WARNING: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Please note: We are a broker, not a lender, and do not make credit decisions.
Rates from 35.9% APR to max 1304% APR. Minimum Loan Length is 3 months. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 3 months. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Interest charged is £161.63, annual interest rate of 292% (fixed). Representative 1192% APR (variable).
Subject to application being approved by the lender. Not all lenders are able to provide up to £5000
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Trying to find a payday loan when you have very bad credit can be difficult. But rest assured that all is not lost.
Here at 1st 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:
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.
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:
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.
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, 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
A no guarantor 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.
Many people go looking for a no credit check loan with no guarantor 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 1st 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.
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.
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 1st class ping tree bad credit loan can benefit you in the following ways:
We say last resort because we mean it, we always recommend looking at other solutions other than getting a fast loan no guarantor.
However, if you have looked at other options and you still decide that you need a very bad credit payday loan, then 1st Class Loans might be the best option for you.
If you haven’t found a loan when applying through 1st 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:
1st Class Loans
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Monday - Sunday: 00:00 - 23:59
Office 131, Silk House, Park Green, Macclesfield Sk11 7QJ
UK
Phone:
No
[email protected]
£100 to £5,000
Here at 1st Class Loans, we strive in providing a seamless, online service to all of our customers, in their search for an online payday loan. Our business model is designed to provide such a first-class service, that our customers would be happy to recommend to others. We aim to be your number one choice for your financial needs in the market.WHAT SERVICE DO I GET WITH 1ST CLASS LOANS? Our introductory service provides you with a simple and fast online lending application process, providing you with an instant online decision for your payday loan.The security of your personal data is important to you, which makes it a priority to us. That's why 1st Class Loans does not retain any of your personal information. We will only ever ask you for personal details which relate to your loan application and nothing additional for research or marketing purposes unless you want us to. If you're not satisfied – we're not. Please tell us if you feel there is anything that we can do to improve your experience by visiting our Contact Us