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 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 no guarantor.
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 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.
Having bad credit doesn’t necessarily have to restrict you from getting bad credit loans.
However, there are certain limitations with lenders, meaning that you may find it more difficult to find a lender willing to do loans for bad credit without a guarantor.
You may also find that if you are offered loans for bad credit, it may be more expensive than someone who was to have a better credit score.
One way to find very bad credit loans when you have a poor score is to actually look at your credit file to understand what is affecting this and try to improve it. There could be some quick fixes that you could do to help improve your chances.
Alternatively, you could look at what loan company is best for bad credit? The answer is a service like ours where we will search a large panel of lenders to try and find you a lender that will approve your application.
This saves you time as you don’t need to apply with multiple lenders, being rejected, and we will only do a soft search on your file meaning you score won’t be affected any further.
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.
Being on benefits shouldn’t affect your chances of being approved for a loan, depending on the type of benefits that you are receiving. When making a decision to borrow, lenders look at the likelihood of you being able to make the repayments in full and on time, and as part of this process, they want to see that you have a regular source of income – whether this from a salary or from benefits.
For example, if your benefit is job seekers allowance, you may find that you might struggle more than someone on disability allowance as your circumstances are more likely to change when you start employment and the lenders don’t particularly know that when you start employment that you will still be able to meet the repayments.
Whilst usually there isn’t a quick fix to improving your credit score – however, there could be some quick wins to help improve your score in a few weeks. That being said, investing time to understand what is impacting your credit score and committing to improving 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, 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
If you find yourself struggling to get accepted for a loan, then one of the best payday loans for bad credit UK options to consider is a guarantor loan. This works by the lender offering you the sum you are requesting, providing you are able to have a guarantor, either a family member or friend, who vouchers for you and agrees to make the payments should you not meet them.
These are a great alternative and can help you to improve your credit file if you meet the monthly payments in full and on time, increasing your chances of being approved for finance without a guarantor in the future.
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.
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 the 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 an online payday loan for bad credit which don’t do credit checks but is 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, make sure you can commit to the repayments before taking out a loan for bad credit.
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:
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.
Here at 1st 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.
Below, we have answered some of the most popular FAQs about very bad credit loans no guarantor direct lender.
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!
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 1st 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.
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.
This all depends on how much money you are wanting to borrow. If it is under £1000, we would recommend a short term loan. If it is above £1,000, we would recommend a personal loan.
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 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:
http://www.debtadvicefoundation.org/
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UK – Information Commissioner’s Office www.ico.org.uk
Isle of Man – Information Commissioner www.inforights.im
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1st Class Loans
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Monday - Sunday: 00:00 - 23:59
Office 131, Silk House, Park Green, Macclesfield Sk11 7QJ
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£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
