Payday Loans for Bad Credit

When you have bad credit, you may have experienced that it can limit the finance options available to you, this can cause great distress especially if you need finance by way of a loan between pay dates. Although there are limits on the loans available to you, there are lenders out there that solely specialise in providing payday loans for bad credit.

Easy Loans Company are a broker that work with a panel of lenders that provide payday loans for bad credit. Given the current financial climate there are many that are still feeling the effects of a bad credit history, something that can take time to fix and improve, one of the ways to improve this is to prove that you’re a good borrower, something that can only be done by further borrowing.

In the case of payday loans, these are a necessity if you cannot get access to funds between pay dates. It maybe that you need to cover an emergency such as car repairs or boiler breakdown. Whatever the reason, if you have bad credit and are looking for a payday loan we may be able to help you. In the majority of cases payday loans are a cheaper option than applying for a credit card for bad credit. If you miss just one payment on a credit card you can be hit by high interest charges that can spiral you further into debt.

Our payday loans are often at lower rates than credit cards available to those with bad credit, we offer competitive fixed rates and will only approve you for a loan that you can afford to repay. If you are searching for a payday loan, apply online using our application form, and we will give you an immediate decision, with a no obligation quote.

 

Payday loans offer you the really great benefit of quick and easy finance that you can usually get in a matter of minutes. That means it’s really convenient for you when you need short term financial assistance as quick as possible when you have ran out of all other ideas for finance such as your bank overdraft or credit cards.

 

For that reason, many have criticized whether they take advantage of people looking for fast money, without thinking of the consequences. And the consequences can sometimes be huge if you fail to repay your loaned amount back on time, as the interest rates offered by payday lenders are some of the highest in the financial industry.

 

But it can be really difficult for you to get the money you need when you have ‘bad credit’. This is a term used to describe your financial profile and whether you can be classed as a reliable person when it comes to paying back money to lenders. There are usually two main reasons why you may have a poor financial profile:

 

1 – You have no prior history/experience of borrowing money and therefore haven’t built up your financial profile to a satisfactory standard.

 

2- You have a history of missed/deferred payments, been declared bankrupt and/or have CCJs made against you.

 

It’s really important for you at this point to stop applying for credit if you have been rejected for bad credit. The reason being is that it will go down on your record that you have applied many times and could further go against your history.

 

What are the features of Payday loans for bad credit?

 

– Short term

 

– Quick, usually get them within minutes

 

– Perfect for when you need small amounts of cash

 

– Very high interest rates

 

What if you decided to get one?

 

If you get a short term cash amount to replace your job income for a month, you will find that it will give you a fantastic opportunity to improve your rating, thus giving your better lending options in the future. This may include better interest rate unsecured amounts as well as better chances of getting a mortgage.