Quick Loans For Bad Credit

Instant Decision And Money Into Your Account In As Little As 10 Minutes**

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).

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

Cobra Payday Loans Hero

Get Quick Cash

Bad Credit Quick Loans In The UK – Apply Now For An Instant Decision

If you’re looking for a bad credit payday loan, you’re not alone. Thousands of people search online each day for emergency same day loans designed to help overcome short-term financial issues.

Many of these loans are referred to as payday loans. Historically, a payday loan was defined as a short-term loan designed to be repaid on your next payday. However, the concept of emergency payday lending in the UK has changed slightly over the years, and the term “payday loan” now broadly covers most forms of short-term, high-interest credit.

If you’re searching for a loan for people with bad credit, then you’re in the right place. Apply now and see if we can help you!


What Our Customers Say About Us

What is a bad credit emergency payday loan?

A bad credit payday loan is a form of short-term finance designed to help those with poor credit ratings overcome life’s unexpected money emergencies. These loans are heavily regulated by the Financial Conduct Authority (FCA).

Payday lenders can offer high-interest loans for up to 12 months, with a cap on fees. These caps mean that you will never be expected to pay more than £24 per month in interest on each £100 borrowed. You’ll also never pay more than double the original amount you have borrowed.

What is bad credit?

Bad credit is a term used to describe the current financial situation of a person with a history of poor financial management. People with poor credit ratings are likely to have failed to keep up with credit payment obligations in the past. These obligations can include utility bills, credit card payments or loan repayments.

Having bad credit can prevent a person from obtaining finance from mainstream lenders, such as high street banks. By its very definition, bad credit is an indicator to lenders that a borrower presents a risk to them in terms of making repayments. This is based on their history of failing to meet repayments.

Bad credit payday loans explained

Bad credit wage day loans are designed to meet the needs of those who need urgent access to cash, despite having a poor credit rating. They are a small number of short-term finance products available to those with a bad credit score.

These loans typically have high-interest rates, which reflect the risk taken by the lender. Therefore, before taking out a bad credit emergency payday loan, you should ask yourself, “can I afford to repay this loan in full and on time?”

When taking out a bad credit loan, it is imperative that you borrow within your means and stick to your repayment commitments. Failure to do so could result in even further damage to your credit rating, which could severely impact your ability to access credit – even in the form of high-interest loans – in the future.

I’ve never borrowed any money – why is my credit rating so poor?

A bad credit score is usually an indicator of financial mistakes you have made in the past. However, sometimes a low credit rating can occur if you have no borrowing history whatsoever. If you’ve never borrowed money, traditional lenders will have no inclination as to whether you’re trustworthy enough to make repayments on time.

By taking out a bad credit payday loan and repaying it as agreed, you could actually increase your credit score. This could improve your chances of accessing credit from a wider range of sources in the future.

Ready to apply?

Borrow from £100 to £5000

Bad credit loans direct lender information

All forms of personal borrowing should be issued and approved by an FCA-authorised direct lender. Bad credit payday loan products are no different.

If you feel confident about your credit rating and believe most bad credit loan providers will approve your loan request, you might find it useful to compare your loan options to ensure that you’re getting the best possible deal from a direct lender.

Most payday loan direct lenders are happy to provide third-party customer reviews, which should help you make an informed decision.

Credit brokers for bad credit loans

If you’re looking for quick loans for bad credit via a direct lender, it can be a good idea to use an online credit broker. Payday loan credit brokers scan the entire market of direct lenders in a matter of minutes to provide you with the best possible deal in terms of acceptance rates and APR.

You’ll find it much easier to get accepted for a loan with a lower APR when you use a reputable credit broker – which is where we come in. So why not apply for a payday loan today with us?


Frequently Asked Questions

  • Can I take out a quick loan with bad credit?

    If you currently have a poor credit score, you might still be able to take out an emergency payday loan. Bad credit quick loans are designed to help people with poor credit scores. However, the risk to the lender is offset by higher APR rates. In addition, lenders look at loan applications on a case-by-case basis – there are no guarantees that you will be approved or rejected when you apply for a loan.

  • Yes, this is possible. Bad credit payday lenders don’t usually require you to have a guarantor – unless, of course, they specialise in guarantor loans. When you take out a guarantor loan, the guarantor’s credit history is usually of more importance to the lender. When you take out a bad credit loan without a guarantor, your lender will take your ability to make repayments into account.

  • If your application for a bad credit payday loan has been approved, the money can be paid into your account in as little as ten minutes, provided your bank accepts Faster Payments and the lender you are matched with provides that facility. You should speak to your bank to ascertain whether your account has this facility.

  • Your credit score is an essential factor when it comes to determining whether you’ll be able to access finance. If your credit score is low, you might find it difficult to access any finance whatsoever. This is because all lenders assess your level of risk when it comes to repayments. If you have a long and varied history of missed repayments, it could indicate to potential lenders that you are too much of a risk.

Advantages of payday loans

Payday loans can be a lifeline to those with bad credit who need rapid access to funds. Some other advantages of emergency payday loans include:

• A simple and non-intrusive means of applying for credit.
• Access to an unsecured loan (if you miss a payment, you won’t risk losing valuable possessions).
• Applications can be completed and processed online for complete speed and efficiency.
• Relatively short-term repayment periods, which means you won’t be tied into repayments for months or years. With quick loans for bad credit, your commitment could be as little as a few weeks.
• Access to relatively small amounts of money helps keep the cost of borrowing to an absolute minimum.

Payday loans for bad credit: what are the disadvantages?

Quick loans for people with bad credit scores can have their downsides, too. For example:

• Payday loans are generally a little more lenient when it comes to assessing your suitability for a loan. This can make it tempting to take out a loan, even in a non-emergency situation.
• Most payday loans come with a much higher APR than traditional forms of finance. While there are caps and restrictions in place, you should always be aware of how much you’ll be expected to repay before committing to a payday loan.
• By their very definition, payday loans are designed to bridge the shortfall between now and your next monthly wage. Therefore, you won’t have very long to repay what you owe, which can cause further financial issues later in the month.

Will applying for a payday loan affect my credit rating?

When you apply for finance, a formal search of your credit file will be undertaken before being approved or rejected. This leaves a “footprint” on your credit file. If you already have a precarious credit history, further searches of your file could make your situation worse. Multiple searches on your credit file will indicate to lenders that you are regularly applying for loans, suggesting that you cannot manage your finances effectively.

Making multiple loan applications in rapid succession could also damage your credit rating. If you find that you are repeatedly declined for finance, it is recommended that you do not continuously apply for payday loans in quick succession.

If a direct lender has declined you after they have performed a hard credit search, you should wait a minimum of 14 days before reapplying with another provider. This is because the next lender will be able to see your most recent application for finance. In addition, having too many rejected loan applications in a short period could create a negative impression of your ability to manage your finances.

Are there any alternatives to bad credit payday loans?

If you’re struggling to access quick loans for bad credit, you may want to consider applying for guarantor loans or peer-to-peer loans. You may also find it beneficial to contact your local credit union. However, your eligibility for finance will depend on your credit score.

Apply for a loan today

Borrow from £100 to £5000

Conclusion: should I take out a bad credit emergency loan?

If you’ve made financial mistakes in the past, you might still qualify for bad credit loan products. As a credit broker, we work alongside specialist lenders who consider your loan application on many factors.

The good news is that payday lenders are reasonably flexible. Most will concentrate on your ability to repay a loan in the future instead of focusing on your financial past. However, if you decide to take out a bad credit loan, you should do so on the proviso that you intend to borrow responsibly and repay on time.

When you meet your repayments on time every month, you’ll start to notice that your credit score begins to rise. This demonstrates to lenders that you are a responsible borrower. This could help you to access better finance offers in the future. If you need fast access to cash, and you can meet the repayment schedule as agreed with your direct lender of choice, you should consider taking out a same-day emergency loan.