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 for 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.
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
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 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 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 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 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.
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/
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.
But what does that mean for you?
When applying through 1st 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 1st loan off, we suggest that you read our caught in the payday loan cycle blog or seek professional financial help from the links above.
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.
Yes, some lenders will still give you a loan with bad credit and with no guarantor. This will depend on the lender. We would recommend a broker like ourselves as this may increase your chances of getting accepted for a loan.
We are GDPR complaint:
UK – Information Commissioner’s Office www.ico.org.uk
Isle of Man – Information Commissioner www.inforights.im
Jersey – Office of the Information Commissioner www.dataci.je
Guernsey – Office of the Data Protection Commissioner www.dataci.gg
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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
