Payday Loans For Bad Credit

All credit histories considered - apply today!

Apply Now!

100% Secure Online Application

Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed).Representative 669.35% APR (variable).

How Can We Help You Get Bad Credit Payday Loans?

Are you looking for a loan? Found that the usual sources of finance such as banks and building societies have turned you down?

Just because you’ve had problems with credit in the past, shouldn’t mean that you’re not able to access emergency cash when you need it most.

At Cobra Loans, we pride ourselves on the diverse and innovative payday loan solutions offered by our lenders that have helped people with bad credit to source finance time and time again.

Have you been rejected for a loan in the past? Not a problem! The main priority of our lenders is to ensure that you can comfortably afford to make your repayments and, while credit scores are important, they are not the only factor used to consider whether to accept you or not.

Factors such as your employment status, income, and even the amount of credit you’re looking for are taken into account when assessing each application. Rather than taking a ‘computer says no’ attitude to lending, each application is taken on its own individual merits, giving you a great chance of being accepted.

Let’s take a closer look at how credit works, the different borrowing options available for those with poor credit and how you can apply for a bad credit payday loan today!

What is Bad Credit?

We hear a lot about credit scores, credit ratings and credit reference agencies, but what exactly is bad credit and how can it affect your ability to borrow?

Whenever you take out any form of credit, this will typically be logged with the UK’s credit reference agencies. Everyone has their own credit file and lenders will update it each time you make or miss a credit repayment.

Your credit file also tracks whether you’re listed on the electoral roll, what other credit agreements you have in place and any hard searches which have been carried out on your file.

All of this information together moulds your credit score, however, each credit reference agency will measure this slightly differently. Some of the most common UK credit agencies include Equifax, Experian and TransUnion and, while they all do a very similar job, different lenders use reports from different agencies to help make their assessment of your credit.

Almost all of these credit reference agencies will allow you at the very least to sign up for a 30-day free trial so you can check out your credit score for yourself. Some even offer it free for life so you can continue to check up on your credit health each time you make a repayment!

If you’ve been refused for a loan based on your credit score but haven’t had any financial issues in the past, there may well be something on your credit file that you don’t recognise. Check for any credit agreements that you don’t recognise to make sure all the information on your file is accurate and you haven’t been a victim of identity fraud.

What Factors Contribute to Bad Credit?

The automatic assumption is that if you’ve missed payments in the past, this will single-handedly force your credit score downwards.

While, of course, missed payments will in part be reflected in a lower credit score, there are several other factors which you’ll need to be aware of that can make a difference.

Having your up to date information listed on the electoral roll makes it easier for lenders to confirm your name and address, in turn improving your credit score. Although your name and address won’t impact your ability to repay the loan, it helps to reduce the risk to lenders if they can verify this information upfront, meaning you’re likely to receive more favourable terms.

If you’ve missed payments in the past or found yourself in serious financial difficulty, you may have been issued with a County Court Judgement (CCJ) or even bankruptcy.

For many people these would have been the only sensible steps towards earning financial freedom at the time, however, they will have a negative impact on your credit score for a few years. It’s particularly hard to get credit if you’ve been issued with a CCJ in the 12 months before applying.

Other factors that will show up on your credit file will include any credit that you have at the moment, and how much of this credit you’re using. If you’ve maxed out your other lines of credit and have accounts in arrears, this will negatively affect how you’re viewed by new potential lenders.

Never had credit before? You might think that would be seen as a good thing in the eyes of lenders, but in fact, they view this as a negative since there’s no evidence of how well you can actually manage credit.

Therefore you might find that you’ll need to use a small loan or basic credit card to help build a credit score that lenders can refer to in future. If you can keep on top of these debts from day one then you’ll set yourself up for a great future credit score which can help when applying for mortgages and other types of finance.

How Do Bad Credit Loans Work?

With this in mind, bad credit loans have been specifically created to help those with poor or no credit. They offer a fantastic, flexible, accessible way to get a payday loan without having to secure assets or use property as collateral.

A short term bad credit loan shares a ton of similarities with traditional payday loans. With Cobra Loans, you’ll be able to apply for a cash lump sum of between £100 – £5,000, paid directly into your bank account once you’ve been accepted.

You’ll have the freedom to choose how long you’d like to repay your loan over, from a few days up to a maximum of 36 months, and all the repayments will be transparently sent across in your credit agreement.

What’s more is that once you’ve been accepted for credit, funds are usually transferred straight to your account within 24 hours, with some providers even able to offer a same day service.

The two key differences between standard loans and bad credit loans are the rates of interest and their acceptance rates. Since these loans are designed for those with poor or no credit, it’s easier to appreciate that the lenders are taking on a higher amount of risk.

This is reflected in the interest rates which you’ll usually find are higher than those of their lower risk counterparts. This means that while you’re building up your credit score, you’ll typically pay back a little more compared to a standard loan.

If you’ve been turned down for payday loans in the past, bad credit loans may well be your only option. They have incredibly high acceptance rates and have a great reputation for saying yes where others have said no.

Am I Eligible for Bad Credit Payday Loans?

Bad credit short term loans offer very generous acceptance rates, meaning that there’s an excellent chance of you being accepted based on your credit score and personal circumstances.

However, as with almost every type of loan in the UK, you’ll need to fulfil some basic qualifying criteria. You must:

Be at least 18 years of age when you apply

Have a UK bank account in your name

Have the right to reside in the UK

Every single lender in the UK uses its own eligibility criteria when it comes to assessing loan applications. Some are even happy to offer credit to those on benefits and the unemployed, as the onus is on your ability to comfortably repay your outstanding balance rather than solely focusing on your credit status.

A Bad Credit Payday Loan Can Improve Your Credit Score!

Each time you make a repayment on any form of credit, this is reported to credit reference agencies across the country. Nothing helps to improve your credit score more than making your repayments on time and in full and as each of your repayments is made, your score will begin to increase.

Exactly the same applies to bad credit short term loans and, before long, you’ll find it much easier to apply for more traditional forms of finance such as credit cards, overdrafts and even mortgages.

Can I Get Bad Credit Loans If I’m Unemployed?

Yes! Gone are the days of having to be in full-time employment or needing to lay down security to take on credit. Whether you’re temporarily unemployed, medically retired or on benefits, none of these factors will hold you back from being able to take on loans for bad credit.

These lenders try to take a broad picture of your financial circumstances as well as looking at your employment status and credit history. Just because you’re unemployed with bad credit, doesn’t mean that you are unable to make timely repayments. You may have other income sources through benefits, investments or savings, but ultimately the decision to lend is the lenders.

Tips for Responsibly Borrowing Bad Credit Loans

You can give yourself a great chance of getting back on your feet financially by taking a few simple steps to ensure that you manage your loan correctly.

First things first – never borrow more than you have to.

It’s a really good idea to write down a budget so you can see exactly how your finances look on paper. Work out exactly how much you need to borrow to get you through your current emergency. It might be tempting to borrow a little more but remember this will only make your repayments more expensive further down the line.

Secondly, remember that you are in complete control of your loan, the amount, the term and the repayments. Bad credit short term loans are incredibly flexible and so it’s well worth playing around with different loan amounts and repayments until you find a figure that you feel is comfortably affordable and meets your borrowing needs.

Finally, free services like Cobra Loans are there to do the leg work for you. We will compare bad credit loans from across the UK so you can check out the latest interest rates, repayment terms and other loan features all in one easy place.

Rather than having to go through long-winded telephone conversations or face to face meetings with the bank, Cobra Loans can provide you with an immediate comparison in seconds with every application completed online.

How Can I Apply for Bad Credit Payday Loans?

The first step is to find a trusted, reputable loan site like Cobra Payday Loans. It all starts by letting us know a little more about yourself and the type of loan you’d like to apply for.

You can choose a loan of between £100 – £5,000, however, if you’re applying for a bad credit loan you may need to start off with a smaller amount until your credit history has been improved.

The repayments periods are flexible too – let us know the ideal term you’d like to repay your loan. If you’re happy then it’s time to apply! You’ll need to go into some more detail about your circumstances in the application, including your employment status, residential status, pay dates, and your banking details so that funds can be transferred to you quickly and easily.

You’ll also need to digitally sign a credit agreement with your lender which will explain everything you need to know about your loan, and a copy of this will be emailed to you for safekeeping.

What If I Can’t Repay My Bad Credit Loan?

There will always be times when life doesn’t pan out quite as expected and financial hardship can begin to set in. If you find yourself in a position where you can’t repay your loan, then the very first thing to remember is not to panic. You won’t have been the first person to struggle with loan repayments and certainly won’t be the last!

Ignoring any late or missed payments will only make your situation worse so it’s really important that you contact your lender in the first instance to explain your situation. They are required by the Financial Conduct Authority to take a sympathetic approach to those in financial difficulty so don’t feel that you’ll be attacked for having issues making repayments.

Try to avoid borrowing more to pay previous debts that are in arrears as this may well make your situation worse than it already is.

Remember – it’s in the best interests of the lender to help you get back on your feet and this can come in many different forms, from repayment holidays to a freeze in late repayment fees or interest, or even by referring you to one of the UK’s incredible debt help services.

What Services Are Available to Support You Through Financial Difficulties?

There are very few things worse than the stress that comes with debt, especially if your financial circumstances have changed since taking on credit. However, the good news is that the UK is equipped with one of the most accessible and robust debt help sectors in the world.

With a range of charities, independent organisations and government-backed schemes in place, plenty of help is at hand for those who need it.

Money Advice Service (

The Money Advice Service is a government-founded, independent service. They offer free, unbiased help on how to manage your finances and make your cash go further. All information is available either over the phone or face to face.

StepChange (

StepChange is the UK’s largest debt advice service, having helped more than half a million people to deal with their financial problems last year alone. Their website offers access to fully trained debt advisers along with a wealth of literature on debt and other financial commitments.

National Debt Line (

National Debt Line is the UK’s leading debt advice charity. As an independent debt advisory service, they offer everything from online debt tools and web chats to budgeting advice and telephone-based debt help.

So what are you waiting for? Apply for your short term bad credit loan today with Cobra Loans and find out why so many people continue to use us for their borrowing needs.

Loan Options

Apply Now!

Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

Related Information:

Latest From Our Blog:

What to do if you keep being rejected for credit
February 23, 2021

What Should I Do If I Keep Being Rejected for Loans and Credit Cards?

If you are being rejected for loans and credit cards again and again, we understand it can be difficult to know where you are going wrong. Many credit cards are now marketed as being for those with poor credit scores, and offer same day approval and spending. However, where this has not been your experience, […]

How does the four pots method work
February 12, 2021

Could The “Four Pots Method” Give You Total Control of Your Finances?

In terms of everyday banking, most people have one current account and one or two savings accounts. (Not counting shared bank accounts). But did you know that you can actually have as many personal current accounts as you like with the same bank? Ideally, four current accounts? You may wonder why anyone would do that […]

Can I Take Out A Payday Loan On Benefits
January 29, 2021

Can I Take Out a Payday Loan If I Am on Benefits?

Almost all of us need a loan at some point, however if you are in receipt of benefits applying for a traditional loan with a bank or building society may not be possible. Many of the traditional lending streams are unavailable to those who are on benefits, yet there are alternative lenders which are often […]

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