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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.

Small Loans

Sometimes you might find yourself in a situation where you need to borrow money, but not necessarily mean taking out a large loan for thousands of pounds. It’s a common thing among people to need a little extra cash just enough to tide one over until payday, especially if a surprise bill or an emergency expense comes up.

What are small loans?

Small loans are short-term borrowings that are aimed toward individuals rather than toward businesses. They are obviously low in value, typically anything from £100 loans to £1,000 loans. Small loans come in different forms, from payday loans to instalment loans to personal loans. These types of credit are a convenient way to pay for unforeseen emergency expenditures. They’re easy to apply for and quick to process.

Small loans are used for, well, those smaller, yet still important emergencies such as unexpected payables, an urgent repair or medical bills. Small loans can be settled in a very short period, can be in two weeks or two months, depending on the lender. Because of the convenience and quick approval of small loans, they usually come with a much higher interest rate as compared to regular loans.

Small loans are unsecured loans, meaning they are not secured against any asset. If you can no longer pay for your loan, you would not have to forfeit your car, home or other asset used as collateral. Unlike small loans, most secure loans are large amounts of money and are usually long-term.

why opt for small loans

Where to find small loans?

You can find small loans offered by online lenders, credit unions, some banks, and payday lenders.

Many online lenders determine your interest rate based on traditional factors such as your credit score, your income, and employment history. Some also consider other factors like your line of work and education level. Majority of online lenders consider those with low credit scores, but the interest rate will be much higher.

Most lenders will let you check rates without affecting your credit. This way, you can shop around at multiple lenders online without worrying about your credit rating. Some lenders may charge extra fees, so before choosing a loan, look at all the fees the lender charges and how flexible the lender is to see what works for you.

Your local credit union is also one of the best places to get small loans. Since credit unions are not-for-profit financial institutions, you’re more likely to get an affordable small loan here than at other types of lending company. Credit unions look at more than your credit score when they assess you for a loan. To apply for a loan, you will have to become a member of the credit union. You will be required to deposit a certain amount in a savings account. Many credit unions offer small loans to borrowers with low credit scores.

A few big banks in the UK offer small loans. Most banks require a processing fee or service fee. If you borrow small loans from large banks, eligibility will be based on your income and credit score. Interest rates vary, based on your personal circumstances, but are rates are usually fixed for the term of the loan.

There is no easier way of getting small loans than by going to a lender that does not check credit scores, and these are payday lenders. However, payday lenders should be your last resort because these loans are extremely costly. Payday lenders offer small, short-term cash advances. If you take out a payday loan, you’ll be required to allow the lender access to your deposit account via a post-dated check or electronic transfer. Payday loans are settled in a one-time payment of the full amount, including fees and interest.

Taking out small loans

To be eligible for small loans, you must be at least 18 years old, a UK resident, and must be currently employed earning a minimum of £750 a month after tax.

The application process for small loans is simple. Most small loan lenders operate online, making the process faster, easier, and hassle-free. It takes approximately 5 minutes to fill out an application form. Decide how much cash you would like to borrow, and for how long. Then fill out your personal details, and the lender will run a few checks to ensure that you are eligible for a small loan.

Lenders approve small loans as quickly as possible. In most cases, lenders ensure that your money is in your account within 24 hours from your application. Some lenders would have your repayments for your loan taken out from your bank account automatically.

You may to provide additional details such as proof of employment when you apply for certain small loans. This is to help ensure that you match the eligibility criteria of the lender, and will be able to make repayments when required. A payslip or other proof of income and employment will be requested from you shortly after your application is sent through, if it is needed.

Important Tips

Everyone could have cash emergencies from time to time. If you do not have sufficient funds, or have family or friends who are able to help you out, then applying for small loans could be an appropriate course of action. However, keep in mind that small loans should never be considered as a long-term solution. Furthermore, small loans are not appropriate for leisure shopping. They are only ideal for emergency expenses.

Small of a debt it is, but it is still imperative that you consider your ability to make repayments and meet the agreed loan terms and conditions of any small loan. Although the amount you are borrowing is small, you still need to borrow responsibly.

Consider how and when you can repay the total cost of the loan. It’s important that you’re fully aware what these costs are before you apply for small loans. Otherwise, you could end up paying more than you intended to. Look for small loans with terms of three months or longer and fixed monthly payments.

Borrowers planning to apply for small loans online should carefully check the lender’s fees, such as the application fee and late payment fee. Check also the lender’s reputation to make sure they are legitimate and authorised to operate.why opt for small loans




The Lenders List

Loan amount
£100 - £3,600
Loan term
3 - 12 Months
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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

  • Customer Service
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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)

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