Bad Credit Payday Loans (UK) | 97% Accepted (2024)

FAQs

What is the easiest loan to get with bad credit in the UK? ›

Secured loans

It can be easier to get a secured loan if you have poor credit because the bank has an asset to use as collateral. Typically, this is your home, but it could also be other things you own like your car. If you fail to repay the loan, you risk repossession to pay off the debt.

The easiest payday loans to receive are usually 1 hour payday loans no credit or cash advances, as they often have minimal eligibility requirements. However, these come with high fees and interest rates. Secured loans, like title loans, can also be easier to get but require collateral, such as a car.

Loans 2 Go is a direct lender. You can apply for your loan directly to us. This also means that we make our own lending decisions without having to consult anyone else. We will consider lending to you even if you have a poor credit.

At Fast Loan UK, we always aim to offer same day loans with your cash accessible in your account on the same day. If you are an existing customer, we will aim to have the instant loan in your bank account within just 10 minutes of the new loan application.

Ask Someone To Co-Sign

Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.

You could get a credit card or loan with a 500 credit score. However, because it's a low credit score, it may be more difficult to be accepted for credit. Because of your lower credit score, you should also expect higher interest rates, a smaller credit limit and loan amount.

If you need cash before your next paycheck, there are places you can turn. You can get a $500 loan via a personal loan, payday loan, payday alternative loan, cash advance app, or credit card cash advance. However, some options are better than others.

A hardship loan is a loan to cover an unexpected financial shortfall, either because your expenses went up or your income went down. Hardship loans are not like other loans that are designed to meet an expected or planned need (like a car loan or a business expansion loan).

However, borrowers with 500 credit scores will have a better chance of approval with the following loan types: Secured personal loans: Secured personal loans require you to pledge collateral, such as a vehicle, savings account, collectible, piece of jewelry, or even the fixtures in your home.

There is no minimum credit score that will guarantee you get a loan in the UK, but a better score can improve your chances of approval.

What is the easiest loan to get approved for the UK? ›

An easy payday loan is a short term loan that typically ranges between £100 and £3500, that can be repaid between 1 and 12 months. At Swift Money®, we help to search for and arrange easy payday loans. With one application through Swift Money®, we can use our network of UK lenders to get you a loan with the best rates.

Secured loans

With a secured loan, you'll have to offer your lender an asset as collateral, like a car, a home or even a savings account. Because secured loans require valuable collateral, they're often easier to obtain than unsecured loans and generally offer better rates, since the lender is at less risk.

The higher the score, the better your chances are of getting approved for a loan. In general, lenders consider scores between 650 and 750 as good. It is easier to approve loans for mortgage or personal use with reasonable interest rates. Those with scores lower than 550 may need help getting approved for loans.