Payday Loans For Bad Credit: How Do You Get One?
Warning: Late repayment can cause you serious money problems
For help, go to moneyadviceservice.org.uk
This article contains information about products/services offered by us as well as those that we do not offer.
Payday loans for bad credit: this can be a difficult thing to deal with when you need cash and fast. Many of these payday loans UK lenders will try to convince you that your creditworthiness will never be an issue. However, under new regulations which came under the regulatory supervision of the Financial Conduct Authority in 2014, it's not possible to do this anymore. It is now the responsibility of the lender to perform checks to ensure that the borrower can afford to pay back the loan. However, you still have options - and we're going to talk you through those options.
Do Good Payday Loans For Bad Credit Exist?
There is no doubt that some lenders are less concerned certain items of bad credit than others; but does this mean that good payday loans for bad credit exist? Undoubtedly, payday loan lenders for bad credit do exist - however, it is important to know what 'bad credit' is. To a bank that may be any missed payment in the last 6 years (as this is how far credit files go back) A payday lender may view this as bad also, but may be prepared to ignore it if they see a recent account(s) that has been repaid in good order. Recent statistics from the Office of Fair Trading showed that approximately 30% of borrowers don't pay their payday loans back on the date agreed upon. This meant that they were 'rolling over' their loan - borrowing the same amount of money again and paying off the interest. Doing this over and over again can lead people into a cycle of debt. This is why single repayment instant payday loan should, literally, be taken as something you fully intend, and are able, to pay back on payday. They should only be used for dealing with unexpected bills; and are, most definitely, not suited to being used for buying clothes or for going on a night out with your friends. Otherwise, you will also end up falling into a debt cycle. If you're in full-time employment, but you are only paid minimum wage, these types of payday loans may not be for you.
So You're Saying That There Are Cheap Payday Loans For Bad Credit Then?
Not quite. It is likely that any lender claiming to sell cheap payday loans for bad credit will not be totally open with you. Payday loans are not "Cheap", Ok they may be cheaper than buying a Rolls Royce, but when compared with other types of credit they are certainly not cheap. If you want to reduce the monthly payments instead of going with a traditional direct lender for bad credit payday loans, you could choose different type of payday loan. One such option is a short-term instalment loan. Instead of paying back on payday, you pay the loan back, with interest, in monthly payments lasting for several months. What should be noted here is while the monthly payments are less, the loan will actually cost more overall. So why is this better? Well, it's better because you aren't faced with paying back the whole debt in one go. This means you can map out your finances over the next few months to accommodate the debt into your budget. So instead of having struggle for a whole month, as with a traditional payday loan, you'll probably be able to manage on your current budget while still paying it back. But what if you want your loan over and done with? What if you want to pay it back sooner rather than later? Great news: at True Blue Loans, we allow you to do just that. If you pay back sooner, even though you signed up for the monthly instalments, we will only charge you for the daily interest up until you pay back!
Forget Single Instalment Payday Loans For Bad Credit: Come To True Blue Loans
While it's easy to feel like you should go with a lender who offers traditional payday loans for bad credit, do consider all of the implications. Unlike single instalment payday loans UK lenders, the folks here at True Blue Loans have what we think is a more flexible product. So what are you waiting for? Get on to https://trueblueloans.co.uk to further research your short-term loan today! And if you need more info, no worries. Give our office in Bury St. Edmunds a call on 01284 724651 or send us an email at [email protected]