts is more convenient for them than paying a heavy one-time payment. However, what they do not realise is the long-term effects of carrying excessive debt on their budget.

Conversely, credit cards are handy in most times. However, unless you pay your monthly balance in full each month, interest will also build up on top of your balance. When credit cards reach their limit, people oftentimes turn to payday loans. Payday loans are a great way to remedy immediate money problems, bridging the gap between unforeseen expenses and your next paycheck. You can get rid of your urgent cash deficiency with payday loans.

Other Possible Alternatives to Payday Loans

Aside from using your credit card, you can opt for an unsecured personal loan, doorstep loan or a guarantor loan. You can easily qualify for an unsecured personal loan if you have a good credit rating. If not, you might be having difficulty obtaining one.

Doorstep loans are also popular alternatives to payday loans. A lender’s agent will come to your home, discuss and process the loan for you. The loan amount will also be delivered to you, and your repayments will be collected right from your doorstep. The added service and convenience of this loan results in a higher interest rate as well.

You can also try taking out a guarantor loan, which requires another person with a good credit rating to guarantee the loan for you. The guarantor can be your friend or family member. As long as he or she is qualified, the guarantor can help you get the money you need. However, the guarantor must be aware of the risk involve, as he or she shall pay the loan for you in case you can no longer make the repayments yourself. On the downside, guarantor loans take much longer to process than payday loans. So, if you need the money as soon as possible, a guarantor loan might not be for you.


The bottom line is, if you use payday loans responsibly, it can make your life easier. On the contrary, financial damage can be substantial if you don’t have the self-discipline to pay your loan on time. Because of its ridiculously high interest rate, plus if you’ll have missed payments, late fee or missed payment charges will build up on top of the interest. This can lead you to a further financial wreck. Self-discipline is the key to financial success. Control yourself in terms of your spending habit and paying bills on time.

why choose payday loans


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5 most recent personal loan reviews

Review of Police Credit Union

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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Review of AA

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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Review of Future Finance

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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To guarantee authentic and unbiased reviews we have used Trust Pilot.

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)

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