Which payday loan is best for
people with bad credit?

Loan Amount
£
Duration
Days
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You would like to borrow £100 over 28 days

The table below has been updated, with the cheapest lending option at the top.  Please use the Visit Site buttons to apply, or re-enter loan information for another comparison.
Please note only two lenders offer more than £1000. If you want a much larger choice, please lower the amount to £1000.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.


Readies is rated 4.8 stars by Reviews.co.uk based on 15 reviews

Real reviews from our customers with bad credit

I was being declined everywhere else because of my bad credit. Thanks Readies, you managed to get me a £500 loan within an hour. Perfect!

Jason

Despite having some repayment issues with Wonga twice this year, you still managed to get me a loan. Thank you very much.

Debbie

Readies managed to help me get a loan for £300 when all my benefits payments were stopped. I would highly recommend them.

Sandra

Things have been tough since my redundancy... I was so happy that you could get me a loan of £800 to take the kids on holiday.

George

A bad credit payday loan is a form of personal finance designed for those with less than perfect credit profiles. Many banks do not advertise a bad credit loan as a product, but will accept those with a poor credit history for their personal loan product. There are banks who do have specific loans designed for those who don’t have an amazing credit profile. Therefore when comparing these products, it’s important to note that the representative APR might be deceiving. If the loan isn’t designed just for those with bad credit, the advertised rate is likely to be lower than what those with imperfect credit histories can expect to be offered.

What differences are there between a traditional bank and an online lender?

Loans for individuals with a bad credit history are offered by both traditional high street banks and the newer online financial institutions. The lender panel includes both lenders aimed at the general market, and those focusing on customers with a bad credit history. A customer is often likely to get a better rate by borrowing from a newer lender as they do not have the overheads of traditional banks.  They need to attract customers with a low interest rate rather than purely on the basis of brand recognition. However the rates advertised by lenders offering payday loans aiming at those with a bad credit history might seem particularly high by comparison. This is often not true in reality, as representative APR can be misleading and actual interest rates offered by banks to those with bad credit are often broadly similar.

There is however an advantage in sticking with a traditional bank if you have a poor credit history. Should something go wrong with repayments, or you wish to pay back the loan early, you are more likely to get an understanding employee of the lender that you can talk to in person at a branch. Online payday loan only providers do not offer this service.

Furthermore, if you already bank with the lender you are applying with, they can get a wider picture of you beyond your credit score and may be able to offer a better rate on the basis of this.

Why is it important to borrow only the amount that you need?

The interest rates on loans for people with poor credit history are usually substantially higher than typical personal loans. It is therefore important that you avoid taking out a higher loan amount than you require. Consider what other funds might be available to help you make the purchase you need. For instance if you are taking out a loan in order to get your car back on the road, consider asking family for a small loan to help reduce the amount you need to borrow, or put some of the debt onto a credit card.

How can I improve my credit profile?

Lenders who provide loans for people with bad credit history typically do not fix interest rates but instead base them on your credit profile. If you are able to improve your credit profile before applying, then the cost of your loan could decrease and you will have a better chance of being accepted by more lenders. Checking that you are within your limits on all your existing forms of credit (e.g. your overdraft, other payday loans, credit card) is one way of doing this. Paying back more than the minimum on your credit card is another way.

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ProviderLoanRepayment: £3,000
over 24 months
Representative APRTermUser Reviews
MinMaxMinMax
On Stride
£1,000
£10,000
£192.25
45.3%
12
Months
60
Months

Rated 4.3 / 5 by
by 173 users

Read Reviews

Representative Example:
Amount of credit: £2,000 for 36 months at £93.90 per month. Total repayment of £3,380.40. Interest: £1,380.40. Interest Rate: 38% pa (fixed). 45.3% APR representative.

Aspire Money
£1,000
£25,000
£214.78
58.5%
3
Months
120
Months

Rated 4.3 / 5 by
by 228 users

Read Reviews

Representative Example:
58.5% APR (variable) Borrow £5000 and pay £297.34 a month for 36 months. The Total Interest Payable is £5,704.24. The Total Amount Payable is £10,704.24.

Everyday Loans
£500
£10,000
£253.39
79.7%
12
Months
60
Months

Rated 4.3 / 5 by
by 273 users

Read Reviews

Representative Example:
The Representative APR is 79.7% (variable) so if you borrow £3000 over 3 years at a rate of 60.0% p.a. (variable) you will repay £181.30 per month & total amount payable £6526.80.

Whilst we make every effort to ensure that the information is up to date, you should always confirm the terms of the offer with the product provider.

5 most recent bad credit loan reviews

Review of Aspire Money

I'm buying my first car this week and it is only possible because of the loan Aspire Money managed to find for me. I had been trying for ages to get a suitable loan that I could afford but because of my credit score I was getting rejected by all the high street lenders and some of the bad credit loan companies I did get quotes from were charging so much I just couldn't bring myself to accept their offers. My friend at work told me about Aspire Money and explained that they were a bad credit loan broker and that they would be able to find me a better deal because they had more lenders that they could approach on my behalf. It was really a very good recommendation because I only contacted Aspire Money 2 days ago and I have already agreed to the terms of a loan they have got me and it is way better than anything I could have got by myself. If I have to use bad credit loans in the future I will definitely go back to Aspire Money.

Review posted by Kayleigh, Grays, Essex

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Aspire Money

For the relatively small fee Aspire Money charge I really do think it is worth paying it so that you can make sure you are getting the best possible deal on a bad credit loan. You'll be paying a lot more interest anyway so if using Aspire Money means they can save you even a couple of hundred pounds in interest charges then their fee will have been worth it. I think when you have bad credit history it is always better to use a credit broker because they can have access to a lot more lenders and therefore are more likely to find you a better deal than you would by just going through the normal loan comparison websites. I'd recommend Aspire Money to anyone looking for a bad credit loan.

Review posted by Duncan, Chelmsford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Aspire Money

My reason for choosing Aspire Money for this loan is quite simple really. My credit score is poor and has been for some time but I am earning a very good salary and could easily afford the repayments on the 10K loan I wanted to get through the normal loan channels but I kept getting refused, even by my own bank. So I enlisted Aspire Money to help me get the best possible bad credit loan instead. They are credit brokers and are far better qualified than me to negotiate with prospective lenders. Aspire Money managed to get me this loan with a a very respectable APR of 28.5% which I was more than happy with considering what I had been quoted by other bad credit loan companies that I had previously looked at. I would use the services of Aspire Money every time if need be although I am hoping I won't have to consider bad credit loans again if I need another loan in the future.

Review posted by Alison K., West Wickham

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of On Stride

I have to say a massive thanks to On Stride for this loan. Bad credit loans can be really hard to deal with when you see how much you are going to be repaying in interest but On Stride somehow manage to soften the blow with an interest rate that is lower than average for a bad credit loan and the monthly repayments are always easily affordable. I've had 2 loans now from On Stride and they really haven't been as bad as they could have been if I'd gone with another lender. I would recommend On Stride anytime and have done to several friends already.

Review posted by Ms C., Forest Gate

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of On Stride

If I ever need another bad credit loan I will definitely go back to On Stride for it because I think I have found the best lender for this type of loan. I spent ages checking out various websites but in the end I came back to On Stride because they really do seem to be offering the best of what is never going to be a good loan. They do their very best to get you a loan with the lowest possible APR as well as making sure the rest of the terms of the loan suit your personal circumstances. That's certainly been the case with my loan so I am very happy with the result.

Review posted by Will Sharp, Hounslow

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money