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The number of personal loan applicants keeps increasing every year as it becomes the easiest remedy in times of financial emergencies. So the online brokers and lenders flock the internet to advertise their deals and offers. However, it is safer to apply from the direct lender with this type of loan. The application process is simple and easy since all the borrower has to do is fill out the form and send it online.

A personal loan is a fixed amount of loans with a fixed rate and payable at a fixed term. Bank, credit union, or an online lender are some of the providers of this type of loan. 

Personal loans can be classified into two types; the secured personal loan requires security through collateral and the unsecured loan that does not require any guarantee. Usually, people apply for personal loans because it has lower interest rates than other options, and they use it to pay for their car, home improvement, or holidays. Many use it to consolidate multiple debts to lower the monthly payment.

Bad Credit Personal Loans​​

Bad credit loans for people

Paydayloansnow believes that everyone should be given a chance to find help with their financial difficulties, especially when it comes to emergency matters. Anyone should not suffer for a mistake in the past or for the poor management of their money.

People with a poor credit history are considered risky, and for that reason, they also tend to receive the highest interest rate offer to offset the additional risk. To improve one’s credit rating is by making repayments on time, and Paydayloansnow is offering the best interest rate that fits your financial circumstance.

The following are some of the common reasons why many choose Paydayloansnow when they want to apply for payday loans for a fast no guarantor loan or a bad credit loan.

  • It caters loans for payday up to £5000 from 292% APR
  • You will know if you’ll be accepted before applying
  • Credit score will be not affected
  • No fee charges
  • Eligibility allows additional credit later
  • User-friendly online application and management platform

Bad loan credit can also be acquired through an online application.

Many lenders such as Payday Loans Now provide all-day services, including getting you personal loans for bad credit.

Personal loan or a loan with bad credit is authorised and regulated by the Financial Conduct Authority to protect the borrowers and promote fairness among loans for bad credit lenders.

FAQs

Loan bad credit is meant to help people who have poor credit history. For direct lenders of course, people with bad credit loans do represent a bigger risk. They make up for this by adding higher interest to offset the risk.

The good thing about applying for personal loans bad credit is that once you have made all the repayments, your credit rating may actually improve. 

A lot of UK residents don’t realize that they have bad credit score until they are declined for a loan. For their quick background check, lending companies turn to trusted firms for credit histories like Equifax, Experian, and Call Credit.

Loan with bad credit don’t take very long to process. The shorter the term of the loan and the smaller the amount means you can get your money much faster. 

Small amounts spread over thee months are approved almost instantly. For more significant amounts, some lenders may need to take longer to accept your application.

Bad Credit Personal Loans​

Sometimes, you may need a personal loan but find that a bad credit score is hampering your prospects. In such situations, our team can assist you. At, Payday Loans Now UK, we offer comprehensive assistance in getting personal loans for applicants with bad credit records.

We will help you connect to lenders that evaluate you on your present repayment capabilities rather than deciding solely on your past credit record.

Why Opt For A Bad Credit Loan?

There are a few factors that may make you opt for a bad credit loan. These include:
  • Your choices are limited – In some cases, typical banks and NBFCs may not approve your loan application and you may be in dire need for a loan.
  • You are trying to improve your credit score – Sometimes, a bad credit loan may be useful in enhancing your credit score.
  • You are consolidating debt – A bad credit loan is useful when you want to blend your debts into one single payment. This is better than paying a number of lenders separately.
Bad Credit Personal Loans​​

How To Get A Loan With ​

With poor credit score and history, you may find it hard to obtain a loan. However, we ensure you get connected with lenders who offer loans to people with a poor credit score.

How To Submit A Personal Loan Application?

In case, we find a matching lender for your needs, you will get the loan approval within 30 minutes or less. You will be redirected to the lending agency and then you will have to fill in the forms online. The loan approval will be simple and smooth.

As for the secured bad credit loans, we will take it over and complete the required steps to ensure you get the money. In most cases, the applicants with a poor credit history are offered a high rate of interest. However, things can be better if you borrow responsibly and payback in time.

  • You let us know about the loan amount and duration for the same.
  • We will want some personal details for application submission and processing. These include your name, income details, address and job status, etc.
  • Then we will check all available lenders and match the viability.
  • These will not affect your credit rating at all.

Is It Easy To Get A Personal Loan If I Have Bad Credit?

The word easy is actually relative in this context! A few things come into the picture here.

  • How Bad Is The Credit History – One instance of late payment taking place 6 months ago will not affect your loan prospects much? However, a recent incident involving late payment will matter.
  • The Lender – There are lending entities that stay away from people with poor credit history. Then there are lenders who will sanction loans but with a higher rate of interest. We, at Payday Loans Now UK, do not believe that your past credit history should impact your present prospects for obtaining a loan.

To ensure your credit record improves and loan prospect is not hampered, you can do the needful:

  • Stick to each and every credit commitment on time
  • Ensure you are listed in the electoral roll
  • Bring down the credit utilization ratio to 25%
  • Evade making several applications within a short time span
  • Assess the credit report for mistakes

Can I Obtain A Bad Credit Personal Loan Without A Credit Check?

The clear answer is no! Whether it is a personal loan or a secured loan or even a credit card, credit checks are compulsory.

In fact, if the lenders do not check your credit, they can’t know about your repaying capability! By analyzing your credit history, they can make decisions about granting you loans. This is also important for the borrower. If you get approval for too many loans that you can’t repay, the burden of debt becomes too taxing.

Will A Poor Personal Credit Loan Boost My Credit Score?

This can be so but the benefits won’t be felt immediately.

At the start, a bad credit loan may affect your credit rating slightly. It will enhance the amount of credit you have and create an application trace. However, you can make things better by using the bad credit loan in a responsible manner. Pay all your dues in time and you will see your credit score improving soon.