Bad Credit Payday Loans

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You would like to borrow £100 over 28 days

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Readies is rated 4.8 stars by 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!


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


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


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.


Your Complete Guide to Bad Credit Payday Loans

We all face financial problems from time to time.

Sometimes, it's career problem that leaves us struggling to make ends meet for a few months. Other times, it's an emergency, like a broken boiler or a car issue that we need to fix straight away. Unfortunately, unless you have an exceptional history with money, it can be difficult to get the support you need quickly when you need it most.

The fastest, most cost-efficient loans are generally reserved for people who have never had a problem with their balance in the past. That means that if you've ever gone into your overdraft in your bank account, struggled to pay your rent on time or even went over the top with your credit card spending; then you might not be eligible for the loans you need.

The good news is that you're not out of options. Even if you've been rejected by other lenders in the past, or you've struggled to find a financial solution you can afford to repay, you may find that you can get support in the form of a bad credit payday loan. As the name suggests, a bad credit payday loan is a short-term learning opportunity specifically designed for people with a poor credit history. Throughout the course of this guide, we're going to tell you everything you need to know about bad credit, lending, and payday loans.

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Not ready? Read on to see what bad credit is and why it matters to you?

What is Bad Credit and Why Does it Matter to You?

Your credit score is essentially the rating that lenders use to determine not only whether they should let you borrow money, but how much interest you'll need to pay to access those finances. The better your credit, the better your deal will be, as most banks, building societies, and credit unions associate "good credit" with a trustworthy and credible lender.

If your lender believes that you have "bad credit," then this basically means that your credit score is lower than it should be. People with bad credit are generally those who have missed repayments in the past, dealt with County Court Judgements, and those who have had a bankruptcy against their name.

If you're one of the many people facing a bad credit rating today - you're not alone. Countless borrowers throughout the UK struggle to get the money they need in a personal loan, simply because they've had issues with repayments in the past. As you know, just because you were late repaying a loan in the past doesn't mean that you're not trustworthy today. However, it can be hard for some lenders to see past your score.

The good news is that a bad credit rating doesn't automatically slam the door on all of your lending options. However, it does mean that the advances available to you will be limited. You will have a smaller selection of loans to choose from, and you may need to make higher interest repayments than you would have if you had a pristine credit history.

I've Never Had a Loan- Why Do I have Bad Credit?

Importantly, having "no credit" isn't the same as having bad credit. However, a lack of credit can be just as detrimental to your borrowing options when you're trying to get your hands on money quickly. When you apply for a loan, credit card, or any other form of finance, your lender wants to see evidence that they can trust you to give them their money back.

If you have bad credit, then your history suggests that you're not as reliable as your lender would like you to be when it comes to paying back the money you owe. Bad credit suggests that you're at higher risk of falling behind on your repayments, which means that you're less likely to get a good deal on a mortgage, credit card, personal finance, and more. Your credit history can even affect your ability to apply for a mobile phone contract or insurance for your car.

On the other hand, if you've got no credit, then there's nothing to say that you wouldn't pay your loans back on time. However, there's also no evidence to suggest that you can be trusted either. Your lender has nothing to base their decision on, so they must treat you as more of a risk than someone with a more significant credit history.

Can People Improve their Credit Histories?

If you have a poor credit rating and you're worried about applying for loans in the future, aside from a bad credit payday loan, then it helps to know that there are things you can do to improve your credit score. For example, one good place to start is making sure that your name is listed on the electoral roll. This ensures that the credit agencies can keep track of your spending habits.

Of course, it's also helpful to make sure that you do whatever you can to pay your bills on time. A useful way to reduce your chances of falling behind on payments is to set up direct debits for your regular monthly payments. For instance, you can set up a direct debit for your rent or mortgage, gas and electricity bills, broadband expenses and more.

Finally, when you're applying for loans with other credit providers that do rely on your credit to make decisions about you, make sure that you spread your applications out. Every time you apply for a loan, and a bank asks for details about you from the credit agencies; this leaves a mark on your file. Too many marks in a row can make you less attractive to lenders.

What Loan Options Do You Have with Bad Credit?

As mentioned above, having bad credit doesn't instantly eliminate all your loan options at once. However, you will need to focus your attention on "bad credit" loans, rather than standard loan products. The loans that you generally see advertised on television, bank websites, and within your credit union, often showcase the rates and options available for people with the highest credit ratings.

With a bad credit rating, you'll need to compromise, but you should still have a range of borrowing options available to you, such as:

  • Unsecured bad credit personal loans: These loans generally come with a higher interest rate and a shorter term than their good-credit counterparts, but they allow you to borrow money without using your property as security.
  • Guarantor loans: A guarantor loan allows you to access money with someone else - such as a friend or family member agreeing to pay off the money you owe if you're not able to. These loans can be very flexible, but they need to be approached with caution, as they can lead to relationship issues.
  • Peer-to-peer loans: A peer-to-peer loan allows you to borrow the money you need from a group of investors online, rather than a bank or building society. Peer to peer loans are often more forgiving of people with bad credit, but again you may need to pay a slightly higher interest rate.

The most common loan option for people with bad credit who need to access finance quickly is a bad- credit payday loan. This is a type of unsecured loan - as mentioned above, which does not require you to put any property down as security. A bad credit payday loan can also be delivered to you on the same day, so you can access the cash you need without waiting weeks for approval.

What Are Bad Credit Payday Loans?

A payday loan is a form of short-term unsecured loan sometimes known as a payday advance. These loans are designed for people in the UK over the age of 18 who have a stable income and may need a little extra help paying for an emergency or making ends meet before their next payday arrives.

A bad credit payday loan is simply a form of payday loan specifically designed to give people with a poor credit history better access to affordable lending opportunities. Just like with any other form of loan, you can compare different offers online to make sure that you're getting the best deal possible when it comes to the term, interest rate and additional features of your bad credit payday loan.

Poor credit payday loans are specifically intended to offer relief for people suffering from financial emergencies. They ensure that an adverse credit rating will not stop you from getting the financial assistance you need as quickly as possible. You can receive your cash within minutes, and there are no restrictions as to what you can spend your payday loan on - the choice is completely up to you.

Bad credit payday loans might be combined with guarantors, or handled entirely by you, and some of them offer no footprint on your credit rating, so you can rest assured that you won't be doing any further damage to your credit history. Additionally, the process of applying for a bad credit payday loan is intentionally very straightforward. Since payday loan companies receive inquiries and applications thousands of times every day, their forms are simple and easy to process.

How Does a Bad Credit Payday Loan Work?

Poor credit payday loans are sometimes a lifesaver for anyone who wouldn't be able to access standard lending options like personal loans and credit cards. As mentioned above, most of the financial products available form the leading credit unions, building societies and banks are reserved for people with a mid-to-high credit rating. A bad credit payday loan can be a useful alternative if you can't find the finance you need elsewhere.

Applying for a payday loan with bad credit is much easier than you might expect. There are often fewer questions to answer with one of these loans than a traditional advance, as payday loan providers know that their customers need access to money as quickly as possible. When you complete the application for a payday loan, all you need to do is tell your lender how much you need to borrow, and how long you want to borrow it for.

Because payday loans are intended to be very short-term, you shouldn't expect to borrow the money you need for any longer than a month. Your lender will then provide you with an overview of how much interest you'll have to pay on the loan, and you can decide whether you're happy to go forward. The financial conduct authority or FCA has capped the total amount of interest any company can place on a payday loan at 24%. That means that if you borrow £100, you won't have to pay any more than £24 in interest.

A payday loan provider offering lending opportunities to people with bad credit won't use your credit history to decide whether they should approve you for a loan or not. However, they may ask you for additional information to help them make their decision. For instance, most lenders will want to know if you have a regular job with an income you can use to pay back the money you get.

Are You Suitable for a Bad Credit Payday Loan?

There are plenty of advantages to taking out a poor credit loan. You get money quickly, you don't have to worry about your credit history holding you back, and there are no long application forms to worry about.

Another major benefit of bad credit payday loans is the fact that most people are applicable to get the money they need. Because payday loan providers don't use your credit history to decide whether or not you should receive a loan, there are very few restrictions around who can be eligible to receive this money.

Payday Loans With Bad CreditAmount BorrowedInterest RateRepayable APRDirect Lender Bad Credit Accepted
Representative Example: Representative 89.7% APR, and a maximum APR of 91.2%. If you draw £50 against your credit line at 89.7% APR, it would be paid off in 6 months for a total of £60.
Representative Example: £400 loan for 113 days (4 instalments). Total: £597.48. Interest £197.48. Interest rate 255.5% pa (fixed). Repay £149.37 for 4 payments. Representative 939.5% APR.
Representative Example: Amount of credit £300 for 37 days. Interest £88.80. Interest rate 292% p.a. (fixed). Representative 1190% APR. Total amount repayable by one repayment of £388.80.
Representative Example: Borrowing £300 over 90 days, 3 x payments of £151.42, Total amount repaid: £454, Interest rate 292% (Fixed), Representative APR 1265%.
Representative Example: Borrow £250 for 3 months. Total repayment: £379.44 in 3 monthly payments of £126.48. Interest p.a: 292.25% (fixed). Representative 1255.66% APR.

If you have a less than ideal credit history, you've missed payments in the past or made your repayments later than you intended to, or you've ever had a bankruptcy against your name, then you could be perfect for a poor credit payday loan. The people who provide bad credit payday loans are specialists who understand the stress that people with bad credit face when they attempt to get the emergency loans that they need. After all, we all make mistakes!

As mentioned above, there are some rules that bad credit lenders need to follow when deciding who they should give money to. For instance, you must be a resident of the United Kingdom, and you must be over the age of 18 to apply for a loan. It's also important that you have a regular income from a paying job that you can use to pay back the money you borrow.

Importantly, bad credit payday loan providers will often charge a higher interest rate than their counterparts, but this is often because they're taking a higher risk in lending to you. They need to charge more to cover themselves for this risk.

What to Do Before You Apply for a Bad Credit Payday Loan

Though bad credit payday loan providers haven't always had the best reputation, they can actually be very helpful to people who suffer with the issues of a bad credit rating. In fact, taking out a bad credit payday loan can be a great way for you to improve your credit situation by proving to the credit agencies that you can pay back the money you owe on time.

Additionally, taking out a bad credit payday loan could mean that you're able to avoid other issues with your finances that have a worse impact on you long-term. For instance, your payday loan might mean that you can pay crucial bills on time.

Of course, just because having bad credit gives you fewer options with your loans, doesn't mean that you shouldn't approach your loan with care. With a bad credit payday loan, just like any other form of cash advance, you can still get a better deal simply by making sure that you compare your options before you sign on the dotted line.

If you decide that you're ready to take out a bad credit payday loan, take the time to check out the different products available to you online before you agree to work with any one lender. There are plenty of different payday loan providers out there that have a host of different features and assets to offer. Some lenders can also get the money you need to you faster than others, so make sure that you don't just look at interest rates, but how quickly the provider can process your application too.

Will a Bad Credit Payday Loan Make Your Credit Rating Worse?

One of the biggest worries that lenders face when taking out a bad credit payday loan is the concern that accessing additional finance could make their situation worse. However, this is rarely the case. Although applications do leave footprints on your file, applying for a bad credit payday loan is far more painless than applying for a standard loan. You know you're more likely to be approved with this kind of loan than you would be with a traditional loan. That means fewer marks left on your file as you don't need to move from one lender to the next looking for someone willing to help.

Because your chances of being approved for a bad credit payday loan are far more realistic, the risk is very minimal. Additionally, if you pay your bad credit loan back on time according to the stipulations that you agreed with your lender, then you can show the credit agencies that you can be trusted to make repayments promptly. This can quickly start to rebuild your credit rating and put you in a better position when you're looking to lend in the future.

Of course, it is worth learning as much as you can about the lender before you apply. Find out what the company will require from you to process your payday loan. Some lenders will need you to have a specific level of minimum income. Checking the criteria before you apply should ensure that you have the best possible chance of being successful in your bad credit payday loan application. It will also help you to pinpoint anything you may need to ask questions about before you apply.

Should You Apply for a Bad Credit Payday Loan?

At the end of the day, only you can decide whether a bad credit payday loan is right for you or not. Like any kind of loan, a bad credit loan comes with its ups and downs. While interest rates are sometimes higher for these loans, there are some traditional loans on the market today that have high- interest rates too. That's one of the reasons why it's so important to make sure that you compare your options before you get any form of finance.

Although bad credit payday loans are only designed to be a short-term solution to a problem, they can be incredibly useful for people facing an emergency, who may not be able to access the money they desperately need elsewhere. Provided that you can pay the money, you borrow back according to the terms you agree with your lender, you should have absolutely no problems with taking out a bad credit payday loan.

Additionally, these special forms of payday loan can be a lifeline for people who need a second chance to start rebuilding their credit. After all, loans can be one of the best way to improve your credit history and show the credit agencies that you can be trusted. If you can't get a traditional loan because of your current credit history, a bad credit payday loan can help you to get back into action as quickly as possible. The more you make repayments on time and prove how trustworthy you can be, the more you'll come across as a reliable customer, and your credit rating will begin to grow.

Just like any form of loan, if you approach your bad credit loan with care, and make sure that you do your research before you sign on the dotted line, you could find that this financial product is the lifeline you've been looking for in a difficult situation.

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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.

Ms C., Forest Gate (Submitted on 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.

Will Sharp, Hounslow (Submitted on On Stride)

I found On Stride within a few minutes of using the loan comparison website and after checking out their website I didn't really think I needed to look at any other lenders. On Stride just seemed like a really straightforward sort of company and were offering quite a flexible range of loans. Once they had all my details they were able to process them and come back with a really affordable loan that had everything I was hoping for. The main one being that the interest rate was lower than I had seen other bad credit loan companies advertising. That was the most important factor for me and fortunately On Stride were able to improve on that and give me a loan that wasn't going to cost me the earth in interest. I'd definitely use On Stride again if I need another bad credit loan.

Lucy W., Sidcup (Submitted on On Stride)

Everyday Loans really were the only people I could go to for this loan. I had checked every single lender on the loan comparison website and the only positive response I could get was from Everyday Loans. It really was that bad so when Everyday Loans did approve a loan for me I didn't mind at all that I had to go to one of their branches to get the loan finalised. I think I would have jumped through flames to get this loan but luckily Everyday Loans weren't expecting anymore than a face to face meeting before completing the loan process and letting me have my money.

J. Williams, Hornchurch (Submitted on Everyday Loans)

my job is a junior quantity surveyor and the site manager on one of our big contracts told me to get myself a car as public transport wasn't reliable enough to get me on site by 8 am and I told him if he loaned me the cash I would do it. thats how we got talking about bad credit and not being able to get a loan. He told me about Everyday Loans and told me to go online and check them out. So I got my girlfriend to do it for me and within 24 hours she'd got a loan sorted for me and all I had to do was go and get if finalised at one of Everyday Loans branches. It really was that easy and if I'd know about Everyday Loans before I wouldn't have had to listen to my site manager every day reminding me of what a big favour he'd done me. and now I've got my car theres no excuse for being late for work.

Lance Ashcroft, Abbey Wood (Submitted on Everyday Loans)