Which payday loan is best for
people with bad credit?

Which payday loan is best for people with bad credit?

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What is a Payday Loan: What Beginners Should Know?

Applying for a payday loan is like jumping into a bottomless quicksand – there’s a chance that you may never get out. Even if payday loans have improved since the last decade, their volatility is still imminent and borrowers are still paying outrageous fees. Of course, you have the option to stay away from payday loans – there are other types of loans anyway. But what if you really need money in a short time? What if you encountered a distressing financial situation? In this case, the payday loan can bail you out.

Before you head straight towards the nearby payday lending office, you need to understand some helpful points. Borrowing a payday loan is not a joke, so you have to be prepared.

And what is a payday loan really?

 

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Payday Loans

Here at Lentra we Specialise in Payday Loans

There are many different kinds of payday loans on the market and it can be hard to choose which one would be best for you. A great place to start, if you don’t know already, is to find out What a Payday Loan is.

If you do know what a payday loan is, then check out the options below to find the best variety for you.

1 Hour Loans

If you are in a rush to get cash quickly then a 1 hour loan is a great option for you.

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24 Hour Loans

This is a fantastic opportunity for you to get funds in your account the very next day.

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Advances

If you are struggling to last till the end of the month, why not get an advance on your pay.

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Advance Loans

Getting an advance loan can really help you last out until your next payday arrives.

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Bad Credit

If you suffer from bad credit then this is a great opportunity for you to get funds.

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Best Online Loans

Find the very best loans and the lowest rates online with a few quick tips.

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Cash Advance

When you need extra cash this month, a cash advance has you covered.

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Cheap Loans

This option is perfect for those that have alright credit to get the lowest rates

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Direct Lenders

Get your loan direct from the lender to save you time and money.

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Emergency Loans

If you need cash for an emergency situation then this is the option for you.

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Faxless Loans

Don’t want the hassle of faxing details? A faxless loan is the one for you.

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Loan till Payday

You can get a loan right here to last you until your next payday.

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Low Interest

You can get the lowest rates on the market when you apply here.

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No Credit Check

If you have bad credit then why not skip the credit check altogether?

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Payday Cash

The best option for those looking for simple borrowing today.

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Payday Consolidation

Get your debts under control with one simple process, it couldn’t be easier.

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Payday Instalments

Not a combination of words you would normally see, click to find out how they fit together.

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Payday Interest Rates

Find the best interest rates on the market with just a few clicks.

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Payday Loans

Payday loans at their most simple. Get the cash you need without the hassle.

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Payday Near Me

Find a loan near you to make your life that much easier.

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Payday Places

You may be surprised how close a payday shop is to your home.

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Quick Approval

If you don’t have time to hang around and wait for a reply then click here now.

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Same Day

If you are in need of cash this same day then click here now.

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Short Terms

If you are looking for a short term loan then you have found he right place.

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With Bad Credit

Trying to get funds but have bad credit? It’s no problem with Lentra.

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With No Credit Check

Having trouble getting cash because of bad credit? Skip the credit check here.

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What Are Payday Loans

Find out the details of what payday loans really are.

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See How Others on the Market Compare

Loan amount
£100 - £750
Loan term
1 - 35 Days
CUSTOMERSCORES
Good
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Loan amount
£100 - £2,000
Loan term
3 Months Only
CUSTOMERSCORES
Excellent
Apply Now

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Payday Lenders Don’t Have Strict Credit Checks

Unlike other commercial lenders, payday lenders don’t follow a strict credit check system. Rather, they will assess your loan on two main parameters: employment status and character. If you’re employed and doesn’t have any problem with the law, there’s a big chance that your loan application will be approved. It also works best if you’re referred by a friend or relative.

You Can Get Your Loan Within Minutes

The real problem with commercial loans is the lengthy processing period. It typically takes more than a day before your application is approved or denied. If you even applied for a bigger loan, the situation is more pressing. Business loan borrowers, for example, need to present their business plans and methodologies to the lender. If the plan is favoured by the lender, the loan can be released in few days. With payday loans, you can get your money in just minutes. This is especially true with online cash advance lenders. After you got the approval, the lender will send your money to your bank account.

Typical Payday Loans Have High Interest

Since a payday loan can be received easily, it’s probably a loan ‘made in heaven.’ Not quite, though. The first disadvantage of payday loan is the high interest. Regular-paying borrowers usually end up paying more than 150% of their principal. The rates can even go up if the economy is unstable and the payday lender needs to adjust the stakes. High interest is normal in the payday lending industry. If you can’t bite it, choose another debt instrument.

Miss One Term and You’re Trapped

What if you’re locked in with a payday loan and you suddenly cannot repay? Well, aside from the interest, you need to pay penalties. The penalties of lenders vary, but they can range from 10-50% of the principal. Some lenders will even charge larger penalties to churn out more profits in few months. Once you missed a term, you’re trapped. The only sensible choice is to fully repay the loan in the next term.

Payday Loans are Unsecured

Payday loans, no matter how beautiful they’re presented, are unsecured. Unsecured loans are called that way because the lenders don’t issue collaterals – there’s no definite way to get their money if ever you failed to repay. Instead of a collateral system, the payday lender will just send persistent collection agents after you. The lender will also pursue all legal processes to get the amount you owe. Unsecured payday loans are also subjected to frequent changes in rate, even though the lender didn’t issue a major announcement.

Some Representative APR Examples are Inaccurate

Whenever you visit a payday loan website, you’ll see the current APR and the amounts that the lender can offer. Additionally, you’ll also see a representative example of how the rates will add up throughout the duration of the loan. Not all representative examples are accurate. Some are just approximations of the loan interest and other related fees. Since the lender can change the rates freely, the representative example can yield different results from time to time.

Predatory Lending is Still Happening

The old days of predatory lending are now limited, but still existent. Now, predatory lenders are more than capable of getting more money from borrowers. They can do this while under the nose of the law since there are loopholes that they’ve exploited. To minimize the risk encountering a predator lender, you should spend time in checking reviews. Don’t jump into the payday loan bandwagon right away. Research about the top lenders in town and understand their rates. Only then you can proceed without getting worried about predatory lenders.

Payday Loans are Good for the Economy

You’re probably wondering if payday loans are really helpful or not. This is a situation of perspective; a payday loan can be helpful if it’s not exploited. Think of the payday loan is the last card that you must play when all other solutions have failed. In a grander scale, payday loans can empower the economy. With more payday loans offered, people will have better buying options. This will drive all businesses forward at the expense of high interest and some uncontrollable fees.

Have you understood all of these points? If yes, then you’re ready to apply for your first cash advance loan. Whatever happens, don’t forget to repay accordingly!

5 most recent personal loan reviews

Review of H&T Finance

So friendly and so easy to be accepted. I needed a loan to help out a family member and I've been able to do so, so quickly. Daniel at H&T was so polite and helped me understand everything thoroughly.

Review posted by Aimee Walls, Carlisle

  • Customer Service
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Review of Post Office Money

Post Office, thank you so much! I will definitely be recommending you for your helpful and professional support, from receiving my completed application you were very quick in processing my application. I applied in one day and by the second had my loan. You gave clarity when needed and made me feel that I was not just a number. Thanks again.

Review posted by Lisa Davies, Sunderland

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Review of Street UK

My experience with this great team has been superb, I've had five star quality service since day one and my application processed rapidly, there is no messing about and they provide real fast and strong customer service which I am happy about, I know where to come next time, thanks for all your help.

Review posted by Joe Irving, Leeds

  • Customer Service
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  • Ease Of Use
  • Value For Money

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