Can payday loans help my credit rating?

Can payday loans help my credit rating?

Payday loans are officially the fasted growing type of lending on the current market. They are a short term loan which offers you the ability to bridge the gap between pay cheques. But many people are now using them for more than just borrowing money, they seem to be using them as a way to boost their credit rating. As you are probably aware, to get a good deal on a payday loan you are required to have a decent credit score. The higher your score, the better deal you are likely to receive. You may also know that if you […]

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How Student Loans Are Different in The UK VS. The US

How Student Loans Are Different in The UK VS. The US

It is always a point of curiosity for us to Brits to discover just how different we are from our cousins over the pond. One of the many ways we do differ is to do with student culture and how we pay for our University, or as they would say “college”, experience. In this guide on Payday Bad Credit, we take a basic look at how student loans compare in the United Kingdom vs those over in the United States of America. Perhaps we could learn something from each other? The Cost of UK Student Tuition It certainly has been […]

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Payday Loans or Credit Unions?

Payday Loans or Credit Unions?

In recent years, there has been a growing call for local authorities and other public bodies to provide their staff with the option of a payday loan when they are struggling to make it to the end of the month. This just seems like common sense to a lot of people in today’s world and given the virtue of Councils with the status of stability. They also have access to low interest rates by which employees could seek the advantages of when they find themselves strapped for cash. What is a payday loan? A payday loan is a form of […]

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Reasons to complain about your payday loan

If you have taken a payday loan out, you may be due compensation. You will also be aware that a payday loan is a short term form of credit which is designed to tide you over until you receive your next pay cheque. Despite the bad reputation payday loans get in the press, the majority of payday lenders do practice lending ethically against the standards and rules set by the Financial Conduct Authority (FCA). This means that it is the lender has a responsibility to check certain things and provide you with certain information before they go about approving your […]

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Do payday lenders check your credit?

As part of the general practice of ethical lending, payday lenders will check your credit score and credit history. If a lender does not check your credit, unless they specify they offer payday loans no credit check , you have a right to complain if you find yourself unable to pay back the loan. The Financial Conduct Authority (FCA) is responsible for setting the rules of the lending industry and they expect the lenders to carry out a credit check to make sure that the borrower in a position to be able to pay back the loan with all the […]

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What Wonga going into administration means for payday loans

What Wonga going into administration means for payday loans

As you may be aware, Wonga has recently been forced to go into administration. The lender has stopped taking on new loan applications as they find themselves on the brink of collapse. In late August of 2018, Wonga held emergency talks which the Financial Conduct Authority (FCA) about what the impact of their demise would mean for their existing customers. Furthermore, it was unclear what it would mean for the investors of Wonga, which included Balderton Capital, Accel Partners and 83North. In this guide, we will explore the overall impact that the fall of Wonga is likely to have on […]

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You need to ‘close’ your loans, not just ‘settle’ them

You need to ‘close’ your loans, not just ‘settle’ them

Many people believe that if their loan is settled, then that is just as good as closing the loan. You may find that if you settle a previous debt and go to take out a new loan, you may be rejected due to a ‘settled’ sign showing up on your credit report. It is fair to say that most of us do not actually know what it means to have “settled” on our credit reports. Surely “settled” has a positive connotation, right? Wrong! Having this present on your report is not a reflection of you being responsible with your borrowing. […]

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Does getting a payday loan affect credit

Many people who are needing money to help them out are choosing to actively avoid payday loans because they believe that in taking out one, they are going to severely damage their credit score. But, in actual fact, simply taking out a payday loan and respecting the agreement will not damage your credit score in the slightest. However, there are exceptions to this if a particular company you deal with in the future for financial credit sees payday loans in a negative light. In this case, having one on your credit score could go against you, even if you made […]

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Do payday lenders contact my employer?

Many potential applicants for payday loans for bad credit are worried that when they apply, the lender will contact their employer. This is likely to be a cause of a bit of awkwardness. You can rest easy, payday loan potential applicants and borrowers alike because, your potential lender company will not contact your employer as part of the underwriting process. Payday lenders will only call your workplace to speak to you, not to speak to your boss. Once you make a loan application, your loan will be denied or put in “underwriting” and this is where the lender is trying to confirm […]

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How to get a payday loans refund

How to get a payday loans refund

If you have ever taken out a payday loan, you may be due for compensation. The number of complaints surrounding the conduct of payday loans companies rose by 178% in 2017, as revealed by the Financial Ombudsman and now there is a demand in customers looking to claim from payday loans direct lenders, for legacy loans that were taken without sufficient checks before funding. Can you get a refund on a payday loan? How long would it take to get to me? How do I go about claiming? These are all frequently asked questions which need to be cleared up. This […]

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