Payday loans bad credit – All you need to know.

Trying to find a payday loan for bad credit can be difficult. But rest assured that all is not lost.

Here at 1^st Class Loans, we want to try to help every person that visits our website, by either providing helpful information and tips as alternatives to borrowing or by helping you to find a solution to a very bad credit payday loan.

On this page we will cover the following information, to help you make a decision on whether or not you need a bad credit loan without a guarantor:

• Do I really need this bad credit payday loans?
• What other options are available instead of a bad credit loan?
• How can I improve my credit score?
• Are payday loans the reason I have bad credit?
• What are No Guarantor Loans?
• Do you credit check for a no guarantor payday loan?
• Why are interest rates higher on very bad credit loans?
• Why a bad credit PingTree loan might be best for you.
• What happens if I get accepted by a guarantor lender?
• Last resort – Getting a bad credit payday loan in the UK!

1. DO I REALLY NEED THIS BAD CREDIT LOAN?

Getting a payday loan when you have bad credit is a decision that should be taken likely. Not paying the loan back on time and in full, can be more damaging to your credit score affecting your chances of obtaining credit in the future.

It may seem like the easy option to just to get a quick loan, but you should always do some research before making a final decision.

To make sure you understand everything, please continue reading.

2. WHAT OTHER OPTIONS ARE AVAILABLE INSTEAD OF BAD CREDIT PAYDAY LOANS?

There are a number of ways to get money in an emergency such as – applying for a credit card aimed to help people improve their credit score, speaking to your bank about an overdraft limit, or purchasing goods that you need on a store credit account.

However, some of these options might be limited if you have a very bad credit score.

Sometimes it may be easier to get the funds you need when you’re restricted by your credit history, by looking at alternative ways to try and raise money:

• Consider selling some of your unused belongings on eBay and Facebook. Facebook has become a great place to sell items that you don’t need any more for a bit of quick cash.
• Ask friends or family – someone close to you may be in a position to loan you the money that you need, usually with no interest charges applied!
• Extra work – Getting a part-time job might help bridge any financial difficulties that you may be facing. You could even ask friends or family if they have any day to day jobs you could help out with as a little extra cash.

There are numerous of other ways to raise money, and we have found a great article offering some great tips that we hope will benefit you; see >> student blog on 40 ways to raise money for more details.

3. HOW CAN I IMPROVE MY CREDIT SCORE?

Unfortunately, there isn’t a quick fix to improving your credit score – however, investing time to understand what’s impacting your credit score and committing to improve this over time, is one of the best things that you can do for your future self.

There are a few things that you can do to help you improve this.

First and foremost, is to sign up to view your credit score. We find that one of the best free credit reporting solutions to sign up for is ClearScore. Not only do they have a great, easy to use app, but they also send great emails to help coach you on debt, financial savings, and how to improve your score.

Second, is to apply for a credit card aimed at people with bad credit to help improve your credit rating. We’ve shopped around and found that Barclaycard Initial offer competitive rates (in 2018), along with free access to your Experian credit report. A credit builder card can be a great way to help improve your score, as long as you remain within your credit limit and make the monthly payments on time.

Thirdly is to check that you are registered on the electoral register at your home address. Not being registered on the electoral register can have a large impact on being approved finance. This is because the lenders don’t have proof of your address, making you a much higher risk to lend to.

For more information about your credit report and on how you can improve your credit score, please visit The Money Advice Service

4. ARE PAYDAY LOANS THE REASON YOU HAVE VERY BAD CREDIT?

Are you finding yourself getting a payday loan just to pay off another payday loan? If so, we recommend that you seek financial help. We have written a debt blog, to try and explain about debt and to help point you in the right direction on how you can help yourself to manage your finances and debt.

5. WHAT ARE NO GUARANTOR PAYDAY LOANS?

A guarantor loan is quite simple – this is where someone you know, with a better credit rating, commits to paying back the loan in full if you can’t meet your repayments. This system has been used for a long time buying and renting property’s, buying cars and now for borrowing money. These are generally used when someone has limited, or bad credit.

A no guarantor payday loan is an opposite – you will have to make the full repayment yourself. If you fail to do so, this will damage your credit rating and you could be left with a CCJ.

6. DO YOU CREDIT CHECK FOR A payday loan with no guarantor?

Many people go looking for an online payday loan for bad credit which don’t do credit checks but are there such a thing? The answer to this is no. All lenders will carry out a credit check on you, and unfortunately, there is no getting around this.

Although, applying through 1^st Class loans will only leave a soft credit search on your record which won’t affect your credit score. Only if you get accepted by a lender, will you have to go through a full credit search. For more details on this, visit our no credit check payday loan page.

7. WHY ARE INTEREST RATES HIGHER ON VERY BAD CREDIT LOANS?

The reason why lenders charge more interest for very bad credit loans is due to risk. Having a bad credit score is either due to having no or limited credit history, so there’s nothing to show your previous payment history to see how likely you are to pay back the loan.

Another reason for having a bad credit score is due to not handling previous credit agreements in the best way, by missing payments or making late payments etc. Lenders will categorise you as a higher risk borrower, and therefore will charge you more interest on your loan. Therefore, making sure you can commit to the repayments before taking out a loan is vital with bad credit loans.

8. WHY A PINGTREE BAD CREDIT LOAN MIGHT BE BEST FOR YOU.

If you use a direct lender site or a comparison site and you have bad credit, chances are you might get rejected, which can be time-consuming if you have to apply with numerous lenders and can be even more damaging to your credit score.

Getting a poor credit loan through a pingtree can benefit you in the following ways:

• One quick quote form to complete instead of applying on 50+ different websites
• Higher chance of getting accepted as your application will be seen by 50+ lenders
• Some of the lenders in the in the large panel specialise in poor credit
• If you don’t get accepted by any of the lenders this won’t affect your credit rating as the software only carry’s out a soft search.

9. WHAT IF I GET ACCEPTED BY A GUARANTOR LENDER

If you do get matched with a guarantor lender and don’t want to proceed, we recommend you reapply to see the second lender you are matched with.

10. LAST RESORT – GETTING A BAD CREDIT PAYDAY LOAN IN THE UK!

We say last resort because we mean it, we always recommend looking at other solutions other than getting a payday loan without guarantor.

However, if you have looked at other options and you still decide that you need a very bad credit payday loan, then 1^st Class Loans might be the best option for you.

If you haven’t found a loan when applying through 1^st Class Loans, the chances are quite high that you may not get one anywhere else and trying could impact your credit rating further. If you have tried all options to raise money but haven’t been successful we recommend you seek financial help from the following websites:

https://www.stepchange.org/

http://www.debtadvicefoundation.org/

1ST CLASS LOANS ISN’T A DIRECT LENDER FOR PAYDAY LOANS BAD CREDIT

Here at 1^st Class Loans, we want to be completely transparent with our customers which is why we inform you that we are not a direct lender which directly offers payday loans for very bad credit. We are in fact an introducer to T.UK who are a licensed credit broker and can help you find a loan from £100 pound loans upwards.

But what does that mean for you?

When applying through 1^st Class Loans for a very bad credit loan, your loan application will be processed using the software, which is an award-winning technology. This technology could match you to a direct payday loan lender with the lowest rates to your circumstances, from over 40+ lenders.

Before we answer a few frequently asked questions, we ask that you take a moment to consider if a loan is right for you, and to make sure that you only apply for a loan as the last resort. Payday loans should only be taken out when you need emergency instant cash.

If you have already taken a payday loan for bad credit from a direct lender and you need another loan to pay the 1^st loan off, we suggest that you read our caught in the payday loan cycle blog or seek professional financial help from the links above.

FAQ ON PAYDAY LOANS DIRECT LENDERS FOR VERY BAD CREDIT

Below, we have answered some of the most popular FAQs about bad credit payday loans regarding direct lenders.

ARE YOU A DIRECT LENDER OFFERING BAD CREDIT PAYDAY LOANS?

No – We are not a direct lender but we use software to help customers get the lowest rates for payday loans with bad credit from FCA approved direct lenders. Our service is 100% free for you to use!

WHAT ARE THE BENEFITS OF APPLYING THROUGH 1^ST CLASS LOANS INSTEAD OF A DIRECT LENDER FOR A BAD CREDIT LOAN?

Short term loans have higher interest rates than mainstream lending. So finding the lender with the best rates available to your circumstances is key in making sure you are not paying back unnecessary costs in additional interest.

But how do you make sure you’re choosing the right lender with the lowest interest rates available to you? That’s where we come in!

One of the biggest benefits of applying for a loan through 1^st Class Loans is that the software will always match you to the lender with the lowest rates available to you. Saving you time in searching around and completing numerous applications form if certain lenders decline your application. With our quick quote form, the decision is found for you.

I’M NOT SURE I CAN PAY BACK MY BAD CREDIT PAYDAY LOAN FROM A DIRECT LENDER?

If you are struggling with repayments, then you will need to contact your lender directly. As we do not fund the loans directly ourselves, we cannot agree to any changes to your contractual repayments.