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
5 Signs That You Need a Bad Credit Payday Loan?
A payday loan could be the answer. Compared to standard forms of credit like overdrafts, credit cards, and personal loans, a payday loan has advantages you can't get anywhere else. For instance, a payday loan is one of the best ways to raise cash quickly when you're facing a financial emergency, and it can help to pay for unexpected expenses before your wages come through.
Another great thing about a payday loan is that it's designed to be short-term, so you only must be in debt for a very minimal amount of time. You can pay off the money you owe within a matter of weeks, and even enhance your credit rating at the same time. Here are just some of the signs that you could benefit from a bad-credit payday loan.
You Need Money Fast
Many lenders can approve applications for payday loans almost immediately when you provide the right information. The application process is quick and simple, and there's no need to fill out any lengthy forms, like you would with a conventional loan. Though it can take a few hours for your lender to transfer the cash into your bank, you should have the money you need within less than a day.
In an emergency, speed is often essential, and conventional credit cards or loans can take weeks to process. In addition, with a standard loan, you could wait for all that time and your request may not be approved. When you apply for a payday loan, you know whether you're going to get your money within a matter of hours.
You Want Convenience
Applying for a typical loan can be a nightmare for some people. It often feels though you have to jump through a million hoops before you ever get the chance to use the money you need. On the other hand, Payday loan providers are often very easy to deal with. They know that their customers often need money fast, so they work quickly and efficiently to provide the support you're looking for.
Since an emergency can occur at any time of the day or night, a payday loan provider can also stay open a lot longer than your standard bank or building society, some websites can process your loan for you 24/7, so you don't have to wait until the next working day to find out what's going on with your application. Additionally, some websites also have email and live chat facilities available, so you can ask questions before you submit your application.
Your Credit isn't Great
A good credit rating isn't always the easiest thing to keep hold of - particularly in a complex economy. Unfortunately, if you don't have a great credit report, then it might be hard for you to get approval for a standard personal loan or credit card. However, payday loans are designed to support people regardless of what their credit history looks like. In fact, most payday loan providers won't decide about your loan based on your history, instead, they'll simply ask you whether you have a consistent income you can use to make your repayments.
Payday loans don't ask you to put down collateral for the money you want to borrow, and the requirements to apply are often minimal. Usually, all you need is to have a regular job, be over the age of 18, and live within the UK. While different Payday loan providers will ask different questions on their applications, you should find that getting
You Don't Want to Explain Your Spending
Payday loans for people with bad credit are all about giving you the cash you need quickly, without restrictions. You're not limited by your credit rating, and you can apply for the money you need quickly and pay it back just as fast. With a payday loan, you get the money you need to spend when you need it most, and you don't have to answer any questions on how you plan to use that money.
These loans are famously flexible, as you can receive your cash within a day, and spend it however you like, without restrictions. As long as you pay back the money you owe, your payday loan provider doesn't mind what you use the cash for. This isn't the case with other loans where you might be required to spend the money you get on a car or a home.
You Need to Boost your Credit Rating
Finally, though taking out a loan might not seem like the best way to improve your credit rating - as long as you pay the money you borrow back on time, you could do your history a favour. Paying back your payday loan fast will show lenders that you can be trusted to use money responsibly, and this can improve your score for the next time you want to apply for a loan - whether it's another payday option, or something else entirely.
Additionally, it's worth noting that a payday loan can also help you to avoid other difficult financial situations that may make your credit rating even worse. For instance, going into an overdraft that you haven't pre-agreed with your bank, or defaulting on other payments could put you in a worse position with your credit history, so it's even harder to get the loans you want in the future.
Should You Get a Payday Loan?
Just like any form of lending, it's important to make sure that you think about all your options before you apply for a payday loan. If you can afford to pay the money you have borrowed back on time, then a payday loan is a convenient and fast way to handle financial emergencies without any complicated paperwork or fuss.
With your Payday loan, you can borrow money for any purpose you like, and access the cash you need within hours - regardless of whether you have bad credit.
- A simpler option...
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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?
Bad credit payday 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 on a bad credit payday loan, 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 before taking out payday loans for bad credit. 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.
| Provider | Loan | Repayment: £3,000
over 24 months | Representative APR | Term | User Reviews | |
|---|
| Min | Max | Min | Max |
|---|
 On Stride | £1,000 | £10,000 | £192.25 | 45.3% | 12
Months | 60
Months | | |
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. |
 Everyday Loans | £500 | £10,000 | £253.39 | 79.7% | 12
Months | 60
Months | | |
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 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
Review of 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.
Review posted by Lucy W., Sidcup
- Customer Service
- Flexibility
- Ease Of Use
- Value For Money
Review of Everyday Loans
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.
Review posted by J. Williams, Hornchurch
- Customer Service
- Flexibility
- Ease Of Use
- Value For Money
Review of 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.
Review posted by Lance Ashcroft, Abbey Wood
- Customer Service
- Flexibility
- Ease Of Use
- Value For Money
