Bad Credit Payday Loans

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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).

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

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Instant Decision Loans For People With Bad Credit

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 have had problems with credit in the past should not mean that you cannot access emergency cash when you need it most.

At Cobra Payday Loans, we pride ourselves on having helped thousands of people just like you get the loan they need, regardless of credit history.


What Our Customers Say About Us

Have you been rejected for a loan in the past? Have bad credit? Not a problem! Our main priority and that of some of the direct lenders we work with is to ensure that you can comfortably afford to make your repayments. So 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 are looking for are considered when assessing each application. Rather than taking a ‘computer says no’ attitude to lending, each application is taken on its own individual merits. With bad credit payday loans, you have a great chance of being accepted.

credit score not so great - we can still help

What Is A Bad Credit Payday Loan?

Bad credit payday loans are similar to traditional payday loans but with an emphasis on helping those who have a poor credit history get the finance they need.

You will have the freedom to choose how long you would like to repay your loan over, from a month up to a maximum of 36 months. A full breakdown of your repayments will be in your credit agreement.

Once you have been accepted for a payday loan, funds are usually transferred straight to your bank account within 24 hours, with some providers even able to offer a same day service.

The two key differences between payday loans and bad credit loans are interest rates and acceptance rates. Since these loans are designed for those with poor or no credit, it is easier to appreciate that each direct lender takes on a higher risk.

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

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

have bad credit - no problem


Frequently Asked Questions

  • Can I Get Bad Credit Payday 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 are temporarily unemployed, medically retired or on benefits, none of these factors will hold you back from being able to take on payday loans for bad credit.

    Each direct lender will try to take a broad picture of your financial circumstances and look at your employment status and credit history. Just because you are unemployed with bad credit does not mean that you cannot make timely repayments. You may have other income sources through benefits, investments, or savings, but ultimately the decision to lend is the lenders. As we work with only authorised loan lenders, we are in a prime position to help you get the loan you need. If you would like to borrow money today, complete our loan application, and, if accepted, the funds could be in your bank account today!

  • Yes, absolutely. Most of the direct lenders we work with do not ask for a guarantor unless they are a specialist guarantor loan provider.

    Bad credit loan providers are geared toward working with people with a poor credit history, so a guarantor is not normally required.

    Lenders might consider your future financial prospects too. For example, if you have other loans and credit that you will soon pay off in full, you will have more disposable income in the future.

  • Each time you repay any form of credit, this is reported to credit reference agencies across the country, who then store the information in your credit file. 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.

    The same applies to bad credit payday loans and, before long, you will find it much easier to apply for more traditional forms of finance such as credit cards, overdrafts and even mortgages.

Am I Eligible for Bad Credit Loans?

As with almost every type of loan in the UK, you will need to fulfil some basic qualifying criteria for a bad credit loan. You must:

  • Be at least 18 years of age and a UK resident when you apply
  • Have a UK bank account in your name
  • Have an email address and mobile phone number

Every single direct lender in the UK uses its own eligibility criteria to assess loan applications. Not all base their decision solely on your credit report. 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 report.

What Factors Contribute To a Bad Credit Score?

The automatic assumption is that if you have 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 that you will 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 direct lenders to confirm your name and address, in turn improving your credit score. Although your name and address will not impact your ability to repay the loan, it helps to reduce the risk to lenders if they can verify this information upfront, meaning you are likely to receive more favourable terms.

If you have 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 harm your credit score for a few years. It’s tough 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 you have now and how much credit you are using. For example, if you have maxed out your other lines of credit and have accounts in arrears, this will negatively affect your credit rating and how new potential lenders view you.

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

Therefore, you might find that you will 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, you will set yourself up for a great future credit score which can help when applying for mortgages and other types of finance.

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What If I Can’t Repay My Loan?

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

Ignoring any late or missed payments will only make your situation worse, so you must 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.

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 is 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 and has 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 Payday Loans and find out why so many people continue to use us for their borrowing needs.