Payday Loans For Bad Credit

Up To £2000* In Only 10 Minutes!**

Apply Now!

100% Secure Online Application

Warning: We do not ask for any up front fees for a loan or make unsolicited calls. There is currently a scam being carried out by fraudsters pretending to be us, never accept a loan from someone calling or emailing proporting to be from Cobra Payday Loans.

Borrow: £500 for 5 months Interest: £413.97 Total to repay: £913.97 Repay in 5 instalments of £182.80 each. Annual interest rate 198.7% (variable). Representative 670.2% APR. We are a credit broker, not a lender and as such earn commission on referrals.

9 Reasons To Use Cobra Loans

No matter what the reason is you are looking for a loan, we can help.

Bad Credit Payday Loans - Up To £2000* Today!**

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

This may be because you are classed as having a less than perfect credit history. However, hope isn’t lost and you may still be able to take out a loan. This is thanks to providers who have a wider lending criteria and are willing to consider people with lower credit scores. We take a look at these bad credit loan providers and how you can access credit whatever your credit history.

What Is “Bad Credit”?

If you’re looking for a loan but have been told that you have “bad credit”, it can be very frustrating being turned down time and again at mainstream lenders, but we may be able to help, you can apply here or click on one of the big Apply Now buttons on our site. If you’re unsure just what bad credit is then it all stems from your credit file. Everyone over the age of eighteen who has taken out some form of credit or has even just applied for credit in the UK has a credit file or credit profile. Credit agencies look after these credit files, the three main ones being Experian, Equifax and CallCredit. Over time, your credit profile records your borrowing and repayment history and it is this that potential lenders will look at to assess whether you are suitable for a loan.

For example, if you have taken out loans or credit cards in the past but have repaid them regularly and on-time, this represents a positive signal to potential lenders as past actions are a good indicator of future actions. It is likely therefore that you will do the same if they lend you money. Thus, your likelihood of being accepted for a loan and getting a good rate is increased.

However, if you have a history of taking out loans, credit cards or other forms of credit and haven’t repaid them regularly, have defaulted on payments or failed to pay them altogether, then these are obviously negative signals to potential lenders. Therefore, it is more difficult to get credit and it may be impossible from mainstream lenders such as banks and building societies.

Factors That Contribute To Poor Credit Records

  • ● Bankruptcy - If you have been made bankrupt in the past, this stays on your credit file for six years.
  • ● IVA - If you have been subject to an Individual Voluntary Agreement, this stays on your credit file for six years from the date it began.
  • ● Administration Order - If you have been subject to an administration order, this stays on your credit file for six years from the date it began, even if it has been paid in full.
  • ● County Court Judgements - CCJs stay on your credit file for six years from the date of judgment
  • ● Defaults - Payment defaults stay on your credit file for six years from the date of default.
  • ● Searches By Lenders - Too many searches by lenders can also be a bad signal and searches stay on your credit file for between one and two years.
  • ● Maxed Out Credit - If your current credit cards are all maxed out to the limit, this can be a negative signal to potential lenders.
  • ● Not Being On The Electoral Roll - Being on your local council’s electoral roll is positive signal to potential lenders

However, if you do find yourself with a poor credit record, thankfully it doesn’t automatically mean that you are unable to access credit. There are such things as ‘bad credit payday loans’ that may be available to give credit.

What Are Bad Credit Loans?

This type of loan is simply a loan from payday loan websites and other non-standard credit providers that are made available to people who do not have a great credit record. Unlike lenders such as bank and building societies who have very rigid lending criteria, bad credit loan providers have a more pragmatic approach and offer small loans to people with poor credit over short periods of time because it presents a manageable risk to them. These lenders are authorised and regulated by the Financial Conduct Authority so you can have the peace of mind that you are dealing with ethical and responsible companies.

How Do Payday Loans Work?

To apply for a loan when you have a poor credit history is really easy and can be done online. You’ll be asked a series of basic questions about yourself. This will include details such as your name and address, date of birth, telephone number, email address and number of dependents. You will also be asked how much money you want to borrow and how long you want to pay it back over. These are the questions you will almost always be asked but different lenders may have different questions as part of their application process.

Who Can Apply For These Types of Poor Credit Payday Loans?

Applications can be made by anyone who is over 18 and is a resident of the UK or has the right to reside in the UK. To get paid the money you borrow, you will need to have a bank account too.

Will My Loan Cost More?

Although all lenders are different, you will find that there are not usually any extra fees or charges to pay for a loan suitable. You will find that interest rates will vary and you may suspect, you will generally have to pay a higher interest rate than someone who has a good credit score.

Bad Credit Payday Loans Can Actually Help IMPROVE Your Credit Score

Don’t worry that taking out a loan designed for people with poor credit scores will harm your chances of getting credit in the future. If you fully comply with the conditions of your loan and ensure that you pay back the money in full and on-time, these loans can actually help to improve your credit score and help you eventually access more standard credit products in the future.

Cobra Payday Loans is rated 4.9 stars by based on 13 reviews

Latest Blog Posts:

Who says we need money to get healthy – 5 ways to get fit for free

Getting fit shouldn’t mean we have to splash out all the time. Having a healthy body is a vital thing which we should all strive to attain and there are plenty of ways to achieve it, for free. From taking advantage of taster-sessions to simply working out in the comfort of your own home, here are 5 ways you can get your heart into shape.   Workout at home  No need for fancy gym equipment or personal trainers, save money […]

Impulse Spends Can Ruin Your Budget

Setting a course for financial success is a goal shared by most Britons, but things don’t always work out as planned. Monthly outgoings quickly add up to a major expense, so it can be hard for some UK earners to break the payment cycle and make headway, reaching their financial goals. These customary costs of living include standard expenses, such as food, housing, insurance cover, car costs, and a host of additional monthly bills. Beyond these basic spending requirements, UK […]

Reduce Spending With These Frugal Moves

Success managing money balances earnings and outgoings, to keep you in the black. Though you may occasionally lose momentum, slipping into negative territory, your financial health depends upon quick recovery and ongoing balance. Without it, you’ll continue losing ground, struggling in an unsustainable financial cycle. Fortunately, there are many ways to reduce spending, strengthen your finances, and achieve financial stability. Cost-cutting strategies can help trim spending in most consumer categories. It’s your duty as the family financier to commit to […]

Read more from our blog

Warning: Late repayment can cause you serious money problems. For help, go to is a registered trading name of Ready Money Capital LTD. Ready Money Capital LTD is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number 802557. Licensed by the information Commissioners Office (registration number ZA441875). Cobrapayday Loans does not provide any loan or consumer Credit products directly.