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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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Loans based on affordability: Funding options that are perfectly suited to your present needs and circumstances!

Loans based on affordability are loans that cater borrowers who can afford to make the proper repayments but don’t have that standard credit rating that majority of traditional loans require. The financial products can also be used to satisfy an array of financing needs and purposes from dealing with cash shortages, purchasing essential items, to taking a long vacation.

Loans based on affordability are ideal options to young professionals who still haven’t have the opportunity to build an adequate credit history or those people who have had their own fair share of credit problems in the past.  Lenders who provide the loans can accept your credit request based purely on your income alone as long as it is enough to afford the loan and its repayments.

How loans based on affordability work

Loans based on affordability can be accessed by any borrower regardless of his or her credit rating granted that the person can afford to cover the repayments according to the agreed terms and conditions. The loans will take into consideration your present monthly earnings and outgoings to ensure that the repayments are something that is ideal to your budget throughout the term of your credit agreement.

why get loans based on affordability

Other types of loans will look into your credit history to determine your credit worthiness but loans based on affordability do not follow the same approach. As a matter of fact, even those who have poor or none-existent credit histories can still get approved as long as they have a reliable source of income that meets the lender’s minimum eligibility requirements.

Applying for loans based on affordability

When you apply for loans based on affordability, you will need to fill out an application form online that will ask you to share some of your personal and financial information. After you have successfully finished and submitted your application, the lender will then evaluate your financial situation to determine whether the potential credit agreement would be ideal to your current circumstances and if the repayments are something that are sustainable to your finances in the long run.

Such an evaluation is often called an affordability check and lenders go about this by examining the applicant’s overall monthly earnings and outgoings and other outstanding debts that have yet to be paid off. Every lender has its unique way of gauging an applicant’s level of affordability which means that the information that you will need to share in your application will vary from one loan provider to the next.

Typically however, the information that you will need to provide to your lender when applying for loans based on affordability include:

  • A verifiable income source which may involve presenting documents that reveal your overall monthly earnings or salary, invoice payments, benefits, pensions, and any and all forms of income.


  • Your total monthly expenses which may cover your payments for rent or mortgage and other living necessities like food, water, electricity, and the like.

With all these key information in hand, the lender will then make a calculated decision if you are indeed financially capable in paying off the loan and sticking to your repayments according to the payment terms and conditions that is presented to you. After this crucial step, three possible things can happen:

  1. Your application for loans based on affordability will be approved because the lender sees that your monthly earnings and outgoings will not prevent you from paying off your loan on the proposed schedule.


  1. Your application for loans based on affordability will be denied simply because your current financial circumstances will hinder you from clearing off your debt and maintaining the payment schedule.


  1. The lender will tailor another loan agreement with a payment term that is suitable to your financial circumstances. If you agree with the new proposal, the lender will approve your request for funding.

Financially tailored loans

Loans based on affordability are tailored to your personal needs and circumstances because lenders will want to assure that the credit agreement they will offer you is something that you can sustain throughout its duration. So what you will get after being approved is a loan agreement that will be easy to pay back and maintain and is less likely to put you in any kind of financial turmoil.

For this reason, loans based on affordability are financial products that are:

  • Loans that that are easy to repay on a suitable time frame and won’t sacrifice your ability to cover other essential expenses and commitments.


  • Loans that will not require you to take out further debt or auction one of your valuable assets to cover its repayments.


  • Loans that follow a reasonable loan term that is ideal to your budget

Other things that you might want to know when applying for loans based on affordability

As mentioned earlier, the affordability assessment for loans based on affordability will differ from one lender to the next. Once you have completed your application, there may be some necessary discussion between you and the lender (or one of its representatives) involving the loan agreement. It may happen in a face to face basis or remotely via phone.

Before approving your loan however, the lender will require you to present some supporting documents such as:

  • Personal Identification like a passport or any government ID
  • Address details that can be verified through a valid ID or a recent utility bill receipt
  • Payslips and other documents that support your stated income level

Lastly, so you can enjoy the best chances of getting approved for loans based on affordability, it would be wise to maintain complete honesty and transparency in relaying your monthly earnings and outgoings in your application.

why get loans based on affordability



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£100 - £750
Loan term
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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.


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
  • Flexibility
  • 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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