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Which payday loan is best for
people with bad credit?

Which payday loan is best for people with bad credit?

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Types Of Quick Safe Loans

Nowadays, it’s not surprising anymore to know that many people want to acquire things in an instant. Perhaps, this is one reason why instant noodles, instant pain reliever, instant meals, instant coffee, and even instant loans have existed. We’re all living in a fast-paced and most of us just can’t wait.

Luckily, there are quick safe loans available when you have urgent expense to settle. It is highly accessible but the downside is, it often leads to wrong lenders, a vicious cycle of debt, or even scam. Nevertheless, it is a good option when you’re too busy to go out but your finances are in bad condition. But then again, it’s important to consider necessary details about the safe loans provider first before you send an application. Make sure that you are choosing safe loans to protect not only your money but also, the confidential details that you’re about to share. This means investing time and effort to do a background check. Nevertheless, there are quick safe loans available so you can still have the fund you need in no time.

why choose safe loans

Payday Loans

One of the most popular types of safe loans is the payday safe loans.  It is very fast and handy whenever you need to resolve emergency expenses such as car repair, medical bill, or any sudden costs you immediately. While it can be acquired from banks, the loan application process is lengthy and you need to wait for about a couple of days or more. Meanwhile, you can go online and complete a 2-minute safe loans application form. The lender’s decision is released in the soonest possible so you can have your money on the same day you’ve applied, or even in less than 30 minutes.

Payday loans sound too good to be true because, in reality, it comes with a dreading feature. It is a short-term and unsecured loan, thus it is risky for the lender’s part. One way to reduce the risk is to apply a high-interest rate which can go up to 25%. Therefore, it’s best to use payday safe loans as the last resort.

Nevertheless, payday loans don’t usually require a credit check, making it easier for those who have a bad credit score. In addition, it is unsecured, thus there’s no need to pledge collateral and use it as a security against the loan. This means that you’re not putting your house, car, stocks, or jewelry in case of default. But remember, failing to settle the loan on time or defaulting on it causes a negative effect on your credit history.

Personal Loans

Safe loans are another type of quick loans. It very accessible and you don’t’ want to disclose your purpose of borrowing the amount. It can be acquired traditionally but like payday loans, it’s faster and easier when obtained online. If you don’t want to go through is tiring loan application process or a lender with a more flexible term, then this loan is a good option.

As the name suggests, it can be used for any personal reason. You also have two options to choose from – secured and unsecured. This means that some loan companies will require safeguarding the loan by pledging any property like your own wedding ring or vehicle. In case of default, the loan provider has the legal right to repossess the collateral, put it in the market, and use the money to settle the loan you have. On the other hand, you can choose unsecured safe loans if you don’t want the loan to be supported by any security. However, this often means having an excellent credit remark and paying for an interest rate that is higher than the other type. Nevertheless, it comes with several benefits that borrowers can take advantage of such as the easy eligibility and process.

The amount can be as small as high as £ that can be repaid on a monthly basis. Unlike payday loans, the borrower does not need to worry about bringing a single lump sum to be repaid over a short period of time. The interest rate applied is lower and can either be fixed or variable, therefore, it’s easier to pay. However, it mostly depends on your credit remark. The lower the credit score, the higher the interest rate charged; the higher the credit score, the lower the interest rate applied.

Logbook Loans

The secured, quick loan also comes in handy if you’re willing to provide collateral. Normally, the approval depends on the borrower’s credit history, financial standing, income statement, employment status and of course, the vehicle. Although it requires the loan seeker’s car, it can still be used as it is before, during, and the after the loan has been settled. Rather than surrendering the car, only the logbook will be given to the loan provider. Aside from the car, it can be a boat, trailer, water rafts, RVs, etc. Like other secured loans, the lender has the legal right to sell the car and use the money to compensate the loan in case of default.

To be qualified, the car needs to be under your name, therefore, no loan should be against it. The lender will also require the vehicle to be ensured. Although there are lenders who may accept an application even if you’re not done repaying the car loans, their number is limited. Nevertheless, it’s a good option when you need additional fund. In this case, the safe loans provider will repay the entire car loan and add the amount to principal loan you’ve borrowed. It’s also necessary for the car to be less than eight years old; otherwise, your application will be rejected. The car’s model, make, and year will also affect your loan approval.

Usually, logbook safe loans can be acquired in a matter of days or an hour, providing that you’ve met the lender’s criteria. Therefore, before you send an application, you should review the requirements of the lender as well as their terms and conditions.

why get safe loans

 

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See How Others on the Market Compare

Loan amount
£100 - £750
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1 - 35 Days
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Loan amount
£100 - £2,000
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3 Months Only
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Struggling Employees

Employees are the drivers of the global economy. They comprise a large percentage of the workforce, and the world will stop without them. If you’re going to analyze deeply, you’ll realize that all of us are employees. We are working for someone else – be it a boss, an organization, or a contractor. Employees are good demographic points because they tend to experience financial troubles more often. It could be that employees are also parents, or they need quick cash to survive until the next payday. In fact, the borrowing habits of employees empowered payday loans (that’s why they called ‘payday’). Employee-centric payday loans don’t have much difference from the cash advance programs of the past, though some lenders have made adjustments. Employee payday loans probably have a smaller interest rate stretched over a manageable repayment period. Lenders can also work hand in hand with employers to increase awareness for employees.

Freelancers on A Budget

The global freelancing community is starting to gain important traction this 2017. In fact, thousands of people are now resorting to freelancing because of the awaiting opportunities in the market. Freelancers are like hunters – they’re actively chasing big game, occasionally hitting and, oftentimes, failing. New payday lenders have understood the need for freelancer-specific loans, though only a few of them are following suit. Perhaps freelancing still needs to be recognized as a tangible income source in the payday lending arena. Another angle is the way people are tagging themselves as ‘freelancers’ even though they don’t have any jobs or income sources. This is why some lenders will look for additional income proofs whenever they encounter freelancers applying for payday loans. Nevertheless, we’re going to see lots of payday loans geared towards freelancers on a budget this year.

Startup Entrepreneurs

Being an entrepreneur today is no longer a side path – it’s necessary for the betterment of your life someday. Once you have a winning idea and transformed it into a plan, you can focus on acquiring capital. If your startup business is not that big, you can settle for a payday loan. Payday lenders can release your money in just minutes. They won’t care about your credit rating or the nature of your business (somehow). What they want to know is if you’re capable of repaying the loan within the agreed time frame. Once you got your payday loan, your business operation can be ignited and you’ll start raking profits in no time. Just remember to allow some of those profits towards your loan repayment. An unpaid payday loan can bring too much stress.

Investors

You may think that big-time investors are going after large, bank-issued loans. Well, you’re right. A stock investor, for example, needs big loans if he wants to participate in a growing market. The same can be said for antique collectors and coin enthusiasts. However, we can’t deny the fact that investors also start small. In this sense, small-time investors can use payday loans to fund their investments. Whether they make a killing or not, investors can see potential attention from new payday lending companies.

Once you understand all of these demographic points, you’ll know how lenders are adjusting their operations strategically. At one point, they may pursue better marketing efforts while compromising other areas. Despite this, it’s still important to find a lender that attains a great form of balance among all of these demographic areas.

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
  • Flexibility
  • Ease Of Use
  • Value For Money

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

  • Customer Service
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  • Ease Of Use
  • Value For Money

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
  • Flexibility
  • Ease Of Use
  • Value For Money
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