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Which payday loan is best for
people with bad credit?

Which payday loan is best for people with bad credit?

High Approval

High levels of successful applications

Fast Payouts

we can payout your funds fast

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Everything can be completed online

Steps in Applying for Emergency Payday Loans

Taking out emergency payday loans can be a difficult decision to make especially for first timers. But if the need for a temporary financial lift from a payday loan lender is crucial, there is just no time to hesitate. There are normally two ways in which you can avail for these short-term, unsecured loans and they are via online and in-store. For online applications, all you need is a computer or your mobile phone and an internet connection and you’re good to go. For in-store transactions, you will have to do the application physically in one of the lender’s registered branches near you. But whether it is online or in-store, the process is the same and you will generally have to take these fundamental steps to get the money that you need.

Read on to get the most out of your borrowing.

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Loan amount
£100 - £750
Loan term
1 - 35 Days
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Loan amount
£100 - £2,000
Loan term
3 Months Only
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Step 1: Going Through The Terms and Conditions

Before you start filling up an application form, the first crucial step that you need to take is to look at the lender’s terms and conditions. Carefully go over them and determine whether it is the right credit for you. Bear in mind that what you are looking for is a temporary, stop gap loan that will help you deal with an unexpected financial difficulty and not something that will provide a long-term solution to your problem. Also, try asking your family and friends for financial assistance before even considering taking out a loan. Maybe they could lend you a hand in your time of need. But if you have already considered this option and have made up your mind in getting a payday loan, then the next step would be to complete a loan application.

Step 2: Complete a Loan Application

When completing an application for a payday loan, you are normally required to provide basic information first, such as your address, phone number, and date of birth. It is also important that you have an active email account especially if you’re applying via online. After you have provided the basic stuff, you are then requested to supply vital information that will be used by the lender to validate your identity and come up with an approval decision. Such information would include your license, employment history, income level, and bank account details. After you have provided all these information, the lender will then conduct its own credit check and, in most instances, give you an eligibility decision.

Step 3: Credit Check Process

When applying for a traditional loan from a bank or from mainstream lenders, these financing companies will normally look into your credit rating to determine whether or not you are eligible for their services. If your credit score is evaluated as less-than-perfect, most of the time, you will be denied for a loan. For them, lending money to a borrower who does not have a perfect credit score is simply a risk that they are not willing to take.

Payday loan companies, on the other hand, will still conduct credit checks to evaluate the creditworthiness of an applicant. However, they do not follow the same credit checks that banks and traditional lending institutions utilize in their evaluations. Payday loan lenders utilize an alternative credit check that will not look purely on your credit score to determine your credit worthiness but on other areas and parts of your financial history as well. Simply put, you will still be eligible for a payday loan even if you do not possess a perfect credit score.

Step 4: Eligibility Decision

Once all the requested information you have submitted has been verified and the lender has made a quick credit check, all you have to do is wait for an eligibility decision. Normally, you will receive three types of response which would look like these:
• Declined – When you receive this response, it, unfortunately, means that you did not meet the different requirements that the lender is looking for in its loan applicants. Usually, you will receive an official statement from your lender explaining the reasons on why your application was denied in no less than a month after you have submitted your application.
• More Information Needed – This response doesn’t mean that your application has been denied but is an indication that the lender will need more information from you before they make a decision. Additional documentations such as pay stubs may be requested from you along with a set of instructions on how you will relay the information requested.
• Eligible – This is the kind of information that you are looking for when you want to take out a payday loan. Once you are eligible, you will then proceed to the final stages of your loan application.

Step 5: Signing of Contract

After receiving an approval decision from your lender, you will now proceed to the final stage of your application which is the signing of the contract. This is a necessary step to make your loan officer. Before putting your signature, though, make sure that you have carefully reviewed all the essential details of your agreement such as the amount, interest charges, other fees, and repayment terms. If you like what you are seeing in your contract, you can then make the signature, physically or electronically if you’re applying online.
Once you have completed these 5 essential steps, all you have to do is wait for a message from your lender stating that the money you have availed for has been successfully deposited in your bank account. It’s that easy!

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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