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Payday Loans With Bad Credit: The Best Guide

Payday loans for people with bad credit.

Looking For A Payday Loan With Extremely Bad Credit? Read This..

Is your credit rating shockingly poor? You are not alone. According to the financial website thisismoney.co.uk, one in three Britons has been rejected for the best financial deals because of their credit rating. The Competition & Markets Authority also found that 38% of payday loan customers had experienced a bad credit rating. But how does a bad credit score affect your hunt for a payday advance, cash advance or payday loan? Read on..

Bad Credit Impact →

How Bad Credit Can Affect Your Payday Loan Application

Internet lenders collect the following information during an application:

  1. Amount of the loan requested
  2. Name, address, residential status, date of birth, email address and telephone number
  3. Income details, such as employment type, net monthly pay, pay frequency, pay date, employment sector and time at current job
  4. Personal expenditure details
  5. Account name, sort code, account number
  6. Debit card details, including card type, card number, expiry date and security code

High street lenders will need to see your ID and proof of address.

Lenders then carry out an assessment of a customer’s creditworthiness and their likelihood of successfully repaying the loan. This often involves performing credit checks. Most lenders have developed their own automated risk models using historical customer information to help them make lending decisions.

Online applications then pass through verification stages that consist of ID and fraud checks as well as a check that they meet additional policy or business rules. Should verification of your details or any fraud checks fail, then your loan will be refused. Another reason for your application failing is if you do not pass thresholds outlined by the lender’s business or policy rules.

Online Verification

Online, verification of your ID can be carried out in the following ways:

  1. Single or multiple telephone numbers may be required and may be contacted
  2. Credit Reference Agencies credit records and other electronic databases, such as the electoral roll may be used
  3. For high street lenders, you will be required to bring in one or two forms of ID, such as a passport or driving licence, and this will be checked against a proof of address, such as a utility bill or a bank statement. Application forms are analysed for consistency and fraud and money laundering risk indicators.

Even if you have bad credit you can still get a loan. You are most likely to get a loan from a high street lender that requires bank statements or payslips to assess affordability and creditworthiness.

No Credit Checks →
How to get easily approved payday loans with poor credit.

Secrets Of Easy, Hassle-free Loans With No Credit Check.

Why Look For Payday Loans With No Credit Check?

The presence of multiple credit searches on your credit record is something that makes it less likely that your application will be successful. This is because multiple searches leave a similar footprint to a customer who is very credit-hungry.

How To Get Easy Approval

Most major online lenders use some form of internal score that includes information from Credit Reference Agencies to make a decision on new applications. There are, however, some high street lenders that base their lending decision on their ability to verify your income using documentation such as bank statements or payslips. These lenders do not necessarily carry out credit checks but rely purely on income verification documentation. Examples include:

  1. The Cash Store

    The Cash Store made loans of no more that 50% of your net income, subject to a lower limit of £50 and an upper limit of £800. Each branch manager was responsible for signing off on loans and qualifying customers at 50% of their income based on their bank statement. You would not be considered if you could not provide a bank statement.

    The Cash Store is no longer trading within the UK.

  2. Speedy Cash

    Speedy Cash Stores requires you to present a bank statement, payslip or to log-in to your internet banking. You also have to show at least 60 days of recurring income.

Using a high street lender offers the most straightforward route to a payday loan if you want to avoid a credit check, and if you can provide the necessary documentation. But is there such a thing as a guaranteed loan?

The Truth About Guaranteed Payday Loans

In 2012, major payday lenders rejected loan applications at a rate well above 50%. This is believed to have risen for most operators as the Financial Conduct Authority clamps down on the payday lending industry.

There is no such thing as a guaranteed payday loan. However, you can improve your chances by understanding what is required to complete the application process successfully. Read How Bad Credit Can Affect Your Payday Loan Application.

High street lenders verify income and expenditure using physical documentation such as bank statements and may offer the best opportunity for success.

Below are the absolute minimum requirements to apply successfully:

  1. UK resident
  2. Over 18 years of age
  3. Have a bank account with a debit card
  4. High street lenders require identification (ID) and proof of address
  5. Online lenders require mobile phone ownership
  6. Minimum monthly income requirements vary from £100 to £750

See above for more on online ID verification.

For high street lenders you will be required to bring in one or two forms of ID, such as a passport or driving licence, and this will be checked against a proof of address, such as a utility bill or a bank statement.

You are also more likely to be approved for a loan from a lender you have already been a customer to, provided you have made previous payments on time. But what are the common reasons for rejected applications?

7 Common Reasons For Failed Applications

  1. Holding more than 5 current accounts
  2. Having a previous overdue repayment with the same lender
  3. Undergoing Legal proceedings
  4. Having a debt management plan in place
  5. Inability to provide a bank statement
  6. A large proportion of income being used to repay secured debt e.g. mortgage or car payments
  7. Failing the verification stage by not being on electoral roll or otherwise

Now you have enough information to navigate through the application process, but how fast can you get your loan?

Instant Payday Loans →
How fast and how quick are instant payday loans.

Instant Payday Loans With Bad Credit: How Fast Are They?

Online application forms generally takes 5 - 10 minutes to complete. Once submitted, the lender verifies your details and completes affordability and risk assessments. The time taken to do this depends on whether manual checks are necessary. If manual checks are necessary then approval times can take anywhere from 2 hours to one week. If manual checks are not required, then approvals can take under a minute and rarely more than 5 minutes from the completion and submission. After that, the only limit is then the time taken for your bank to process transfers.

Funds are usually transferred the same day, often in a couple of hours, although some lenders offer a basic service using a BACS transfer which may take up to two to three days. Typically these lenders also offer a same-day transfer, for which they charge an additional fee.

Funds are usually transferred the same day, often in a couple of hours, although some lenders offer a basic service using a BACS transfer which may take up to two to three days. Typically these lenders also offer a same-day transfer, for which they charge an additional fee.

Customers using high street payday lenders receive cash immediately after approval.

So how long should you expect to wait?

The Quickest Payday Lenders

Quickest UK Payday Loan Lenders Source: Competition & Markets Authority
Brand Time To Complete Application Approval Time Minimum Payout Time Total Time For Loan
Lending Stream 3 minutes 2 minutes 4 minutes 9 minutes
Zebit 3 minutes 2 minutes 4 minutes 9 minutes
Wonga 5 - 10 minutes Less than a minute Less than 5 minutes Less than 16 minutes
The Loan Store 5 minutes 30 minutes Loans funded at 1pm and 5:30pm Mon-Fri & 5:30pm on Saturdays 35 minutes plus wait for funding times
PaydayExpress 5 minutes Less than a minute 45 minutes Less than 51 minutes
PaydayUK 4 minutes Less than a minute 1 hour Less than 1 hour 5 minutes
Pounds to Pocket 5 minutes 1 minute 1 hour 1 hour 6 minutes
QuickQuid 5 minutes 1 minute 1 hour 1 hour 6 minutes
MYJAR 5 minutes 5 minutes Less than 1 hour Less than 1 hour 10 minutes
The Money Shop 5 - 10 minutes 20 minutes Less than 1 hour Less than 1 hour 30 minutes
Speedy Cash Unspecified 30 minutes Less than 1 hour Approximately 1 hour 30 minutes
Cheque Centre 5 minutes 30 minutes Less than 1 hour Less than 1 hour 35 minutes
H&T 20 minutes 20 minutes Less than 1 hour Less than 1 hour 40 minutes
Cash Store 30 minutes 10 minutes Less than 1 hour Less than 1 hour 40 minutes
Payday is Everyday 5 minutes 1 hour 1 hour 2 hours 5 minutes
Txtme Cash 5 minutes 1 hour 1 hour 2 hours 5 minutes
Cash Genie 5 minutes 1 hour 1 hour 2 hours 5 minutes
CFO Lending Unspecified 2 hours 1 hour At least 3 hours
PayDay First Unspecified 2 hours 1 hour At least 3 hours
WageDayAdvance 30 minutes 2 hours 1 hour 3 hours 30 minutes
Avoid Application Fees →

How To Avoid Application Fees

Fee-charging payday loan brokers offer a service to potentially find a payday lender for you for an upfront fee. Additionally, they may receive payment from the lender as a fee for providing a lead.

The Financial Ombudsman Service (FOS) reportedly saw a significant increase in complaints about payday credit broking services. A common feature of these complaints related to consumers having paid a significant upfront fee to a broker, for example £70. In many cases the consumer was not told about the fee and had given their bank details to the broker as part of a verification process.

The FCA has published a Policy Statement and introduced new rules targeted at ensuring that key features of brokers’ relationships with consumers are transparent. See the Credit Broking Rules by the FCA. You can avoid falling into this common trap by noting the following:

Online applications then pass through verification stages that consist of ID and fraud checks as well as a check that they meet additional policy or business rules. Should verification of your details or any fraud checks fail, then your loan will be refused. Another reason for your application failing is if you do not pass thresholds outlined by the lender’s business or policy rules.

Beware of Upfront Fees

Some consumer credit firms ask customers to pay a fee before they are offered a loan or credit. Carefully consider why you have to provide your bank details and be clear about the likely costs. Always check the terms and conditions before going ahead.

Paying an upfront fee for a loan may be a scam, especially if you have been contacted out of the blue or you use a firm that is not regulated by the FCA.

Misleading Websites & Ads

All credit brokers are required to make their advertising clear that they are brokers and not lenders. If they are both a broker and a lender then the advertising will need to make clear that it is for the firm's broking services, not their lending services, if that is the case.

Payment Authorisation & Consent

The FCA prohibits all credit brokers from taking a fee from your bank account without express authorisation from you. The amount, or likely amount, of the fee should be disclosed as early as possible. The disclosure must include how and when the fee is payable and whether a refund may be available.

Refunds

All credit brokers should respond promptly to any request for a refund, and if a refund is required, pay it promptly. Section 155 of the Consumer Credit Act entitles you to a refund of any brokerage fee if a credit agreement is not entered into within six months of an introduction to a lender. This refund will be equivalent to what you paid the broker, less £5.

Unscrupulous brokers that mislead customers into believing that they are lenders still exist. Avoid them by doing your research and approaching payday lenders directly.

But how do you distinguish between lenders and brokers?

Lenders No Brokers →
Find payday loan direct lenders with no brokers.

How To Go Direct And Find Real Payday Loan Lenders

How To Check If A Website Belongs To A Lender Or A Broker

You can search the Financial Services Register to find out whether a firm you plan to use is authorised to offer consumer credit.

  1. Scroll down to the bottom of the website where you are applying for a loan to find the official business name. Enter the name shown into the Financial Services Register.

  2. This will produce a list of results that closely match your search. Click on the correct business name to get more details

  3. This will reveal the business’ authorisation status and some other details. Scroll down to the bottom of the page and click on permission

  4. If the firm is a broker then credit broking will appear here. This means the website is not a direct lender. If the firm is indeed a lender, then the following will appear within the same section: Entering into high-cost short-term credit as lender

If information seems to be wrong or missing, you should contact the FCA Consumer Helpline on 0800 111 6768.

If you think a firm has been offering consumer credit business without interim permission or FCA authorisation, you should report it here.

Now you know how to check if a firm is a direct lender or a broker. But which lenders are best?

Best Payday Lenders →

Who Is The Best Of The Top Payday Lenders?

How To Find A Good Payday Loan

Finding the best payday loan is notoriously complex as interest rates and charges are expressed using several methods that make comparisons difficult. To illustrate, the table below shows a range of charges levied by some of the biggest payday lenders prior to January 2015. Since then some have left the market following tighter rules imposed by the Financial Conduct Authority.

Payday Loan Lender Charges Source: Competition & Markets Authority
Brand Product Name Rate & Basis
Text Me Cash 1 Month Loan £30.00 per £100 per month
Cash Genie Loans 3 Month Loan £90.00 per £100 per 3 months
Cash Genie Loans 1 month £30.00 per £100 per month
Payday is Every Day 1 Month £30.00 per £100 per month
QuickQuid FlexCredit 0.82% per day
QuickQuid Payday (Average rating) £29.50 per £100 per month
QuickQuid Payday (Good rating) £25.00 per £100 per month
QuickQuid Payday (Excellent rating) £20.00 per £100 per month
CFO Lending Short Term Loan £36.00 per £100 per month
PayDay First PayDay Loan £36.00 per £100 per month
The Loan Store PayDay Loans £29.99 per £100 per month
Cheque Centre Short Term Loan £29.99 per £100 per month
PaydayUK PayDayLoan £29.95 per £100 per month
The Money Shop Chequeless loan £29.99 per £100 per month
The Money Shop Cheque-based loan £29.85 per £100 presented
PaydayExpress PayDay Loan £29.00 per £100 per month
Zebit Short Term Cash Loan (monthly) 25% per month
Zebit Short Term Cash Loan (weekly) 6.4% per week
Zebit Instalment Loan 11% per month
Lending Stream Loan (weekly) 8.90% per week
Lending Stream Loan (monthly) 34% per month
Harvey & Thompson Payday Loan (Cheque) 17.64% per 30 days
Harvey & Thompson Payday Loan (Debit) 20% per 30 days
Harvey & Thompson Online Payday Loan 20% per 30 days
Harvey & Thompson KwikLoan 59.17% per year
MYJAR Cash Loan 18 day £20.00 per £100 per 18 days
WageDayAdvance £29.50 per £100 per month
Speedy Cash Flex account 0.82% per day
Speedy Cash Flex Loan 0.75% per day
Speedy Cash Payday Loans £25.00 per £100 until payday
The Cash Store Payday Loan 84% per year plus 23% regardless of duration
Wonga Little Loan 1.00% per day

One way to solve this comparison problem might be to use the APR. However, research has shown that APR is not the most significant consideration when customers search for payday loans.

Why APR Is Usually Ignored

Qualitative research conducted by the Department of Business Innovation & Skills found that many borrowers view the APR as irrelevant, as they intended the loan to be short-term, and were more interested to know the fee – or the amount they would pay if the loan was paid back in a month.

APR is, however, one of the most effective methods for comparing loan prices, provided the duration of the loan is the same across offerings. So what is the best APR on the market?

Lowest Interest Rates →

What Are The Lowest Interest Rates & Payday Loan Fees?

Low interest rates and fees are rare when it comes to payday loans. However, there is a legal maximum that you can be charged. On the 2nd of January 2015, the Financial Conduct Authority introduced a cap on fees to prevent excessive charges and to protect borrowers. That price cap is as follows:

FCA cap on payday loan charges and fees Image from fca.org.uk

What Does The Cap Mean For You?

  1. You will never need to pay back more than twice what you borrowed. If you borrow £100, then the total amount you will need to pay back, including interest and fees, will never exceed £200.
  2. Provided you make your repayments on time, the maximum you can be charged for a 30-day loan of £100 is £24. Similarly, the most you can be charged for a £200 loan is £48. And so on..
  3. The maximum default fee that you can be charged is £15, keeping in mind that firms can continue to charge you interest until your loan is repaid.

In summary, you should expect to pay less that £24 in interest charges for a 30-day loan of £100. Keep your loan amount small and its loan term as short as possible to minimise interest fees. But what’s the minimum you can borrow and what’s the shortest loan term available?

Find Lenders →

The Best Bad Credit Payday Loan Lenders Near Me

You can still get a loan, even with very bad credit. You are more likely to be approved by a high street lender that uses bank statements or payslips to assess affordability and creditworthiness. High street lenders can also give the loan in cash on the spot, once approved.

Find your nearest high street payday lender branch by using these links:

Cash Converters H & T Pawnbrokers Oakam Speedy Cash The Money Shop

The Smallest Short-Term Loans Available With Bad Credit

Payday loans are typically for relatively small amounts. In terms of loan size, the minimum value of payday loans offered by lenders is usually £100 or less. For shorter-term products, the maximum amount that can be borrowed by a new customer generally lies between £100 and £500.

Wonga decreased their minimum loan term from five days to one day 2009. Payday UK and Payday Express reduced their minimum term to seven days.

The most common loan amount was £100 but amounts of £50, £150, £200 and £300 were also relatively common. Approximately 25% of all payday loans were for £100 or less.


Why Secured Payday Loans Don't Exist

No need to provide security – payday loans are unsecured loans.

The Competition & Markets Authority defines payday lending as ‘the provision of small sum cash loans marketed on a short-term basis, not secured against collateral, including (but not limited to) loans repayable on the customer’s next payday or at the end of the month.

Payday lending is part of the unsecured credit sector. Within this sector, payday loans fall into a smaller category of unsecured short-term high-cost lending.

By definition, any loan that requires collateral is not a payday loan. You do not need to provide security for a payday loan.

And now you have enough information to navigate the payday lending market as best as you can, even with bad credit. You now know:

So let's get back on track.

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