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Payday Loans Direct Lender

CHECK RATES
Representative Example:

Borrow £3,500 over 12 months, repay £311.81 per month, total repayable £3,731.96. Interest rate 12.7% (variable). Representative APR 12.7%.

Warning:

Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Payday Bad Credit is a payday loans direct lender in the UK with a team based in London, able to process your application from start to finish. As direct lenders of payday loans, upon acceptance, we lend the money you need, quickly and safely, with instant decisions on all the loans applied for with us.

Our online application can be completed by clicking on the button below, and it usually takes less than 5 minutes to complete. You will receive an instant decision on the screen and if your application is successfully approved, we can transfer funds to your account within 1 hour.

Because we are a direct lender, we process the entire application, not having to go via third-party lenders or loan brokers, making for a very efficient process. All applications with us are securely encrypted to keep your data safe at all times whilst applying for that instant loan you need.

We are FCA Authorised lenders of short-term loans up to £10,000 for a variety of purposes including debt consolidation, financial emergencies and more. Apply today for a loan with us to get yourself on track with the money you need.

What is a Direct Lender?

A direct lender allows you to apply for a loan directly with the loan provider, rather than brokers who work with panels of lenders. Payday loan brokers take your information and put it to various direct lenders, acting as the ‘middleman’ rather than the provider of the money .

In the world of online loans and short term finance, there are many comparison websites and brokers and it can be hard to tell who really provides the loan. When seeking money, in the form of a quick loan or small loan, you want to avoid upfront fees; hidden costs and conditions in the small print.

We Are Direct Lenders

We, as direct lenders, operate both the application and the lending process, so we make lending decisions and fund loans when accepted. No middlemen take a cut and you only ever deal with us. Importantly, unlike with comparison sites, we will not share your details or data with multiple third-parties and your payday or other loan application is only with us.

Keeping Your Details Secure

Our entire application and decision processes are encrypted and secure. We never share your information with any middlemen or third parties without your full consent. When you are looking for finance, whether to pay a bill or fix an emergency expense, you want to know who you are dealing with, so dealing with Payday Bad Credit is the answer.

You do not want your information sent to numerous companies, then bombarded with emails and phone calls. Hence, working with a direct lender in the UK gives you control over who you are work with and who processes your application.

payday-loans-direct-lenders

Applying With a Payday Loans Direct Lender Online: What Are The Benefits?

Payday loans in the UK are a well-established route of acquiring quick money and emergencies cash for unplanned expenses. These include car repairs, home repairs, pressing bills and more. When considering a payday loan, it is therefore important that you understand all of your options. As most payday loans are applied for and funded online, it is key to the benefits of a payday loans direct lender in practice:

More Transparency: With broker websites, you can never be sure who you are submitting and entrusting your details with and where those details end up. As a consumer, you want to know that your information is secure and you know exactly who you deal with.

Our website is hosted on a secure server; hence it starts with https. This adds an extra layer of encryption to all data submitted through our website. You can rest assured that your information will be dealt with safely. Your application will go straight to our underwriting team based in London. Here, we carry out additional checks and there may be a phone call to you to confirm a few details.

No Middlemen: Previously, the online loans industry was plagued by middlemen who passed on customer details. This resulted in payday applicants receiving hundreds of unwarranted text messages, emails and phone calls offering short term loans. With Payday Bad Credit, everything is done under our roof and in-house by our teams, no middlemen.

FCA Authorised: We are an FCA authorised and regulated lending firm. As part of our commitment to responsible lending, we will not bombard you with information and unsolicited contact. However, if we cannot service your loan requirements, subject to your consent, we may pass you onto one of our trusted partners who may be able to help.

This could be because you requested an instalment product or need same day funding. Our priority is helping you get high acceptance and affordable finance to proceed with and this may involve working with a partner, rather than a panel of lenders as with brokers.

No Upfront Fees: By working with a direct lender of payday loans, there are no fees for ‘signing up’ or ‘administration’ as associated with brokers. If you are in a position where you need money, the last thing you want is money taken from your account. How can you apply for money and have money taken out? That is why there are no upfront fees for applying with a direct lender. The only fees you will be charged are daily interest that accrues and any potential late fees.

How Do I Know If I Am Applying to a Payday Loan Direct Lender UK?

One of the simplest ways to check if a company is a direct lender is to check the FCA register. This shows whether they have a lenders license or broker’s license. If it is the latter, it suggests that they only introduce loans but do not service them as a UK direct lender.

Other methods include looking at the language on a website. As part of FCA regulation, brokers must state on their websites that they are brokers rather than lenders. This should make it very clear for the customer. Some websites will not make this information clear; scroll down to the footer to double check.

Other language you might see is ‘guaranteed approval’ or ‘our panel of lenders.’ This highlights that they are likely to be working with several companies and not underwriting the loans themselves.

direct-lendersSearching Online For Direct Lenders

To go one step further, you can type in ‘direct lenders not brokers’ into search engines to find competing companies. You may research a potential company by checking their reviews or testimonials. If the feedback is that they are a direct lender, then you are good to go. Remember to check the website of the direct lender you choose to ensure they offer the product you need. This may be loans with same day funding, bad credit loans or emergency loans.

Can I Apply to a Direct Lender With Bad Credit?

Yes! At Payday Bad Credit, we are here to accommodate those with adverse credit histories who may have been turned down by mainstream lenders. You may find yourself with a history of poor credit having not been able to keep up with past credit card and loan repayments.

We understand people go through hard times but still want to show their creditworthiness. So, we have partnered with trusted bad credit direct lenders who may be able to assist you with loans for bad credit in the UK. We and our selected partners may be able to help with alternative loans. These may involve a guarantor, secured loan or a higher rate charged. We aim to help those with bad credit to get the finance they need.

How to Apply With Payday Bad Credit

Our application is based 100% online and starts with filling in a few details. This helps us understand your circumstances and properly and effectively process your application. This requires a few simple details:

  • Your Name
  • Country of Residence
  • Income/Expenditure
  • Employment Information
  • Current Account Details

Importance of Providing Accurate Details When Applying For a Loan

This information only takes 5 minutes to complete. It gives us an initial picture of whether you meet the starting criteria. This means being above 18 years old, living in the UK, employed and able to meet monthly repayments. The card information tells us where to send money if successful and where to collect repayments from each month. The online application can be completed by desktop, mobile or tablet 24 hours a day, 7 days a week.

We will always carry out a series of additional checks. The most common checks performed by direct lenders are those pertaining to credit and affordability. Credit checks use live data from Experian, Callcredit and Equifax to determine how well you have repaid past forms of credit.

Why Are Affordability Checks Important?

Affordability checks help calculate your income against your expenditure. This helps understand how much you can afford to repay each month without getting into financial difficulty. The outcome of effective checks means that a customer is granted, or refused a loan. Then, should they be accepted, they receive an amount which suits their income and affordability.

Same Day Funding and Repayments

If the customer is successful, we are able to transfer funds via BACS to their bank account in one lump sum, so they receive it in full, not in instalments. We are typically able to send funds within 1 hour of successful approval or sometimes a matter of hours.

The customer has the flexibility to repay over 6,9,12,18 or 24 months. There is also the option to repay early. So, if you find yourself in a good financial position and want to save money on the interest, you may do so and clear your account early.

Representative example:

Borrow £3,500 over 12 months, repay £311.81 per month, total repayable £3,731.96. Interest rate 12.7% (variable). Representative APR 12.7%.

Payday Bad Credit is a trading style of Western Circle Limited – Company Registration Number: 7581337. We are fully authorised and regulated by The Financial Conduct Authority.
FCA full permission license: 714479
ICO Registration Number: Z3305234

Payday Bad Credit terms and conditions apply.

Applicants must be 18 or over. All loans are subject to affordability, applicant verification and traditional credit checks via various national databases by Payday Bad Credit responsible lending policy. Loan limit maximum of £10,000.

In most cases, loan decisions may take up to 30 minutes during office working hours.
If your bank does not support Faster Payments, funds will be sent to your account the same day as approval so long as you’re approved by 16:30.